Aktia is trading on 8.9x 2022E earnings and on a 2022E P/TBV of 1.08x for an 11.4% ROTE,
which we believe is an attractive valuation both in absolute and relative terms. As argued before, we believe a premium is justified due to its large exposure to a higher ROE and growth asset management operation.
We reiterate our fair value range of EUR10.3-11.6.
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