reports
Swissquote Group Holding Ltd: 1 director
A director at Swissquote Group Holding Ltd sold 5,832 shares at 251.367CHF and the significance rating of the trade was 100/100. 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...
- Sylvain Perret
An all-weather model supported by crypto tailwinds (Swissquote Group H...
An all-weather model supported by crypto tailwinds NAV CHANGE CHANGE IN TARGET PRICE CHF 286 vs 277 +3.29% The slight upward change in our target price on Swissquote mostly reflects the increase in Swissquote’s projected dividend yield and our NAV upgrade. The former is based on the management’s decision to upgrade its dividend policy to a 30% fixed dividend pay-out ratio target instead of a dividend growth policy from 2023. This decision has resulted in a considerable increase to our divide...
- Sylvain Perret
FY-23: all-weather business model continues to thrive
FY-23: all-weather business model continues to thrive EARNINGS/SALES RELEASES Swissquote published strong results in 2023, in-line with trends observed in H1-23, thanks to a considerable rise in asset margins on the back of higher interest income generated on clients’ cash deposits. The regain in customer activity at the end of 2023, continuing in 2024, continued customer asset gathering and the gradual decline in policy rates should continue to support earnings going into 2024 and help the gr...
- Sylvain Perret
EPS upgrade (2023: +0.8%, 2024: +6.4%) (Swissquote Group Holding)
EPS CHANGE CHANGE IN TARGET PRICE CHF 250 vs 235 +6.56% Our change in target price on Swissquote reflects mostly the upgrade to our 2024 EPS estimate which has led to an increase in our 3-year average EBITDA estimate to which we apply a 10x multiple for our NAV valuation. We continue to believe that Swissquote can thrive in any environment thanks to its business model where high rates act as a natural hedge to volatility and a trading activity decline. Based on the assumption of sustainably...
- Sylvain Perret
H1-23: NII tailwinds persist; 2023 guidance upgraded
H1-23: NII tailwinds persist; 2023 guidance upgraded EARNINGS/SALES RELEASES Swissquote realized a good H1-23, continuing to reap the benefits of higher rates on its liquidity and investment portfolio, more than offsetting the decline observed in transaction volumes linked to fading market volatility and an uncertain economic environment. The management upgraded both its 2023 revenue and pre-tax profit guidance on the back of the higher margins anticipated on its client assets. In our view th...
- Grégoire Hermann
More rates, more money (Swissquote Group Holding)
More rates, more money TARGET CHANGE CHANGE IN TARGET PRICE CHF 234 vs 213 +10.2% Our target price increase is mainly driven by our DCF update (see more details below). We have upgraded most of the financials, also positively impacting the Peer-based valuation. Overall, we confirm our very positive opinion on Swissquote, massively benefiting from the higher rates environment and believe in several catalysts ahead (M&A, innovation, some inflows from Credit Suisse notably). CHANGE IN EPS 202...
- Grégoire Hermann
Unrelenting customer growth - again
Unrelenting customer growth - again EARNINGS/SALES RELEASES After releasing preliminary FY 22 results a few weeks ago, Swissquote released its detailed figures this morning. The firm confirmed its robustness in the face of very tough market conditions. Customer growth continues to be sustained despite the inflationary environment, confirming the effectiveness of an anti-mass market product. Interest income gives the firm a natural hedge against financial market volatility. We confirm our inve...
- Grégoire Hermann
Swissquote’s hidden value
Swissquote’s hidden value SIGNIFICANT NEWS It has been known for a while that Swissquote is not just a regular online retail broker. In our view, however the market has yet to really price in the full potential of its platform. 2022 was a tough year for financial markets (and alternative asset classes like cryptos) but, despite this, Swissquote demonstrated its resilience and ability to dodge market turbulence. In our view the firm is a ticking bomb of hidden value waiting to be triggered by b...
- Grégoire Hermann
Swissquote is a must-have (Swissquote Group Holding)
Swissquote is a must-have TARGET CHANGE CHANGE IN TARGET PRICE CHF 230 vs 199 +15.6% Our Target Price increases materially on the back of our NAV adjustment (see explanation below) and the reshuffling of our panel of peers. Initially using peers such as LSE, Deutsche Boerse and Julius Baer to capture the firm's exposure to financial markets, we now use much more similar peers as the sector matures. The panel of peers is now composed of Avanza, Nordnet, flatexDEGIRO, Smartbroker Holding AG an...
- Grégoire Hermann
Swissquote meets 2022 expectations; onwards into 2023
Swissquote meets 2022 expectations; onwards into 2023 EARNINGS/SALES RELEASES Swissquote released FY 22 preliminary figures fully in line with our expectations and guidance, although net new monies and client assets were slightly lower than our bullish forecasts. On March 16th, Swissquote will release its full financial statements as well as the dividend information. All eyes will be on the yield, the revenue contributors and the number of client accounts. FACT FY 22 preliminary results: Ne...
- Grégoire Hermann
Swissquote’s own crypto trading exchange magnifies its potential
Swissquote’s own crypto trading exchange magnifies its potential SIGNIFICANT NEWS Swissquote has announced the launch of its own crypto trading exchange, a material innovation to improve its service to customers but also enhance the profitability of these assets. Any recovery from the crypto asset class will be incredibly lucrative for Swissquote. FACT Swissquote has hitherto been using the Bitstamp and Coinbase exchanges as liquidity providers for crypto trading as well as custodian service...
- Grégoire Hermann
Revenue decreased but client growth is pure dry power
Revenue decreased but client growth is pure dry power EARNINGS/SALES RELEASES As expected Swissquote took a hit from the financial market turmoil. Clients’ assets decreased from CHF 55.9bn at FY 21 to CHF 51.8bn with a material impact from the crypto asset class. However, the continued and sustainable client growth is a tremendous asset as it sustainably fuels the pool of cash deposits, diversifying the stream of revenues (from interest rates), while adding up to revenue potential as soon as m...
- Grégoire Hermann
A record year punctuated by diversification to face upcoming challenge...
A record year punctuated by diversification to face upcoming challenges EARNINGS/SALES RELEASES Swissquote’s FY 21 release yielded a lot of optimism regarding the firm’s growth prospects despite the current unsafe environment. While 2021 has been a record year, management has guided for similar revenue generation and profitability in 2022, on the back of product initiations and revenue diversification. FACT Swissquote FY 21 release Net revenue of CHF472m (+49% yoy) and pre-tax profit of CH...
- Sylvain Perret
Buy the dip
Buy the dip EARNINGS/SALES RELEASES Swissquote this morning released some numbers regarding FY2021. Both revenues and pre-tax profit were above guidance and our own expectations which had been in line with guidance. This makes FY2021 another incredible year for Swissquote vs 2020. The share price is down about 5% as investors might have (wrongly) bet on H221’s numbers coming in close to their H121 level. We remain positive on Swissquote as all growth engines will stay active going into 2022. ...
SWISSQUOTE GROUP sees a downgrade to Slightly Negative on account of l...
The independent financial analyst theScreener just lowered the general evaluation of SWISSQUOTE GROUP (CH), active in the Investment Services industry. As regards its fundamental valuation, the title now shows 0 out of 4 stars while market behaviour can be considered moderately risky. theScreener believes that the title remains under pressure due to the loss of a star(s) and downgrades its general evaluation to Slightly Negative. As of the analysis date January 11, 2022, the closing price was CH...
- Farhad Moshiri
Good numbers, increase in guidance, modest management...
Good numbers, increase in guidance, modest management... EARNINGS/SALES RELEASES Swissquote released this morning its numbers for H1 21. These are in line with Swissquote’s profit positive warning announced in mid-June. Revenues and pre-tax profit are well above the H1 20 level. These are in line with our expectations and we will adjust (upwards) our EPS for FY2021 in line with Swissquote’s new guidance. Guidance is rather conservative on the back of the uncertainty in revenues from crypto-cur...
- Farhad Moshiri
Incredible numbers...
Incredible numbers... LATEST Swissquote released this morning a trading update regarding the expected results for H1 21. These are simply impressive. The company indeed expects CHF260m in revenues and CHF130m in pre-tax profit for H1 21. As a comparison, the previous guidance for FY2021 was total revenues of CHF360m and pre-tax profit of CHF130m. Guidance will therefore be sharply revised upwards and we will adjust our forecasts accordingly. FACT Swissquote has been registering a massive inf...
- Farhad Moshiri
Bullish (but reachable) targets
Bullish (but reachable) targets EARNINGS/SALES RELEASES Swissquote released its FY2020 numbers. The key numbers were, however, already known (preliminary release on 14 January 2021). The key takeaways were related to the short and mid-term guidances. These are indeed very bullish with 15% growth in revenues expected in 2021 together with a 23% pre-tax profit margin and CHF500m revenues expected in 2024 (vs CHF320m in 2020) and a CHF200m pre-tax profit (vs CHF100m in 2020). We will adjust our n...
- Farhad Moshiri
The party is going on...
The party is going on... EARNINGS/SALES RELEASES Swissquote released this morning new targets for the FY2020 results (expected to be disclosed on 18 March 2021): - the company is expecting at least CHF315m (vs CHF300m previously and CHF312m for our expectations) - profit before tax above CHF105m (vs CHF100m previously and CHF105m for our expectations). - Clients assets rose to an all-time high of CHF39.8bn As importantly, these numbers should be sustainable going into 2021 (“Swissquote thus ac...
- Farhad Moshiri
Target upgrade by 11.1% (Swissquote Group Holding)
TARGET CHANGE CHANGE IN EPS2020 : CHF 6.00 vs 5.17 +16.1% 2021 : CHF 6.05 vs 4.68 +29.2% Following the H1 20 earnings release, we have raised our expectations going into H2 20 and 2021. For H2 20, we expect revenues slightly above management's guidance (at CHF300m) as the H1 20 trend seems to be continuing into H2 20 (based on July and the first days of August). The sharp increase in new accounts also looks sustainable (they have contributed 10% of total revenues in H1 20) and we find it theref...
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