Report

Opinion change, from Add to Buy (Swissquote Group Holding)

OPINION CHANGE

CHANGE IN OPINIONBuy vs Add


CHANGE IN EPS2020 : CHF 5.17 vs 3.80 +35.8%
2021 : CHF 4.68 vs 4.51 +3.77%
Following Swissquote's press release today regarding the H1 20 numbers, we have adjusted our numbers for 2020 and going into 2021. H1 20 revenues and profit before tax are indeed 40% and 120% higher yoy. As mentioned in today's Latest, this has come from the sharp increase in market volatility (more trading and opening of new accounts).
We expect part of this new business to be sustainable going into 2021 and 2022.
Underlying
Swissquote Group Holding AG

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.

Provider
AlphaValue Corporate Services
AlphaValue Corporate Services

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Analysts
Farhad Moshiri

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