With c. 50% of 2026E profit from capital-light asset management and life units, Aktia’s more balanced model stands out from its Nordic banking peers. While we think the structure should allow the group to deliver superior profitability and value creation over time, that is not the case today. With a capital base in line with the CET 1 ratio buffer target, we see scope for a new ROE target of 14%. We think management work is needed to extract the opportunities.
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