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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 change17/01/2020

An enabling environment

Change in OpinionBuy vs Reduce

Change in EPS2019 : CHF 2.91 vs 2.72+6.96%
2020 : CHF 3.72 vs 3.05+21.9%

Following Swissquote's press release on 15 January regarding its revenues and pre-tax profit, we adjust our numbers for 2019 and going into 2020 and 2021. Revenues were indeed higher than our expectations and management confirmed its ambitious guidance for 2022 at the same time. As financial markets are enjoying a strong momentum, we find it ever more appropriate to increase our expectations and get closer to management's guidance (CHF320m revenues, CHF100m pre-tax profit and CHF36bn assets under custoday expected in 2022). More details are available in a Latest we published on 16 January.



Change in NAVCHF 59.4 vs 52.8+12.4%

Our NAV is based on operating profit per division (securities trading and leveraged FX). As we are increasing our numbers going into 2021 and 2022, our NAV mechanically increases.



Change in DCFCHF 73.2 vs 60.9+20.2%

As we have increased our EPS expectations for the next years, the DCF (which is earnings-dependent) is mechanically increased (all else being equal).



Updates

27 Apr 20 Opinion change
More tailwinds

24 Apr 20 Latest
More tailwinds

17 Mar 20 Earnings/sales releases
A very reassuring guidance

17 Jan 20 Opinion change
An enabling environment

16 Jan 20 Earnings/sales releases
Very promising numbers

09 Oct 19 Initiation cov.
Leveraging high quality financial services

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