Latest Content

Swissquote Group Holding Ltd.
DCF upgrade by 7.6% (Swissquote Group Holding)

DCF CHANGE CHANGE IN DCFCHF 118 vs 110 +7.57% Our DCF is based on earnings/cash flow expectations. Hence, as we have revised these expectations, the DCF mechanically increases. As we mentioned in our Latest, we have raised our expectations for Swissquote's top line as the sharp increase in clients' assets should prove sustainable going into 2021 and 2022. We also factorg in growth from recent and future initiatives (InternaxX and the joint-venture with Postfinance).

 View

  • 14 Jan 21
  • -
  • -
Swissquote Group Holding Ltd.
The party is going on...

Swissquote released this morning new targets for the FY2020 results (expected to be disclosed on 18 March 2021): - the company is expecting at least CHF315m (vs CHF300m previously and CHF312m for our expectations) - profit before tax above CHF105m (vs CHF100m previously and CHF105m for our expectations). - Clients assets rose to an all-time high of CHF39.8bn As importantly, these numbers should be sustainable going into 2021 (“Swissquote thus achieves the best results in its history and aims to continue growing its revenues and profit in 2021”).

 View

  • 14 Jan 21
  • -
  • -
Kingfisher Plc
DIY keeps up the momentum

Kingfisher continued to register strong sales growth in Q4 FY20/21, buoyed by the higher DIY spend by consumers since the onset of the pandemic. Management continues to refrain from providing full-year revenue guidance, citing the pandemic-related uncertainties and the impact of lockdown restrictions. We maintain a positive outlook on the stock.

 View

  • 14 Jan 21
  • -
  • -
Volkswagen AG Pref
December deliveries taper their decline, still -15.2% in 2020

VW Group’s 2020 deliveries fell in line with the COVID-19-driven global market decline of c.15%. The Q4 sales volumes fell by 3.2% to 998k vehicles, with North America and Western Europe standing out as the best performing regions. Brand-wise, mass-market nameplates were the hardest hit by the pandemic, while the group’s luxury brands proved resilient. VW’s first ‘EV offensive’ was met with success, as sales of electrified vehicles surged in Europe, a trend that we see extending into 2021.

 View

  • 13 Jan 21
  • -
  • -
Carrefour SA
Carrefour’s up for sale!

Carrefour has been approached by the Canada-based convenience store operator Alimentation Couche-Tard (ACT) group for a friendly acquisition. While we do not see any anti-trust hindrances going forward, the offer price would be a key point. We expect an offer with at least a 30% premium to yesterday’s closing price.

 View

  • 13 Jan 21
  • -
  • -
Swissquote Group Holding Ltd.
Opinion change, from Reduce to Add (Swissquote Group Holding)

OPINION CHANGE CHANGE IN OPINIONAdd vs Reduce We are changing our recommendation on Swissquote as, despite a stellar performance ytd led by a sharp increase in trading activity, we believe there is still room for some upside. Trading should remain buoyant in the short term, adding to the short-term earnings momentum and, more importantly, the (sharp) increase in the number of accounts opened in 2020 should prove sustainable in the future and drive management's guidance for 2022 to a higher level (unchanged since 2019 despite targets being already reached in 2020). CHANGE IN DCFCHF 110 vs 99.8 +9.88% We have long used a beta of 1 for Swissquote for the DCF calculation. As revenues and, more importantly, the opening of new accounts are gathering momentum, earnings should prove more stable in the future. Hence, we now use the beta given by our model (at 0.87 currently).

 View

  • 13 Jan 21
  • -
  • -
 

AlphaValue Research and Daily Commentaries

Research Tree offers AlphaValue research, providing ongoing coverage of 1194 shares. We offer 11362 reports from AlphaValue on Research Tree.

  • Research reports provided by AlphaValue

  • Companies covered by AlphaValue

  • Sectors covered by AlphaValue


Related Content

View the latest research on other companies in the sector. 

Change makes L’Oréal better

The group has released a very strong year-end trading performance, especially in Asia Pacific. The better than expected revenue growth (9.6% lfl vs. consensus of 7.4%) in Q4 has led the group to finish the year with 8.0% lfl top-line growth and an improved operating margin of 18.6%. Following an annual lfl revenue growth of 25.5%, Asia Pacific (32.3%) has overtaken Europe in becoming the group’s biggest region in terms of sales contribution.

L'Oreal SA

  • 10 Feb 20
  • -