Nordnet (Buy, TP: SEK202.00) - Bumpy markets, smooth growth
Despite the macro headwinds and turmoil in global financial markets, we believe Nordnet’s growth trajectory held up well in Q1, with annualised customer growth a robust ~10%. We have raised our 2023–2025e EPS by 4–15% on slightly higher rate assumptions, and customer activity, and our target price to SEK202 (188); 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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