Avanza Bank (Buy, TP: SEK330.00) - Growth resilience
Avanza’s customer growth and activity remained above pre-pandemic levels in Q2, which we believe indicates that concerns the activity uptick was only temporary are overdone. Yet, we have reduced our 2021–2023e EPS by 3–6%, partly due to lower cross-border trading in Q2. We find the 2022e P/E of c23x attractive, based on Avanza’s solid growth outlook and high profitability. We are c20% above consensus on 2022e earnings. We reiterate our BUY, but have lowered our target price to SEK330 (350).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.