Nordnet (Buy, TP: SEK150.00) - Less exciting, but more reliable
We do not see customer growth or brokerage activity recovering to historical levels during a period of higher interest rates. However, we do expect growth to remain decent, profitability to stay high, and the revenue mix to turn increasingly stable, with more than half of revenues being ‘recurring’ (NII and fund commissions) by 2023e. In light of this, we find the valuation attractive at a 2023e P/E of 16x and reiterate our BUY and SEK150 target price. Our 2023–2024e earnings are broadly unchanged following the Q2 report.
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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