Swissquote Group Holding | SQN SW | Bques/Brok. en ligne | Suisse | Updates

Cette analyse a été commandée et financée par l’entreprise concernée et constitue donc un avantage non-monétaire mineur tel que défini par MIFID2

Suited for all market seasons

Objectif

Potentiel 12,9 %

Cours (CHF) 250,4

Capi (MCHF) 3 839

Perf. relative/stoxx600 10j:	3,31 %
Perf. relative/stoxx600 20j:	-1,02 %

Opinion change17/01/2020

An enabling environment
Changement d’Opinion		Achat vs Alléger

Changement d’EPS	2019 : 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.
Changement de NAV	CHF 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.
Changement de DCF	CHF 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).

24 avr. 20 Dernière News
More tailwinds

17 mars 20 Publication Res./CA
A very reassuring guidance

17 janv. 20 Opinion change
An enabling environment

16 janv. 20 Publication Res./CA
Very promising numbers

09 oct. 19 Initiation cov.
Leveraging high quality financial services