Nordnet (Buy, TP: SEK190.00) - A strong return
Nordnet’s first quarterly report since its return to the stock market beat our expectations in most aspects, and the January update, with further acceleration in customer growth and activity, was the icing on the cake. We have raised our 2021–2022e EPS by ~30%, and our target price to SEK190 (140), while we have upgraded to BUY (HOLD). We see good value at a 2021e P/E of 22x given the attractive long-term growth outlook for Nordnet in the Nordic savings 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.
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