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Swissquote Group Holding

Bloomberg   SQN SW
Internet banking/Fintech  /  Switzerland  Web Site   |   Investors Relation
Suited for all market seasons
Upside 32.7%
Price (CHF) 197.3
Market Cap (CHFM) 3,025
Perf. 1W: -3.28%
Perf. 1M: 5.68%
Perf. 3M: 15.4%
Perf Ytd: 49.5%
10 day relative perf. to stoxx600: -3.76%
20 day relative perf. to stoxx600: -0.51%
Target Change07/03/2023

Swissquote is a must-have

Change in Target PriceCHF 230 vs 199+15.6%

Our Target Price increases materially on the back of our NAV adjustment (see explanation below) and the reshuffling of our panel of peers.
Initially using peers such as LSE, Deutsche Boerse and Julius Baer to capture the firm's exposure to financial markets, we now use much more similar peers as the sector matures. The panel of peers is now composed of Avanza, Nordnet, flatexDEGIRO, Smartbroker Holding AG and sino AG. We have applied modest discounts to the high multiples of this new universe.

Change in NAVCHF 230 vs 152+50.7%

Our Net asset value has been significantly increased on the back of a change in valuation methodology. As depicted in our paper "Swissquote's hidden value", we have valued the firm stripping out the crypto business.
We estimate an EBITDA of c.277.7m in 2023, excluding crytpo, to which we apply an 11x multiple and an EBITDA of c.3m for FY 23-25 on the crypto business to which we apply a 3x multiple (given the high unpredictability of the asset class and the questions concerning its underlying sustainability).


11 Aug 23 Earnings/sales releases
H1-23: NII tailwinds persist; 2023 guidance upg...

16 Jun 23 Target Change
More rates, more money

17 Mar 23 Earnings/sales releases
Unrelenting customer growth - again

07 Mar 23 Other news/comments
Swissquote’s hidden value

07 Mar 23 Target Change
Swissquote is a must-have

16 Jan 23 Earnings/sales releases
Swissquote meets 2022 expectations; onwards ...

10 Aug 22 Earnings/sales releases
Revenue decreased but client growth is pure dr...