An enabling environment
OPINION CHANGE
CHANGE IN OPINION
Buy vs Reduce


CHANGE IN EPS
2019 : CHF 2.91 vs 2.72 +6.96%
2020 : CHF 3.72 vs 3.05 +21.9%

Following Swissquote's press release on 15 January regarding its revenues and pre-tax profit, we adjust our numbers for 2019 and going into 2020 and 2021. Revenues were indeed higher than our expectations and management confirmed its ambitious guidance for 2022 at the same time. As financial markets are enjoying a strong momentum, we find it ever more appropriate to increase our expectations and get closer to management's guidance (CHF320m revenues, CHF100m pre-tax profit and CHF36bn assets under custoday expected in 2022). More details are available in a Latest we published on 16 January.


CHANGE IN NAV
CHF 59.4 vs 52.8 +12.4%

Our NAV is based on operating profit per division (securities trading and leveraged FX). As we are increasing our numbers going into 2021 and 2022, our NAV mechanically increases.


CHANGE IN DCF
CHF 73.2 vs 60.9 +20.2%

As we have increased our EPS expectations for the next years, the DCF (which is earnings-dependent) is mechanically increased (all else being equal).