Nordnet (Buy, TP: SEK193.00) - Commissions cooling down
We have cut our 2023–2025e EPS by c4% and our target price to SEK193 (200) on negative takeaways for brokerage and fund fee trends in the Q2 report. However, at 2023–2025e P/Es of 15–16x, the stock is trading at a significant discount to historical multiples and is attractive in our view given the outlook for continued profitable growth. 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.
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