Nordnet (Buy, TP: SEK190.00) - Growth at a discount
Q2 brought continued strong growth in Nordnet’s customer base (25% annualised) and 40%+ growth in operating profit YOY. The slightly raised cost guidance was already reflected in our estimates, and seems rational, enabling Nordnet to continue to act on the plentiful opportunities in the Nordic savings markets. We have trimmed our 2022–2023e earnings by 4–5% on lower transaction-related commissions, and in turn our target price to SEK190 (200). We reiterate our BUY, attracted by the growth outlook and a modest valuation with a 2022e P/E of just 18.5x.
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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