EU/Nordic platforms Still more to come...

Research evidence excerpt

EU/Nordic platforms Still more to come...

Barclays | EU/Nordic platforms

guidance; however, we remain cautious around Nordnet's expansion into Germany, and see

risks skewed to the downside (particularly in 27E).

Our view on the European/Nordic platforms: We recently initiated flatexDEGIRO at OW, with

annual EPS growth twice as fast as the Nordic platforms and most attractive valuation at 14x

‘27E BARCe EPS. We are OW Avanza, where we think growth is under-appreciated (BARCe EPS

4-6% ahead of consensus) and shares trade at an unjustified discount to Nordnet (19x ‘27E

BARCe EPS vs 23x at Nordnet). Our least preferred is Nordnet (UW), where we think valuation

looks full and structural growth priced, with BARCe below consensus ex NII. For more see EU/

Nordic Platforms: Growing gains; initiate flatexDEGIRO at OW, u/g Avanza to OW, 12 June 26.

Estimate changes: At flatexDEGIRO,we increase EPS 8%/7%/6% in 2026E/27E/28E on better

personnel costs and revenue. On higher estimates, we increase our Price Target to €45 (from €42

previously). We are 12% ahead of company compiled consensus net income in 2026E/27E

(better costs/higher revenue). At Avanza, we increase EPS 2% each year on revenue but leave

our Price Target unchanged at €420. We are 4-6% ahead of company compiled consensus EPS

each year (better revenue). At Nordnet, we increase EPS 4% each year on better revenue. On

better earnings, we increase our Price Target to SEK 320 (from SEK 310, still leaving us with over

10% potential downside to current price). We are 5%/3%/0% ahead of pre-Q2 company

compiled consensus EPS in 2026E/27E/28E, predominantly on NII driven by the Q2 beat.

FIGURE 1. We see most upside vs consensus at flatexDEGIRO and FIGURE 2. ...with Nordnet valuation remaining full

Avanza...