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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 48,2 %
Cours (CHF) 134,6
Capi (MCHF) 2 063
Perf. 1S: 2,44 %
Perf. 1M: 16,6 %
Perf. 3M: 27,7 %
Perf Ytd: -31,7 %
Perf. relative/stoxx600 10j: 3,21 %
Perf. relative/stoxx600 20j: 8,15 %
Opinion change25/03/2022

Positive momentum ahead despite an unstable global environment

Changement d’OpinionAchat vs Accumuler

We raise our recommendation to Buy following the FY 21 release and the integration of the firm’s ambitions. In fact, while 2021 has been an impressive year top-line and profitability wise for Swissquote, 2022 is expected to deliver the same absolute performance.
In fact, while one could expect 2022 to be rather grey given the current global environment and the fears of recession, we believe Swissquote to be well armed to face this challenging environment.

We expect the firm to increase its customer base consistently, offsetting the potential decrease in trading activity per customer, while we also consider that Swissquote’s customer profile (average trade of c.€20,000) should not be the most impacted by a global/ European recession.

Moreover, Swissquote is diversifying its product offering further with additional assets available to trade such as cryptos and crypto staking. The latter being a potential strong hedge against the financial markets’ turmoil and increasing reliance on asset-based revenues.

Propelled by an improving rates environment and a strong balance sheet, Swissquote also has the levers to go through these uncertain times swiftly and deliver all its potential as the global situation recovers.



Changement d’Objectif de coursCHF 231 vs 213+8,60 %

Our target price increases as we update our model with the FY 21 figures and integrate management’s updated ambitions. The increase is mainly driven by a DCF improvement, the NAV restatement and the P/Book valuation improvement, on the back of shareholders’ equity materially growing.



Changement d’EPS2022 : CHF 13,1 vs 12,9+1,49 %
2023 : CHF 16,0 vs 13,7+16,8 %

EPS grow materially as we integrate the firm’s ambitions in our forecasts. While EPS 2022 is expected flattish vs. 2021, we believe in a material improvement in 2023 driven by a strong top-line growth propelled by customer onboardings, strong net new money flows, increased trading of crypto assets and an improving rates environment wrapped into an easing of the current global tensions.



Changement de DCFCHF 288 vs 228+26,4 %

In accordance with the EPS, our DCF valuation increases materially as we consider the firm’s ambitions for its top-line growth and pre-tax margin. We believe these to be achievable thanks to a more favourable environment and a structurally well diversified company. We expect pre-tax profit margins to be stable at around 47% over 2023 and 2024.



Mises à Jour

05 oct. 22 Autres News / Commentaires
Swissquote’s own crypto trading exchange mag...

10 août 22 Publication Res./CA
Revenue decreased but client growth is pure dr...

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

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