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Swissquote Group Holding

Bloomberg   SQN SW
Bques/Brok. en ligne  /  Suisse  Web Site   |   Investors Relation
Suited for all market seasons
Potentiel 6,64 %
Cours (CHF) 279,6
Capi (MCHF) 4 286
Perf. 1S: -4,18 %
Perf. 1M: 3,71 %
Perf. 3M: 20,8 %
Perf Ytd: 38,9 %
Perf. relative/stoxx600 10j: 2,90 %
Perf. relative/stoxx600 20j: 4,84 %
Target Change16/06/2023

More rates, more money

Changement d’Objectif de coursCHF 234 vs 213+10,2 %

Our target price increase is mainly driven by our DCF update (see more details below). We have upgraded most of the financials, also positively impacting the Peer-based valuation.
Overall, we confirm our very positive opinion on Swissquote, massively benefiting from the higher rates environment and believe in several catalysts ahead (M&A, innovation, some inflows from Credit Suisse notably).

Changement d’EPS2023 : CHF 15,1 vs 13,5+11,3 %
2024 : CHF 17,8 vs 15,9+11,8 %

Our EPS forecast is massively increased as we have upgraded our net interest income expectations (from CHF144m and CHF184m for FY 23 and FY 24 to CHF198m and CHF233m for FY 23 and FY 24, respectively). This is mainly driven by continued interest rate hikes across Switzerland, the EU and the US.
This incremental net interest income flows through the P&L with very few underlying costs. As a result, although we have slightly increased the cost base given Swissquote's tendency to leverage on highly profitable years to expand further, our pre-tax profit margin forecast increases from 48.5% and 49.9% for FY 23 and FY 24 to 49.7% and 51.1% for FY 23 and FY 24, respectively.

Changement de DCFCHF 250 vs 205+22,1 %

As described in our EPS section, the DCF upgrade is driven by, overall a much stronger top line (from CHF486m and CHF557m for FY 23 and FY 24 to CHF541.5m and CHF618.8m for FY 22 and FY 24, respectively) while keeping a very stable cost base.

Mises à Jour

14 mars 24 Publication Res./CA
FY-23: all-weather business model continues to...

11 août 23 Publication Res./CA
H1-23: NII tailwinds persist; 2023 guidance upg...

16 juin 23 Target Change
More rates, more money

17 mars 23 Publication Res./CA
Unrelenting customer growth - again

07 mars 23 Autres News / Commentaires
Swissquote’s hidden value

07 mars 23 Target Change
Swissquote is a must-have

16 janv. 23 Publication Res./CA
Swissquote meets 2022 expectations; onwards ...

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