Nordnet (Buy, TP: SEK200.00) -
The CMD provided reassuring messages of continued growth initiatives and the platform’s scalability, with management insisting Nordnet can continue to pursue growth (targeting 15% customer growth p.a.) with limited cost inflation (just 5% p.a). We have raised our 2022–2024e EPS c2% and see the stock as attractively valued at a 2022e P/E of c20x with solid growth prospects. We reiterate our BUY and SEK200 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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