Avanza Bank Holding (AVANZ.ST): Updating estimates post 2Q26 results

研报英文原文证据摘录

Avanza Bank Holding (AVANZ.ST): Updating estimates post 2Q26 results

Equity Research

14 July 2026 | 7:10PM BST

We update our forecasts to reflect Avanza’s 2Q26 results, comments from Oliver Carruthers, CFA

+44(20)7552-9364 |

management on the earnings call, and latest interest rate expectations. Overall, our oliver.carruthers@gs.com

Goldman Sachs International

operating profit estimate increases by 5% in FY26E, where we now sit 3% ahead of

Anshika Mehrotra

pre-results company-compiled consensus, and by 2% in FY27/28E. Changes to our +1(212)934-7679 |

forecasts reflect a stronger-than-expected 2Q, an assumed more favourable mix of anshika.mehrotra@gs.comGoldman Sachs India SPL

foreign trading activity over 2H26 relative to our prior expectations, and broadly Tom Ferguson

unchanged cost forecasts. Within operating income, we now assume a higher share +44(20)7051-0547tom.ferguson@gs.com|

of trading activity in foreign securities through 2H26, which hit a record level in June, Goldman Sachs International

Sabouriansupporting stronger currency-related income. In addition, our FY26-27E fund Naimeh | +44(20)7051-0573

commission income estimates increase on higher fund capital in 2Q, and our net naimeh.sabourian@gs.com Goldman Sachs International

interest income expectations rise to account for recent upward movements in

forward STIBOR rates. On expenses, our estimates remain relatively unchanged, with

management reiterating FY26 guidance of c.9% underlying opex growth excluding

costs relating to the Denmark expansion, with the latter expected to add c.SEK 50mn

of additional expense in FY26 (with SEK 3mn in 2Q). As a result of these changes, our

12-month price target increases to SEK 406 (previously SEK 397).