Avanza Bank (Hold, TP: SEK227.00) - Green shoots
Avanza’s monthly statistics suggest that the rising stock market in Q4 translated into higher customer activity at year-end, boding well for activity recovery in 2024e in our view. We have raised our 2024–2025e EPS by 2–7% and our target price to SEK227 (199). Despite some likely recovery in commissions, we expect muted earnings growth for 2024–2025 due to headwinds from likely Swedish rate cuts. Trading at 2024e P/E of c17.5x, we find the shares fairly valued, and 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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