More tailwinds (Swissquote Group Holding)
More tailwindsOPINION CHANGE
CHANGE IN OPINIONBuy vs Add
CHANGE IN EPS2020 : CHF 3.80 vs 3.72 +2.28%
2021 : CHF 4.51 vs 4.20 +7.42%
As we mentioned in our recent Latest, tailwinds are gathering today with higher volumes in H1 20 (at least) and a sharp increase in the number of accounts opening. Swissquote's recent acquisition, InternaXX, and the set up of the Singaporean operations will also add to the long-term momentum.
CHANGE IN DCFCHF 95.2 vs 73.5 +29.5%
Our DCF is based on EBITDA expectations. Hence, as we have increased our expectations, our DCF mechanically rises too. Adding 2022 numbers with an 18% increase in EBITDA vs 2021 is obviously adding to the sharp increase in the DCF-based valuation.
Swissquote Group Holding is engaged in the provision of Online Financial Services. Co. provides online securities trading services (including custody services) and quantitative asset management services (ePrivate Banking among others) to self-directed private investors, independent asset managers, investment funds, and third party financial institutions. Co. provides access to over-the-counter FX markets through in-house technology platform to retail customers, money managers, and third-party financial institutions. In addition, Co. operates an online bank that accepts deposits in the form of current accounts and saving accounts from its customers.
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