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
Licensed to conquer Europe
Target
Upside 109%
Price (CHF) 99.85
Market Cap (CHFM) 1,531
Perf. 1W: 3.15%
Perf. 1M: -14.2%
Perf. 3M: -38.0%
Perf Ytd: -49.3%
10 day relative perf. to stoxx600: -5.40%
20 day relative perf. to stoxx600: -8.90%
EPS change20/06/2022

Keep calm and hold on to your Swissquote's shares

Change in EPS2022 : CHF 12.3 vs 13.1-6.00%
2023 : CHF 14.0 vs 16.0-12.6%

Our EPS forecast is slightly cut following the reduction of revenues from crypto assets. However, we believe that Swissquote has the discipline to control its cost base and maintain strong margins (46.7% in 2022 and 47.8% in 2023). As such, the impact on the EPS is not so material while we keep on seeing it growing in 2023 and 2024.



Change in Target PriceCHF 206 vs 219-5.66%

Our target price is slightly reduced (with no impact on our recommendation) as we have updated Swissquote's model following the financial markets' turmoil (both stock and crypto markets). Our main adjustment comes from the reduction of revenues from crypto assets, which is partly offset by increasing customers, stabilising volumes of trading but also higher interest rates increasing asset-based revenues.



Change in DCFCHF 262 vs 295-11.0%

Our DCF valuation is reduced as a consequence of the EPS cut. Our forward-looking assumptions have not changed and remain conservative. Despite that, we still have a strong upside.



Updates

17 Mar 22 Earnings/sales releases
A record year punctuated by diversification to ...

13 Jan 22 Earnings/sales releases
Buy the dip

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

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