Nordnet (Buy, TP: SEK200.00) - Growth follows growth
Nordnet’s customer base continued to grow by a healthy 17% (annualised) in Q4 despite pandemic-related restrictions being gradually phased out. We remain upbeat on Nordnet’s growth outlook, in particular outside Sweden, supported by a strong product offering, increasing public interest in investing, and high customer satisfaction. We have raised our 2022–2023e EPS by c6%, and in turn our target price to SEK200 (190), while 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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