Our DCF is based on earnings/cash flow expectations. Hence, as we have revised these expectations, the DCF mechanically increases. As we mentioned in our Latest, we have raised our expectations for Swissquote's top line as the sharp increase in clients' assets should prove sustainable going into 2021 and 2022. We also factorg in growth from recent and future initiatives (InternaxX and the joint-venture with Postfinance).
