Avanza Bank (Buy, TP: SEK500.00) - Lower activity depresses Q2e
We have cut our 2018–2020e EPS by 5% mainly on reduced customer activity in Q2. We expect Q2 to be the last quarter of negative earnings growth ahead of turning earnings momentum with 15%+ annual EPS growth for 2018–2020e. We reiterate our BUY and SEK500 target price, on the long-term growth case in the Swedish savings market and short-term catalysts including possible rate hikes within six months.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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