Avanza Bank (Buy, TP: SEK100.00) - Set for near-term recovery
We view much of the reason for the disappointing Q1 earnings as fairly short-term (mainly low mutual fund and ‘other’ commissions) and that gradually improving market conditions and the wider stock market recovery in Q1 should help Avanza to report 38% PTP growth YOY in Q2. We reiterate our BUY but have cut our 2019–2021e net profit by 2–8% and trimmed our target price from SEK102 to SEK100 (SEK510 prior to the recent 5:1 share split).Avanza Bank Holding is the holding company of the Avanza Bank Group. Co.'s offerings comprise of: brokerage services, which enable investments in Swedish and foreign equities, bonds, funds, derivative financial instruments including futures, warrants and options, investment advisory services, pension products, pension insurance, as well as capital insurance services. Co. targets private individuals, high net-worth customers, corporate customers, day traders, fund managers and institutions.
DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.