Swissquote Group Holding

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.

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).