Avanza Bank (Buy, TP: SEK510.00) - Improving market conditions
The market environment for Avanza improved in Q1 on recovering stock markets, increasing customer risk appetite, and the repo rate hike at the start of the year. We have raised our 2019–2021e EPS by 2–7% and reiterate our BUY rating with a SEK510 target price. We are 13% ahead of consensus on pre-tax profit for Q119 and see a particularly attractive entry point ahead of the results due at 08:15 CET on 16 April.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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