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Swissquote Group Holding

CR
Bloomberg   SQN SW
Internet banking/Fintech  /  Switzerland  Web Site   |   Investors Relation
Suited for all market seasons
Pros
  • Swissquote is well positioned to leverage its high quality multi asset class trading platform at an international level and remain a market leader in its domestic market
  • Swissquote is progressively diversifying its revenue source not only through product offering (cryptos, staking, white-label partnerships) but also structurally (asset-based) which will benefit from the increasing rates environment
  • Swissquote’s strong balance sheet (a high CET1 ratio and no debt) gives it appreciated flexibility in terms of acquisition or organic growth (R&D remains key to the company’s DNA)
Cons
  • Swissquote’s top-line remains strongly correlated to the health of the financial markets (low level of recurring revenues)
  • Competition has pressured trading fees in recent years at a time when central banks’ low/negative rates have put pressure on net interest income
  • Swissquote is increasingly targeting less-wealthy retail clients, a segment in which it should face more competition
Updates
11/05/24OpinionReduce vs Add
02/04/24 TargetThe slight upward change in our target pr...
02/04/24 EPSThe 2023 EPS came slightly below our pr...
02/04/24 NAVOur NAV upgrade reflects for the most pa...
14/03/24 EarningsFY-23: all-weather business model contin...
02/11/23 TargetOur change in target price on Swissquote...
02/11/23 EPSWe have left our 2023 EPS estimates un...
02/11/23 NAVOur NAV is based on a 3-year average ...
11/08/23 EarningsH1-23: NII tailwinds persist; 2023 guidan...
16/06/23 TargetOur target price increase is mainly driven ...
16/06/23 EPSOur EPS forecast is massively increased...
16/06/23 DCFAs described in our EPS section, the DC...
17/03/23 EarningsUnrelenting customer growth - again
07/03/23 Other newsSwissquote’s hidden value
07/03/23 TargetOur Target Price increases materially on t...
07/03/23 NAVOur Net asset value has been significantl...
16/01/23 EarningsSwissquote meets 2022 expectations; on...
05/10/22 Other newsSwissquote’s own crypto trading exchang...
28/09/22 TargetWe reduce our TP integrating the last fina...
28/09/22 EPSOur EPS is reduced as we decreased our...
28/09/22 NAVThe NAV target is slightly cut as we have ...
28/09/22 DCFWe cut our DCF valuation on the back of ...
10/08/22 EarningsRevenue decreased but client growth is p...
20/06/22 TargetOur target price is slightly reduced (with ...
20/06/22 EPSOur EPS forecast is slightly cut following ...
20/06/22 DCFOur DCF valuation is reduced as a conse...
25/03/22OpinionWe raise our recommendation to Buy foll...
25/03/22 TargetOur target price increases as we update ...
25/03/22 EPSEPS grow materially as we integrate the f...
25/03/22 DCFIn accordance with the EPS, our DCF val...
17/03/22 EarningsA record year punctuated by diversificati...
13/01/22 EarningsBuy the dip
09/08/21 EPSFollowing Swissquote’s H1 21 earnings r...
06/08/21 EarningsGood numbers, increase in guidance, mo...
17/06/21OpinionBuy vs Reduce
17/06/21 EPSFollowing Swissquote's H1 21 trading up...
17/06/21 NAVOur NAV is based on our pre-tax profit. H...
17/06/21 DCFThe DCF is based on EBITDA expectatio...
16/06/21 LatestIncredible numbers...
23/03/21OpinionAdd vs Reduce
23/03/21 EPSFollowing FY2020 and the communicatio...
23/03/21 NAVOur NAV is based on a three-year averag...
23/03/21 DCFAs we have (sharply) increased our pre-t...
22/03/21 EarningsBullish (but reachable) targets
14/01/21 DCFOur DCF is based on earnings/cash flow ...
14/01/21 EarningsThe party is going on...
13/01/21OpinionWe are changing our recommendation on...
13/01/21 DCFWe have long used a beta of 1 for Swissq...
12/08/20 EPSFollowing the H1 20 earnings release, we...
Target
Upside 4.02%
Price (CHF) 285.8
Market Cap (CHFM) 4,381
Perf. 1W: -4.16%
Perf. 1M: -3.97%
Perf. 3M: 18.8%
Perf Ytd: 42.0%
10 day relative perf. to stoxx600: -1.70%
20 day relative perf. to stoxx600: -0.33%