Nordnet (Buy, TP: SEK174.00) - NII still a reason for excitement
Nordnet’s growth trends seem relatively resilient to current macro uncertainties, as the platform added more than 30,000 clients and enjoyed net inflows during Q4. As we do not expect Nordnet to pass on much of the ECB’s recent and upcoming rate hikes to depositors, it should enjoy continued strong NII momentum, paving the way for our 30%+ earnings growth for 2023e. We have raised our 2023–2024e EPS by 6–7% and our target price to SEK174 (155); we 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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.