European Platforms: EU Platforms Q226 preview: Not all volume winners are equal

Research evidence excerpt

European Platforms: EU Platforms Q226 preview: Not all volume winners are equal

Rating New PO Old PO

despite sector leading EPS CAGR. We maintain our EUR51 PO (+35% potential upside). FTK Buy EUR51 EUR51

SAVE U/P SEK328 SEK315

SAVE momentum supports Q226, elevated valuations AZA U/P SEK343 SEK325

We expect SAVE to deliver another strong quarter, albeit view its elevated 24x 2027e PE Source: BofA Global Research estimates

as more than pricing in recent performance. We estimate operating profit of SEK1,069m BofA GLOBAL RESEARCH

(+20% YoY), supported by SEK1,529 income vs SEK456m costs. Op margin is 70% for

Q226 (69% Q225). Top line is boosted by strong trading activity with traded value cash

Exhibit 2: Q226 Result datesmarket +32% Q226 YoY, benefitting from organic growth and IPO activity. Customer

Upcoming resultsgrowth improved +13% YoY, at the bottom of its 13-15% guidance range. EPS +2-4% on

client activity and rates. While earnings move higher, we see valuation as demanding vs Result date

peers on ~18x 2027e PE and its historical range of ~21x. Elevated valuations keep us at an AZA 14-Jul

Underperform. We raise our PO to SEK328 (potential -11% downside, +4% from SEK315). SAVE 17-Jul

FTK 22-Jul

AZA savings capital boosted, customer growth stable Source: BofA Global Research, companyBofA GLOBALreportsRESEARCH

Reiterate Underperform on Avanza (AZA), with lower growth vs peers, back ended strategy,

and less NII upside. We expect operating profit of SEK859m in Q226 (+21% YoY), with

SEK1,274m income vs SEK414m costs. Operating margin expected at 67% in Q226, in Glossary

line YoY. Top line benefits from stable customer growth +8% YoY, and savings capital of FTK: flatexDEGIRO

SEK1,208bn (+22% YoY), boosted by net flows and markets. AZA trades on 20x our AZA: Avanza