Dividend re-investment time once again and this time I’m even investing back to the same company. Nordea paid and I bought additional 100 shares for 10,74 EUR per share. Reasoning is quite simple: despite times being tough, Nordea seems to be very solid company with very reasonable valuation. Sure, interest rates are likely going down from here and it will have negative impact on Nordea. Yet they are buying back shares and have executed very well in zero interest rate environment in the past. Even after considering these headwinds current valuation seems to be on the low side (as it has traditionally been for European banking sector in general, often for a good reason).