Avanza Bank (Buy, TP: SEK300.00) - Flying start to 2021
Following record-high customer growth and activity data for January, we have raised our earnings forecasts by 15–20% and our target price to SEK300 (250), and upgraded to BUY (HOLD). Though we have concerns about the sustainability of the current surge in retail trading, we find Avanza’s superior growth momentum underappreciated by the market, as we are 50%+ above consensus on 2021e EPS, and the 2021e P/E of 22x is 20% below Avanza’s five-year average.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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