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Avanza Bank Holding AB
(AZA)
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Rating:76Outperform
Price Target:
kr438.00
▲(11.45% Upside)
Action:Upgraded
Date:04/23/26
The score is driven primarily by strong financial performance (high margins, strong ROE, and solid TTM growth), supported by constructive technical trends (positive MACD and price above key moving averages). Valuation is the main offset, with a mid-20s P/E only partly compensated by a ~3.18% dividend yield.
Positive Factors
High Profitability & ROE
Very high TTM margins and an exceptional ROE indicate durable operating leverage and strong earnings quality. A business that converts revenue into profit at these levels typically has pricing power, efficient cost structure, and the ability to fund dividends or reinvestment without eroding returns.
Negative Factors
Cyclical Revenue & Growth Volatility
Historical swings in revenue and earnings reflect reliance on market-driven trading volumes and interest-bearing balances. This structural cyclicality can produce uneven multi-period results, complicating forecasting, capital allocation, and the sustainability of payout policies during weak market phases.
Read all positive and negative factors
Positive Factors
Negative Factors
High Profitability & ROE
Very high TTM margins and an exceptional ROE indicate durable operating leverage and strong earnings quality. A business that converts revenue into profit at these levels typically has pricing power, efficient cost structure, and the ability to fund dividends or reinvestment without eroding returns.
Read all positive factors
Avanza Bank Holding AB (AZA) vs. iShares MSCI Sweden ETF (EWD)
Market Cap
kr61.23B
Dividend Yield3.34%
Average Volume (3M)234.02K
Price to Earnings (P/E)23.1
Beta (1Y)0.85
Revenue Growth5.66%
EPS Growth9.70%
CountrySE
Employees679
SectorGeneral
Sector StrengthN/A
IndustryBanks - Regional
Share Statistics
EPS (TTM)16.78
Shares Outstanding157,815,700
10 Day Avg. Volume248,982
30 Day Avg. Volume234,016
Financial Highlights & Ratios
PEG Ratio1.37
Price to Book (P/B)7.01
Price to Sales (P/S)9.69
P/FCF Ratio1.76
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
kr407.33Price Target Upside3.65% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering6
EPS Forecast (FY)18.33
Revenue Forecast (FY)kr5.02B
Avanza Bank Holding AB Business Overview & Revenue Model
Company Description
Avanza Bank Holding AB (publ), a Swedish company, specializes in providing online securities trading services. Its extensive product range encompasses various savings accounts, including share and fund accounts, investment savings, external deposi...
How the Company Makes Money
Avanza primarily makes money by monetizing customer savings and investment activity across its platform. Key revenue streams include: (1) Brokerage and transaction income: fees and commissions generated when customers trade securities and transact...
Avanza Bank Holding AB Financial Statement Overview
Summary
Income Statement
86
Very Positive
Balance Sheet
82
Very Positive
Cash Flow
74
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 5.80B | 5.74B | 5.08B | 4.40B | 3.12B | 3.41B |
| Gross Profit | 4.50B | 4.30B | 3.90B | 3.44B | 2.97B | 3.30B |
| EBITDA | 3.24B | 3.17B | 2.71B | 2.38B | 2.02B | 2.51B |
| Net Income | 2.67B | 2.63B | 2.25B | 1.98B | 1.67B | 2.05B |
Balance Sheet | ||||||
| Total Assets | 438.42B | 417.05B | 343.61B | 282.45B | 241.09B | 279.08B |
| Cash, Cash Equivalents and Short-Term Investments | 3.86B | 13.06B | 8.19B | 8.63B | 4.92B | 2.94B |
| Total Debt | 1.65B | 712.00M | 281.00M | 92.00M | 83.00M | 122.00M |
| Total Liabilities | 430.57B | 409.12B | 337.29B | 276.62B | 236.14B | 274.38B |
| Stockholders Equity | 7.85B | 7.93B | 6.32B | 5.83B | 4.95B | 4.70B |
Cash Flow | ||||||
| Free Cash Flow | 39.05B | 31.65B | 3.95B | 8.62B | 7.61B | 4.47B |
| Operating Cash Flow | 39.13B | 31.72B | 3.99B | 8.64B | 7.65B | 4.53B |
| Investing Cash Flow | -34.18B | -23.86B | -1.20B | -3.28B | -4.37B | -2.62B |
| Financing Cash Flow | -595.00M | -1.08B | -1.83B | -1.09B | -1.36B | -554.00M |
Avanza Bank Holding AB Technical Analysis
Positive
393.00
Price Trends
352.45
Positive
343.56
Positive
342.04
Positive
Market Momentum
11.23
Negative
68.13
Neutral
65.16
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:AZA, the sentiment is Positive. The current price of 393 is above the 20-day moving average (MA) of 369.73, above the 50-day MA of 352.45, and above the 200-day MA of 342.04, indicating a bullish trend. The MACD of 11.23 indicates Negative momentum. The RSI at 68.13 is Neutral, neither overbought nor oversold. The STOCH value of 65.16 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SE:AZA.
Avanza Bank Holding AB Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
76 Outperform | kr61.23B | 23.12 | 37.34% | 3.34% | 5.66% | 9.70% | |
75 Outperform | kr15.62B | 13.93 | 17.97% | 1.78% | 6.42% | 23.06% | |
73 Outperform | kr91.33B | 30.65 | 39.30% | 3.01% | -1.40% | 6.78% | |
59 Neutral | kr11.52B | 9.14 | ― | ― | -5.99% | 1.10% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% |
* General Sector Average
SE:AZA
Avanza Bank Holding AB
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26.46%
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Avanza Bank Holding AB Corporate Events
Avanza schedules July release and presentation of January–June 2026 interim results
Jun 30, 2026
Avanza Bank Holding AB is a Stockholm-listed parent company of Avanza, a digital platform for savings and investments founded in 1999. The group offers services including share and fund investing, savings accounts, mortgages and pension products, ...
Avanza posts strong May inflows and trading amid rising savings capital
Jun 3, 2026
Avanza reported continued customer and asset growth in May, adding 13,400 net new customers to reach 2,323,700 clients and a year‑to‑date increase of 81,100. Net inflows for the month were SEK 4.85 billion, bringing total inflows in 20...
Avanza posts strong April inflows as savings capital and lending surge
May 6, 2026
Avanza continued to expand its customer base in April 2026, adding 12,300 net new customers for a total of 2,310,400, and generating a net inflow of SEK 7.05 billion, bringing year‑to‑date inflows to SEK 23.5 billion. Savings capital r...
Avanza AGM Approves Dividend, Capital Mandates and New Incentive Scheme
Apr 28, 2026
Avanza Bank Holding AB’s Annual General Meeting in Stockholm approved the 2025 financial statements and set a dividend of SEK 12.75 per share, with payment in early May, while granting discharge from liability to the board and management. Sh...
Avanza Targets European Growth With First Overseas Move Into Denmark
Apr 21, 2026
Avanza Bank Holding AB is a leading Swedish digital savings and investment platform, offering shares, funds, savings accounts, mortgages and pensions to more than 2.2 million clients. Listed in Stockholm, it controls roughly 8.3 per cent of the Sw...
Avanza posts record Q1 2026 and sets Denmark as launch pad for European expansion
Apr 21, 2026
Avanza reported record first-quarter results for 2026, with operating income up 9% to SEK 1,257 million and profit for the period rising 7% to SEK 754 million, driven mainly by higher net interest, brokerage, currency income and fund commissions d...
Avanza Schedules Webcast for First-Quarter 2026 Interim Report
Apr 14, 2026
Avanza Bank Holding AB will publish its interim report for the period January to March 2026 on 21 April at 07:45 CEST and will host a results presentation at 10:00 CEST, led by CEO Gustaf Unger and CFO Jonas Svärling, with a webcast and telep...
Avanza grows customer base and inflows despite dip in savings capital
Apr 7, 2026
Avanza added 22,000 net new customers in March, bringing its total customer base to 2,298,000 and marking an increase of 55,400 so far in 2026. Net inflows reached SEK 5,090 million in March and SEK 16,500 million year to date, highlighting contin...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.