Avanza Bank (Hold, TP: SEK260.00) - Recovering growth and activity
We have raised our 2023–2025e EPS by 5–16% and our target price to SEK260 (230), on rising customer activity, a higher interest rate sensitivity assessment, and improving customer inflows during Q1. We reiterate our HOLD, finding the stock fairly valued at a 2023e P/E of c16x (c40% discount to 5-year average) given our expectation of lower growth over the next few years.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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