AlphaValue Corporate Services Fundamental Analysis EN
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AlphaValue Corporate Services
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Swissquote Group Holding

CR
Bloomberg   SQN SW
Bques/Brok. en ligne  /  Suisse  Web Site   |   Investors Relation
Licensed to conquer Europe
Objectif
Potentiel 109 %
Cours (CHF) 99,85
Capi (MCHF) 1 531
Perf. 1S: 3,15 %
Perf. 1M: -14,2 %
Perf. 3M: -38,0 %
Perf Ytd: -49,3 %
Perf. relative/stoxx600 10j: -5,40 %
Perf. relative/stoxx600 20j: -8,90 %
EPS change20/06/2022

Keep calm and hold on to your Swissquote's shares

Changement d’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.



Changement d’Objectif de coursCHF 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.



Changement de 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.



Mises à Jour

13 janv. 22 Publication Res./CA
Buy the dip

06 août 21 Publication Res./CA
Good numbers, increase in guidance, modest ...

17 juin 21 Opinion change
Impressive again

16 juin 21 Dernière News
Incredible numbers...

23 mars 21 Opinion change
All on the 2024 guidance

22 mars 21 Publication Res./CA
Bullish (but reachable) targets

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