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
EPS change09/08/2021

Change in EPS2021 : CHF 12.0 vs 11.2+6.61%
2022 : CHF 12.6 vs 11.0+14.9%

Following Swissquote’s H1 21 earnings release, we have raised our EPS for the coming years. We have only slightly modified our numbers for 2021 as these had already been updated in June following Swissquote’s positive profit warning. Going into 2022 and 2023, the increase is much higher as we are confident Swissquote will manage to keep decent growth despite an exceptionnal current year. Management is confident both the top-line and pre-tax profit will grow in 2022 driven by crypto-currencies trading (thanks to volatility and the institutionalisation of that asset class) as well as the buoyant ongoing opening in new accounts.



Target
Upside 10.9%
Price (CHF) 184.6
Market Cap (CHFM) 2,830
Perf. 1W: -0.54%
Perf. 1M: -5.53%
Perf. 3M: 2.44%
Perf Ytd: 117%
10 day relative perf. to stoxx600: -3.14%
20 day relative perf. to stoxx600: -9.86%
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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