reports
- Nicolas McBeath
Nordnet (Buy, TP: SEK190.00) - Growth at a discount
Q2 brought continued strong growth in Nordnet’s customer base (25% annualised) and 40%+ growth in operating profit YOY. The slightly raised cost guidance was already reflected in our estimates, and seems rational, enabling Nordnet to continue to act on the plentiful opportunities in the Nordic savings markets. We have trimmed our 2022–2023e earnings by 4–5% on lower transaction-related commissions, and in turn our target price to SEK190 (200). We reiterate our BUY, attracted by the growth outloo...
- Nicolas McBeath
Nordnet (Buy, TP: SEK215.00) - Revenue base structurally higher
We have raised our 2022–2023e EPS by c6%, and our target price to SEK215 (210). While the pandemic has surely fuelled revenues, we do not foresee a major earnings decline as societies return to normal, as we believe the build-up of customers and savings will be sticky. We find the 2022e P/E of c21x attractive given the positive growth outlook, and reiterate our BUY.
- Nicolas McBeath
Nordnet (Buy, TP: SEK210.00) - Leveraging a pan-Nordic presence
We have raised our 2021–2023e EPS by c12% and our target price to SEK210 (190) owing to Nordnet’s record-high customer growth and activity in Q1. We are 40% above consensus on 2021e earnings and find the 2021e P/E of 21x attractive given Nordnet’s positive growth outlook in the Nordic savings markets. We reiterate our BUY.
- Håkon Astrup
- Helene Kvilhaug Brøndbo
- Jimi Lehtonen
- Joachim Gunell
- Jon Masdal
- Jørgen Lian
- Martin Hoang Nguyen
- Martin Huseby Karlsen
- Mattias Holmberg
- Nicolas McBeath
- Niklas Wetterling
- Ole Martin Westgaard
- Ole-Andreas Krohn
- Patrik Ling
- Rune Majlund Dahl
- Simen Mortensen
- Tomi Railo
ABB ABB LTD.
NDA DKK NORDEA BANK AB
DHT DHT HOLDINGS INC.
PNDORA PANDORA A/S
PGS PGS ASA
EPR EUROPRIS ASA
XXL XXL ASA
PEAB B PEAB AB CLASS B
LUN H. LUNDBECK A/S
NOBI NOBIA AB
NN B NORDNET AB
WILC FABEGE AB
KNVKF KINNEVIK AB CLASS B
ARCHERO ARCHER
HELG SPAREBANK 1 HELGELAND
CGCBV CARGOTEC OYJ CLASS B
KCR KONECRANES OYJ
VALMT VALMET CORP
B2H B2HOLDING ASA
HANDI HANDICARE GROUP AB
BIOA B BIOARCTIC AB
NSKOG NORSKE SKOG
- Nicolas McBeath
Nordnet (Buy, TP: SEK190.00) - A strong return
Nordnet’s first quarterly report since its return to the stock market beat our expectations in most aspects, and the January update, with further acceleration in customer growth and activity, was the icing on the cake. We have raised our 2021–2022e EPS by ~30%, and our target price to SEK190 (140), while we have upgraded to BUY (HOLD). We see good value at a 2021e P/E of 22x given the attractive long-term growth outlook for Nordnet in the Nordic savings markets.
- Alexander Aukner
- Joachim Gunell
- Karl-Johan Bonnevier
- Nicolas McBeath
- Ole Martin Westgaard
- Ole-Andreas Krohn
- Patrik Ling
- Viktor Trollsten
- Nicolas McBeath
Ford Equity International Rating and Forecast Report
Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind...
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