Avanza (AVANZ.ST): Strong Q2 results, with commission income and NII significantly above consensus

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Avanza (AVANZ.ST): Strong Q2 results, with commission income and NII significantly above consensus

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14 Jul 2026 03:03:16 ET │ 11 pages

Avanza (AVANZ.ST)

Strong Q2 results, with commission income and NII significantly above

consensus

CITI'S TAKE Buy

Price (13 Jul 26 17:30) SKr378.70 Avanza has this morning reported a strong set of Q2 results, with revenues

Target price SKr495.00 beating company-compiled consensus by 3.3%. Commission income is

2.5% ahead of consensus, beating across all line items, while NII is 7.2% Expected share price return 30.7%

above consensus. While costs are 1.9% above consensus, the FY 2026 Expected dividend yield 3.9%

cost guidance has been reiterated and we therefore expect the market to Expected total return 34.6%

focus on the broad-based revenue beat. There is no change to the outlook, Market Cap SKr59,765M

as Avanza does not guide on revenues, but the CEO notes an increase in US$6,165M

client sentiment and risk appetite in Sweden. We expect low to mid single

digit upgrades to consensus EPS and for the shares to perform well at

open. Our outer-year NII estimates are 20-30% above consensus and our

currency-related estimates are 10% above consensus. We have a Buy Andrew Lowe, CFAAC

rating. +44-20-7986-4042

andrew.lowe@citi.com

Revenues beat by 3.3%, driven by commissions and NII — Revenues of SEK1,334m Hannah Leivdal

are 3.3% above consensus. Net brokerage income of SEK349m is 3.0% above hannah.leivdal@citi.com

consensus, while currency-related income of SEK224m is 3.9% above consensus

Nicholas Hermanand fund commission income of SEK226m is 0.7% above consensus. These three

lines are collectively 2.5% above consensus (0.4% above Citi estimates), accounting nicholas.herman@citi.com

for 1.5ppt of the 3.3% revenue beat.