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 Change12/08/2020

Change in Target PriceCHF 106 vs 95.6+11.1%

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 therefore appropriate to increase revenues in 2021.
We have also revised downwards total expenses expectations for 2021 due to the good cost controls showed during FY2020.



Target
Upside 11.1%
Price (CHF) 185.2
Market Cap (CHFM) 2,839
Perf. 1W: -9.22%
Perf. 1M: -0.75%
Perf. 3M: 13.2%
Perf Ytd: 118%
10 day relative perf. to stoxx600: -3.43%
20 day relative perf. to stoxx600: 2.30%
Updates

06 Aug 21 Earnings/sales releases
Good numbers, increase in guidance, modest ...

17 Jun 21 Opinion change
Impressive again

16 Jun 21 Latest
Incredible numbers...

23 Mar 21 Opinion change
All on the 2024 guidance

22 Mar 21 Earnings/sales releases
Bullish (but reachable) targets

14 Jan 21 Earnings/sales releases
The party is going on...

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