More tailwinds
OPINION CHANGE
CHANGE IN OPINION
Buy vs Add


CHANGE IN EPS
2020 : CHF 3.80 vs 3.72 +2.28%
2021 : CHF 4.51 vs 4.20 +7.42%

As we mentioned in our recent Latest, tailwinds are gathering today with higher volumes in H1 20 (at least) and a sharp increase in the number of accounts opening. Swissquote's recent acquisition, InternaXX, and the set up of the Singaporean operations will also add to the long-term momentum.


CHANGE IN DCF
CHF 95.2 vs 73.5 +29.5%

Our DCF is based on EBITDA expectations. Hence, as we have increased our expectations, our DCF mechanically rises too. Adding 2022 numbers with an 18% increase in EBITDA vs 2021 is obviously adding to the sharp increase in the DCF-based valuation.