Avanza Bank (Hold, TP: SEK200.00) - Calibrating the new normal
We have raised our 2021–2022e EPS by 1–3% and our target price to SEK200 (195). We remain positive on Avanza’s long-term growth outlook, and believe the pick-up in customer activity in 2020 seems increasingly likely to be partly structural, while consensus earnings for 2021e look conservative. Still, we expect Avanza’s surging earnings momentum to cool within the next few quarters, leading to lower earnings in 2021e. We reiterate our HOLD.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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