Sweden's Nordnet Q3 operating profit rises 

Overview

• Sweden digital savings platform's Q3 operating profit rose 24% yr/yr to SEK 1.1 bln

• Q3 diluted EPS rose to SEK 3.50 from SEK 2.81 last year

• Company to launch Nordnet-branded ETFs and expand private banking via ABG Sundal Collier partnership

Outlook

• Company plans to launch Nordnet-branded ETFs in early 2027

• Nordnet to launch its service in the German market shortly

Result Drivers

• CUSTOMER GROWTH - Co said continued strong inflow of new savers drove platform growth, with annual customer growth of 12% and 64,000 new customers in the qtr

• NET SAVINGS INFLOW - Net savings increased by 23% to SEK 25.6 bln for the qtr, contributing to record savings capital

• REVENUE STREAMS - Co reported strong growth across all revenue streams in the qtr

Company press release:

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 9 "strong buy" or "buy", 5 "hold" and 3 "sell" or "strong sell"

• The average consensus recommendation for the banks peer group is "buy."

• Wall Street's median 12-month price target for Nordnet AB (publ) is SEK385.00, about 15.5% above its October 21 closing price of SEK333.40

• The stock recently traded at 21 times the next 12-month earnings vs. a P/E of 25 three months ago

Reuters Recommended Reads

• Oct 22 - Sweden's SEB Q3 net profit falls on muted client activity

• Oct 21 - Sweden's Handelsbanken Q3 operating profit rises 10%

• Oct 20 - MSCI Q3 adj EPS rises, beats estimates

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)