Report

Target upgrade by 11.1% (Swissquote Group Holding)

TARGET CHANGE

CHANGE IN EPS2020 : CHF 6.00 vs 5.17 +16.1%
2021 : CHF 6.05 vs 4.68 +29.2%
Following the H1 20 earnings release, we have raised our expectations going into H2 20 and 2021. For H2 20, we expect revenues slightly above management's guidance (at CHF300m) as the H1 20 trend seems to be continuing into H2 20 (based on July and the first days of August). The sharp increase in new accounts also looks sustainable (they have contributed 10% of total revenues in H1 20) and we find it therefore appropriate to increase revenues in 2021.
We have also revised downwards total expenses expectations for 2021 due to the good cost controls showed during FY2020.
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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