Exane sees slowing growth for Nordic banking platforms Avanza, Nordnet

Avanza Bank Holding AB

15/04/2024 14:29

** Exane BNP Paribas initiates Avanza  AVANZ.ST  and Nordnet
 NORD.ST  at "neutral" and "underperform", respectively, seeing
slowing growth for the Nordic "digital savings disruptors"
    ** It expects Avanza's and Nordnet's rapid growth and market
share gains at the expense of traditional banks and insurers to
slow down in a difficult market environment
    ** The broker highlights an uncertain outlook for NII
margins and subdued trading activity
    ** It prefers Avanza out of the two due to its better
earnings momentum and higher quality business mix
    ** Neither of the stocks is cheap, currently trading at
around 19x P/E2025, the broker adds
    ** Exane sets Nordnet's PT at SEK 160 vs SEK 185.50 as of
1317 GMT; Avanza's PT is at SEK 240 vs SEK 235.40 at 1317 GMT

 (Reporting by Elsa Ohlen)
 ((elsa.ohlen@thomsonreuters.com;))