More to come

Coor Service Management (Buy, TP: SEK54.00) - Efficiencies gaining mom...

Promising signs of Coor’s self-improvement case gaining momentum were crystallised in sharp increases in earnings and FCF in Q1. This further improved the risk/reward in our view, combining internal efficiencies and a strengthening Nordic FM/IFM market, with Coor’s own portfolio largely derisked for 2025. After tweaking our 2025–2027e EPS, we reiterate our BUY and have raised our target price to SEK54 (52) on a strengthening turnaround case at an attractive valuation, in our view.

Better margins and strong cash flow

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

Avanza Bank (Buy, TP: SEK347.00) -

Avanza is firing on all cylinders due to the persistent market turbulence after the US election. We see reason for sustained high customer engagement given likely continued volatile markets during the Trump presidency and macro tailwinds for Swedish households, setting the stage for solid revenue and EPS growth in 2025, which is still not fully reflected in consensus in our view. We have lowered our 2025–2026e EPS by 0-7% and our target price to SEK347 (360), but reiterate our BUY.

Time to pick up this market leader

March web-activity insights

Web-activity data from March indicates roughly flat trading activity MOM for Avanza and Nordnet, and one of the most active months in three years despite negative seasonality. For Q1e, we see c20% upside potential on Avanza’s trading-related commissions, c15% on Nordnet’s. The platforms are due to release their March statistics on 3 April.

Coor Service Management (Buy, TP: SEK52.00) - Self-improvement case ma...

We see signs of Coor’s self-improvement case evolving in Q1, with efficiency actions detailed and a strong FCF reversal likely. In our view, this improves the risk/reward, with internal improvements gaining momentum as the underlying Nordic FM/IFM market remains supportive. After tweaking our 2025–2027e EPS, we reiterate our BUY and have raised our target price to SEK52 (48) on a strengthening turnaround case at an attractive valuation.

CFO is leaving the building

February web-activity insights

Web-activity data points to trading activity up 2–5% MOM for Avanza and Nordnet in February, potentially the second-most active month in three years. For Q1e, we see upside potential to Avanza’s and Nordnet’s transaction-related commissions, since activity seems to be holding up better than the consensus view of an imminent rapid normalisation. The platforms are due to release their February statistics on 5 March.

Coor Service Management Holding AB: 2 directors

Two Directors at Coor Service Management Holding AB bought/maiden bought 14,000 shares at between 33.000SEK and 33.260SEK. The significance rating of the trade was 68/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by al...

Disappointing, but issues should be fixable

Coor Service Management (Buy, TP: SEK48.00) - Signs of promising turna...

Q4 was weak across the board, but in line with Coor’s pre-announcement. We see promising signs of a turnaround in Q1, as its efficiency programme is enacted and the first working capital release should improve FCF. Coor is showing confidence in keeping a DPS (albeit lower) of SEK1.50 and detailing its first share buybacks (SEK50m). We have tweaked our 2025–2027e EPS, reiterating our BUY and SEK48 target price, seeing a solid turnaround case at an attractive valuation.

Coor Service Management (Buy, TP: SEK48.00) - Profit warning highlight...

Coor disappointed with a Q4 profit warning, mainly related to internal efficiency issues and prompting it to launch an extended efficiency programme. We have cut our 2024–2026e EPS by another 18–8%, and our target price to SEK48 (54), with pressure mounting on Coor to re-establish its earnings and FCF credentials to drive a re-rating back to historical levels. However, we reiterate our BUY, still seeing a strong self-improvement case at an attractive valuation if executed to plan.

Awaiting a second serve

Avanza Bank (Buy, TP: SEK360.00) - 2025e EPS to defy rate-cut gravity

We expect the accelerating savings and activity trends in Q4 coupled with positive stock market sentiment and macroeconomic tailwinds for Swedish savers to support c10% EPS growth in 2025, despite raised investments and headwinds from lower rates. We have increased our 2025–2026e EPS by 5–6%, leaving us c20% above consensus for these years. We have raised our target price to SEK360 (330) and reiterate our BUY.

Brokerage and NII behind robust Q4 beat

Profit warning for Q4