AlphaValue Corporate Services
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Swissquote Group Holding

CR
Bloomberg   SQN SW
Internet banking/Fintech  /  Switzerland  Web Site   |   Investors Relation
Licensed to conquer Europe
Target
Upside 48.1%
Price (CHF) 134.7
Market Cap (CHFM) 2,065
Perf. 1W: 5.65%
Perf. 1M: 10.8%
Perf. 3M: 19.5%
Perf Ytd: -31.7%
10 day relative perf. to stoxx600: -3.85%
20 day relative perf. to stoxx600: 5.61%
Opinion change13/01/2021

Change in OpinionAdd vs Reduce

We are changing our recommendation on Swissquote as, despite a stellar performance ytd led by a sharp increase in trading activity, we believe there is still room for some upside.
Trading should remain buoyant in the short term, adding to the short-term earnings momentum and, more importantly, the (sharp) increase in the number of accounts opened in 2020 should prove sustainable in the future and drive management's guidance for 2022 to a higher level (unchanged since 2019 despite targets being already reached in 2020).



Change in DCFCHF 110 vs 99.8+9.88%

We have long used a beta of 1 for Swissquote for the DCF calculation. As revenues and, more importantly, the opening of new accounts are gathering momentum, earnings should prove more stable in the future.
Hence, we now use the beta given by our model (at 0.87 currently).



Updates

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...

11 Aug 20 Earnings/sales releases
Another strong set of results

17 Jun 20 Other news/comments
More good news again...

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