Nordnet (Buy, TP: SEK270.00) - Fuel for higher growth in 2025e
We see plenty of growth drivers to accelerate Nordnet’s inflows in 2025e and restore it to >10% EPS growth in 2026e, including macroeconomic tailwinds for household savers, strong equity markets, intensified marketing efforts, and the recent launch of Livrente in Denmark. We have raised our 2025–2026e EPS by 1–2% and our target price to SEK270 (255), and 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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