Flow Traders Trump volatility resulting in a massive tailwind

The volatility caused by initial trade war worries in 1Q25 is expected to result in a solid quarter; though partially compensated by more subdued digital assets trading. The market turmoil created by the reciprocal tariff announcement on April 2nd will result in a very strong 2Q25, hinting back to what we saw in 2020. Although visibility going forward is very limited, our base case assumes continued elevated volatility & trading levels until at least the November 2026 US Congress elections. Our DCF points to a new TP of €31.5; reiterating our Accumulate rating.