Nordnet (Buy, TP: SEK215.00) - Revenue base structurally higher
We have raised our 2022–2023e EPS by c6%, and our target price to SEK215 (210). While the pandemic has surely fuelled revenues, we do not foresee a major earnings decline as societies return to normal, as we believe the build-up of customers and savings will be sticky. We find the 2022e P/E of c21x attractive given the positive growth outlook, and reiterate our BUY.
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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