Nordnet (Buy, TP: SEK192.00) - NII bonanza
In our view, the Q1 highlight was the 9% NII growth QOQ, backed by a higher yield on excess liquidity. We expect continued strong NII momentum after the Riksbank initiated a rate-hike cycle today. We have incorporated a 1%-point policy rate increase in our estimates, which has raised our 2023–2024e adjusted EPS by c15%, partly offset by reduced commission forecasts. We still see good value at a 2023e P/E below 20x given Nordnet’s robust growth outlook, and reiterate our BUY and SEK192 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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