Nordnet (Buy, TP: SEK200.00) - Buoyed by rising rates
While customer activity fell in Q2, NII tailwinds from rising interest rates coupled with low deposit pass-through still suggest attractive average annual earnings growth of c30% for 2023–2024e. We have cut our 2023-2025e average EPS by c3% for 2023e and trimmed our target price to SEK200 (206). At 2023–2025e P/Es of 12–14x, the stock is trading at large discounts 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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