Avanza Bank (Buy, TP: SEK120.00) - On track to double savings by 2025
Our earnings estimates are broadly unchanged, forecasting continued strong earnings growth for Avanza of 40% for 2020e supported by benign market conditions (higher Swedish short-term rates and stock market values). We estimate that Avanza’s new growth target, to double its savings capital in five years’ time, implies a 10–15% annual total return potential over the next five years. We reiterate our BUY and SEK120 target price.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.
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