AlphaValue Corporate Services Fundamental Analysis FR
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AlphaValue Corporate Services
This research has been commissioned and paid for by the company and is deemed to constitute an acceptable minor non-monetary benefit as defined in MiFID II

Swissquote Group Holding

CR
Bloomberg   SQN SW
Internet banking/Fintech  /  Switzerland  Web Site   |   Investors Relation
Exporting high quality financial technology
Target
Upside 33.6%
Price (CHF) 158.8
Market Cap (CHFM) 2,434
Debt

Swissquote’s financial statements are those of a bank. Hence, we would qualify only Tier 1 and Tier 2 capital as debt (deposits, for instance, are considered as operational debt). The total amount of Tier 2 in 2020 was negligible compared to the total common equity tier 1. Hence, Swissquote’s leverage is zero or close to zero.
Its CET1 ratio stands at 23% (Q4 20), well above the 11.2% capital requirements and still above management’s target of 15%. Hence, we consider Swissquote has a positive net cash position (excess capital above management’s target) of CHF140m at the end of 2020.

Funding - Liquidity
  12/20A 12/21E 12/22E 12/23E
EBITDA CHFM 135 242 254 268
Funds from operations (FFO) CHFM 161 113 189 201
Ordinary shareholders' equity CHFM 440 463 564 672
Gross debt CHFM 0.00 0.00 0.00 0.00
 + Gross Cash CHFM 117 168 263 365
 = Net debt / (cash) CHFM -117 -168 -263 -365
Other financing CHFM 0.00 0.00 0.00 0.00
Gearing (at book value) % -25.1 -30.8 -38.3 -46.8
Equity/Total asset (%) % 6.02 6.24 7.45 8.70
Adj. Net debt/EBITDA(R) x -0.81 -0.66 -1.00 -1.36
Adjusted Gross Debt/EBITDA(R) x 0.06 0.00 0.00 0.01
Adj. gross debt/(Adj. gross debt+Equity) % 1.78 0.22 0.21 0.20
Ebit cover x 354 -404 -542 -320
FFO/Gross Debt % 2,015 ns ns ns
FFO/Net debt % -138 -67.2 -71.9 -55.1
FCF/Adj. gross debt (%) % 1,631 7,315 ns ns
Credit Risk
Covenants
Changes to Story : 09/08/2021, Changes to Forecasts : 09/08/2021.