Report
Nicolas McBeath
EUR 95.05 For Business Accounts Only

Avanza Bank (Buy, TP: SEK360.00) - 2025e EPS to defy rate-cut gravity

We expect the accelerating savings and activity trends in Q4 coupled with positive stock market sentiment and macroeconomic tailwinds for Swedish savers to support c10% EPS growth in 2025, despite raised investments and headwinds from lower rates. We have increased our 2025–2026e EPS by 5–6%, leaving us c20% above consensus for these years. We have raised our target price to SEK360 (330) and reiterate our BUY.
Underlying
Avanza Bank Holding AB

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.

Provider
DnB Markets
DnB Markets

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.

 

Analysts
Nicolas McBeath

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