Takeaways from Nordic Opportunities seminar in London

Earnings growth set to pick up

Income slightly softer than expected in Q3

A thriving market leader

Robust Q3 beat driven by favourable mix

Strong cross-border trading to benefit Q3

Cross-border trading to boost Q3

Ready to expand (meeting the CEO)

Earnings growth to accelerate in H2'25e

Q2 in line with cons. but with a soft mix

Attractively priced market leader

Q2 in line with cons. but with a soft mix

Strong earnings growth on the cards for Q2e

Market leader at a supportive valuation

Nordnet (Buy, TP: SEK293.00) - Firing on all cylinders

Both Q1 revenues and PTP were record-high (both up 11% YOY), powered by strong brokerage income and resilient NII despite falling rates. Activity looks elevated going into Q2, and we see upside potential to NII consensus estimates. The total return profile remains attractive on our expectation of c10% long-term EPS growth and a c5% total yield. We reiterate our BUY and have raised our target price to SEK293 (274).

A prospering market leader

Q1 beat driven by strong transaction income

Avanza Bank (Buy, TP: SEK370.00) - Growth momentum set to continue

Growth momentum set to continue Q1 profits reached a new quarterly all-time high, supported by surging customer activity and particularly strong brokerage income. We believe trading intensity is set to remain elevated in Q2, and see potential for further positive consensus earnings revisions. At a 2025e P/E of c20x, the valuation remains undemanding, in our view. We have raised 2025–2026e EPS by 3–6%, our target price to SEK370 (347), and reiterate our BUY.

Market leader thriving in current environment

Brokerage, FX and cost drives solid Q1 beat