Nordnet (Buy, TP: SEK220.00) - Higher activity swelling margins
Increased customer activity and the related boost to the brokerage margin helped Nordnet to record-high revenues and earnings in Q1. We have raised our 2024–2026e EPS by 5–9% and our target price to SEK220 (212). We still like the outlook for profitable growth in the Nordic savings market, and Nordnet’s 2025e P/E of c19x. 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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