Nordnet (Buy, TP: SEK206.00) - Firing on all cylinders
Rising stock markets and interest rates are benefiting Nordnet’s fees and NII, respectively; we expect its record-high revenues in Q1 to be surpassed in the remaining quarters of 2023e. We have raised our 2023–2025e EPS by 0–3% and our target price to SEK206 (202), and 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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