Nordnet (Buy, TP: SEK190.00) - 2021: a growth odyssey
Nordnet has already beaten its annual record for new customers in the first nine months of this year, with 315,000 joining. However, we believe the market is underestimating the sustainability of Nordnet’s improved growth trajectory post-pandemic. With limited changes to our earnings estimates, we reiterate our BUY and SEK190 target price.
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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