Following Swissquote's H1 21 trading update, we are sharply revising upwards our expectations for FYs 2021, 2022 and 2023. With an impressive H1 21, Swissquote will indeed reach its pre-operating profit 2024 target at the end of 2021.
Our previous forecasts were factoring in the company's March 2021 guidance which will therefore be sharply revised upwards on 6 August (H1 21 earnings release). We increase our revenue expectations for 2021, 2022 and 2023, but for 2024, which is not visible in our models yet, we expect the same of level of revenues as our previous expectations (as growth should wane following 2021's impressive numbers).
However, we expect a CHF230m pre-tax profit vs CHF200m previously (as mentioned in our Latest, the sharp rise in revenues is probably mainly driven by the current buoyant trading in cryptocurrencies which offer high margins at the same time).
