EU/Nordic Platforms: Growing gains; initiate flatexDEGIRO at OW, u/g Avanza to OW

研报英文原文证据摘录

EU/Nordic Platforms: Growing gains; initiate flatexDEGIRO at OW, u/g Avanza to OW

Equity Research

12 June 2026

EU/Nordic Platforms

SIGNATUREGrowing gains; initiate

flatexDEGIRO at OW, u/g Avanza to Initiating Coverage

European Diversified FinancialsOW

POSITIVE

The EU/Nordic platforms have sector-leading earnings Unchanged

growth & RoEs - but what to own? Here we answer three key European Diversified Financials Grace Dargan

questions around earnings growth to explain their +44 (0)20 3555 4065

differentiated opportunities. We initiate FTK at OW (strongest grace.dargan@barclays.comBarclays, UK

EPS growth & SIU upside) and u/g AZA to OW, now our Michael Sanderson

+44 (0)20 3134 2487preferred platform.

michael.sanderson@barclays.com

Barclays, UK

Hafsa Yasir

+44 (0)20 7116 3644  Listen

hafsa.yasir@barclays.com

With this note, we transfer lead coverage of Avanza and Nordnet to Grace Dargan.

Krystal Han

1. Can the platforms continue to grow in their existing markets? Yes - with differentiated +44 (0)20 7116 1890

opportunities on offer. We have built a bottom-up model for growth across existing krystal.han@barclays.com

regions, with underlying economic growth and market share changes supporting a low- Barclays, UK

teens saving capital CAGR to 2028E. We see flatexDEGIRO with the fastest growth, best Claudia Gaspari

positioned to benefit from the European Savings and Investment Union (‘SIU’) given its +44 (0)20 3134 6039

geographic exposure, with the greatest upside from retail savings being redeployed into claudia.gaspari@barclays.com

trading markets (with further potential upside from pension reform, notably in Germany). In Barclays, UK

comparison, at Avanza and Nordnet, we expect support from their dominance in growing

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