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Swissquote Group Holding

CR
Bloomberg   SQN SW
Bques/Brok. en ligne  /  Suisse  Web Site   |   Investors Relation
Suited for all market seasons
Objectif
Potentiel 7,02 %
Cours (CHF) 276,2
Capi (MCHF) 4 234
Perf. 1S: 2,14 %
Perf. 1M: 13,2 %
Perf. 3M: 19,7 %
Perf Ytd: 37,2 %
Perf. relative/stoxx600 10j: 4,85 %
Perf. relative/stoxx600 20j: 12,6 %
Target Change07/03/2023

Swissquote is a must-have

Changement d’Objectif de coursCHF 230 vs 199+15,6 %

Our Target Price increases materially on the back of our NAV adjustment (see explanation below) and the reshuffling of our panel of peers.
Initially using peers such as LSE, Deutsche Boerse and Julius Baer to capture the firm's exposure to financial markets, we now use much more similar peers as the sector matures. The panel of peers is now composed of Avanza, Nordnet, flatexDEGIRO, Smartbroker Holding AG and sino AG. We have applied modest discounts to the high multiples of this new universe.



Changement de NAVCHF 230 vs 152+50,7 %

Our Net asset value has been significantly increased on the back of a change in valuation methodology. As depicted in our paper "Swissquote's hidden value", we have valued the firm stripping out the crypto business.
We estimate an EBITDA of c.277.7m in 2023, excluding crytpo, to which we apply an 11x multiple and an EBITDA of c.3m for FY 23-25 on the crypto business to which we apply a 3x multiple (given the high unpredictability of the asset class and the questions concerning its underlying sustainability).



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...

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