Avanza Bank (Hold, TP: SEK202.00) - Sharing is caring
Following the 75bp rate hike in Sweden last week (to 2.5%), Avanza has decided to begin paying interest on deposits in investment accounts, meaning the rate hike will likely raise annual NII by only SEK50m, rather than the cSEK400m implied by previous guidance. We have raised our 2023–2024e EPS by 2–3% on higher commissions due to strong equity markets QTD, party offset by lower NII. We reiterate our HOLD with a raised SEK202 (185) 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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