Avanza Bank (Buy, TP: SEK300.00) - Reassuring strategy update
We believe the new long-term strategic priorities given in the Q3 report should have de-risked any concerns over surging IT investments, while also providing a compelling case for continued Swedish growth for years to come. We agree with the bullish Swedish growth outlook, and see upside potential to the new 15% savings capital growth target in the next few years, fuelled by macro tailwinds for Swedish savers. We have made limited EPS changes, and reiterate our BUY and SEK300 target price.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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