Nordnet (Buy, TP: SEK190.00) - In its prime
Customer activity and growth in Q3 were largely in line with our expectations, and we reiterate our BUY and SEK190 target price. Nordnet turned 25 in August, and in our view its platform has probably never been in better shape overall, considering aspects such as competitive position, product offering and efficiency. Nordnet’s future also looks bright, we believe, and we see sustained high growth in customers and savings, in particular outside Sweden, supported by high customer satisfaction and increasing public interest in equities and savings.
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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