Sweden's Nordnet Q2 revenue jumps to record high amid strong trading activity
Sweden's Nordnet Q2 revenue jumps to record high amid strong trading activity
Overview
Sweden digital investment platform's Q2 revenue rose 26% yr/yr to record SEK 1,634 mln
Q2 EPS rose to SEK 3.80 from SEK 2.84 a year earlier
Company added 74,000 new customers and net savings rose 78% yr/yr
Outlook
Company did not provide specific financial guidance for the current or future periods in the press releasejum
Result Drivers
BROAD-BASED GROWTH - Co said all parts of the business showed strong growth, driving record revenue and profit before tax
HIGH TRADING ACTIVITY - Continued strong trading activity and record-high foreign trading lifted transaction revenues
PRODUCT INNOVATION - Launch of AI-based chatbot and new index fund contributed to improved customer experience and broadened offering
Company press release: ID:nWkr9wVcjg
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q2 EPS |
| SEK 3.80 |
|
Analyst Coverage
The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 6 "strong buy" or "buy", 6 "hold" and 3 "sell" or "strong sell"
The average consensus recommendation for the banks peer group is "buy."
Wall Street's median 12-month price target for Nordnet AB (publ) is SEK380.00, about 2.8% above its July 16 closing price of SEK369.60
The stock recently traded at 24 times the next 12-month earnings vs. a P/E of 23 three months ago
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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)