Report
Flow Traders Another weak quarter expected; additional conservativeness going forward
Looking ahead to the 3Q23 results on Thursday October 26th, we bring down our 2023-2025 estimates, building in more conservativeness in our model. Despite some limited positive signals on Equity & Fixed Income volumes, we expect 3Q23 to be again weaker than we had anticipated. 4Q23 should see a significant uptick, though unlikely to be enough to compensate for the previous 2 weaker quarters. Despite an improvement in trading environment for Flow Traders; given the severe macro-events we have seen recently, we were expecting to see more volumes & volatility. Given the relatively limited response, it's hard to take a positive view on a normalized environment going forward. Hence, reducing our 2024-2025 estimates as well.We reduce our TP from € 23 to € 19.5, reiterating our Accumulate rating.
Underlying
FLOW TRADERS LTD
Provider
KBC Securities
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Thomas Couvreur
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