Swissquote Group Holding Ltd: 1 director

A director at Swissquote Group Holding Ltd sold 300 shares at 530.000CHF and the significance rating of the trade was 63/100. 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 ye...

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 08/14/2025

Swissquote : H1 2025 results – Here comes the full-year guidance upgra...

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 08/08/2025

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 08/08/2025

Swissquote : Impressive growth to continue but fairly priced in for no...

Swissquote is a digital banking group and trading platform with Swiss roots and growing international operations. We see its success story to continue thanks to: 1/ double digit earnings growth and further margin expansion (2025-2028e CAGR for net profit guidance of 12% and a 2028 pre-tax margin of 55.5% (ODDO BHF est.) vs 52.6% expected in 2025 and 25% in 2018); 2/ a strong balance sheet (2025e capital ratio of c.23%), that could be used for further bolt-on acquisitions or to return “surplus” c...

Swissquote : Impressive growth to continue but fairly priced in for no...

Swissquote is a digital banking group and trading platform with Swiss roots and growing international operations. We see its success story to continue thanks to: 1/ double digit earnings growth and further margin expansion (2025-2028e CAGR for net profit guidance of 12% and a 2028 pre-tax margin of 55.5% (ODDO BHF est.) vs 52.6% expected in 2025 and 25% in 2018); 2/ a strong balance sheet (2025e capital ratio of c.23%), that could be used for further bolt-on acquisitions or to return “surplus” c...

EPS upgrade (2024: +1.5%, 2025: +7.0%) (Swissquote Group Holding)

EPS CHANGE CHANGE IN EPS 2024 : CHF 20.4 vs 20.1 +1.55% 2025 : CHF 20.5 vs 19.1 +7.01% We updated our EPS projections following Swissquote’s H1 24 publication and our market scenario for 2024-25. We left our 2024 EPS projections nearly unchanged (+2%) as we see net revenue 4% lower than anticipated, due to slightly lower volatility than anticipated, leading to a smaller average number of transactions per account, as well as lower interest income due to interest rate declines and lower cryp...

H1-24: strong results helped by crypto, inflows and market effect

H1-24: strong results helped by crypto, inflows and market effect EARNINGS/SALES RELEASES Swissquote posted good results with strong top-line growth being contributed by higher crypto income, further helped by increased client activity and resilient NII. Cost-discipline was also very tight, helping the pre-tax result beat our estimates. The growth levers remain intact with new money being slightly above the guided pace and client assets guided to be much higher than initially projected by the ...

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...

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...

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...

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...

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...

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...

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...

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...

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...

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...

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...