Avanza Bank (Buy, TP: SEK125.00) - Not just a Covid-19 coincidental
While Avanza’s record-strong financial performance (64% ROE and PTP growth of 260% YOY) in Q1 was clearly boosted by surging customer activity, we believe it also reflects strong underlying trends, noting that customer growth and net inflows had already accelerated in January (before Covid-19 shocked stock markets). We have raised our 2020e EPS by 19% and 2021e by 8%, and our target price to SEK125 (110). We reiterate our BUY recommendation.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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