Avanza Bank Holding AB: 1 director

A director at Avanza Bank Holding AB bought 16,000 shares at 0.000SEK and the significance rating of the trade was 77/100. 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 all the company's directors over the last two years...

Avanza - Unprecedented beat unlikely to repeat

Q1 beat driven by unprecedented high client activity Raised activity assumptions drive positive revisions HOLD reiterated – TP up to SEK 300 (280)

Avanza - Super strong Q1, but already announced

Q1 numbers pre-announced, PTP 52% above cons. FX revenues and net brokerage income behind the beat Expect limited share price reaction today

Avanza - Reversed PW ahead of Q1

Q1 operating profit 54% above consensus FY2021 estimates up by ~20% Strong positive read-across also to Nordnet

Avanza - Strong activity set to continue in Q1

Activity hits record high in Q1’21 ATH customer inflow drives positive EPS revisions Valuation now in line with sector, upgrade to HOLD

Avanza - Multiple contraction on the cards

Ends on a high note, falling revenues in 2021e Factoring in activity to normalize in H2’21 Too expensive compared to own history – SELL (Hold)

Avanza - Impressive Q4 numbers, in-line with expectations

Adj. operating profit 9% below ABGSC and in-line with cons. The activity based income slightly below our expectations Strong report was in the cards, expect neutral reaction

Avanza - Expect a record Q4’20e

Elevated activity has continued throughout the quarter Estimates up, we expect high activity in the next 6 months Reiterate HOLD given premium valuation to peers

Avanza - Cost guidance for 2021 raised to 15%

Avanza raises cost guidance for ‘21e to 15%... … in order to invest and improve the user experience Would reduce EPS with 4% for ‘21e and ‘22e

Talking Points -

We raise our pricing assumption across all indications We reiterate BUY and raise our TP to SEK 404 (239)

Avanza - Activity level expected to fade in 2021

Strong Q3 report, beating high expectations Raising our activity assumptions drives positive revisions Avanza trades at a significant premium to sector; HOLD

Avanza - Impressive Q3 beat

Operating profit 10% above ABGSC and 20% vs. cons. NBI behind the beat, cost outlook reiterated Expect share to come up today with at least 7%

Talking Points -

Industrivarden (Hold) Preview: Staying the course Value uplift of 1% in Q3e and 3.3% 2020e EPRA NAV premium of 35% ‘20e vs sector avg. at par

Avanza - Elevated activity has continued in Q3e

Avanza the clear winner on elevated market activity Estimates up driven by strong customer inflow But trading at a 38% premium to peers, reiterate HOLD

Talking Points - Gjensidige (Hold): Company’s top line floats toward...

Avanza (Hold) Post-results: In a sweet spot but with a stretched price Adj. EPS’20e-22e +22% (inv.), +2% and 2% (UW) Expect dividends as soon as the regulator accepts

Avanza - In a sweet spot but with a stretched price

Q2 op. profit up 184%, +29% vs. ABGSCe, +16% vs. cons. Adj. EPS up significantly for 20e, less so for 21-22e Currently in a sweet spot, but valuation at ATH - HOLD

Avanza - Strong Q2 report driven by elevated activity

Operating profit 29% above ABGSC and 16% vs. cons. Cost outlook of 12% reiterated in 2020 Limited estimates revisions for 21 and 22, share up today

Avanza - Activity remains elevated in Q2

Avanza is a winner on high volatility Monthly data indicate a strong Q2 report Raise TP to SEK 130 (108), stick with HOLD

Northern Lights

Talking Points - Wartsila (Sell): Hitting all the branches in the tree

EQT (Hold) Preview: Q1’20 - Downside risks have increased Hard to be hopeful about cruise or energy Simply too many issues to handle, down to SELL (Hold)