Avanza Bank Holding AB (SE:AZA)
:AZA
Top Page
Avanza Bank Holding AB
(AZA)
Select Model
Select Model
Rating:69Neutral
Price Target:
kr371.00
▼(-1.88% Downside)
Action:DowngradedDate:01/23/26
The score is primarily driven by strong financial performance (solid growth and very high profitability/ROE), partially offset by volatile cash flow. Technicals are currently weak with price below key moving averages and a negative MACD, while valuation is moderate with a supportive but not high dividend yield.
Positive Factors
Low-cost digital brokerage model
Avanza’s online, low-cost trading platform drives high customer acquisition and transaction volume. Over the medium term this scalable, digital model supports recurring brokerage, interest and management fee revenue, enabling strong unit economics and efficient customer scaling.
Negative Factors
Volatile operating and free cash flow
Large year-to-year swings in operating and free cash flow reduce predictability of cash available for dividends, buybacks and reinvestment. Persistent volatility complicates planning and increases sensitivity to one-off items or market-driven funding shifts over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Low-cost digital brokerage model
Avanza’s online, low-cost trading platform drives high customer acquisition and transaction volume. Over the medium term this scalable, digital model supports recurring brokerage, interest and management fee revenue, enabling strong unit economics and efficient customer scaling.
Read all positive factors
Avanza Bank Holding AB (AZA) vs. iShares MSCI Sweden ETF (EWD)
Market Cap
kr59.67B
Dividend Yield3.34%
Average Volume (3M)234.02K
Price to Earnings (P/E)21.1
Beta (1Y)0.76
Revenue Growth7.33%
EPS Growth23.01%
CountrySE
Employees679
SectorGeneral
Sector StrengthN/A
IndustryBanks - Regional
Share Statistics
EPS (TTM)3.88
Shares Outstanding157,815,700
10 Day Avg. Volume248,982
30 Day Avg. Volume234,016
Financial Highlights & Ratios
PEG Ratio1.36
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
kr353.40Price Target Upside-6.53% Downside
Rating ConsensusHold
Number of Analyst Covering5
EPS Forecast (FY)17.7
Revenue Forecast (FY)kr4.87B
Avanza Bank Holding AB Business Overview & Revenue Model
Company Description
Avanza Bank Holding AB (publ) provides online stock trading services in Sweden. The company offers share and fund, investment savings, endowment insurance, endowment child insurance, external deposit, and pension insurance savings accounts, as wel...
How the Company Makes Money
Avanza Bank generates revenue through several key streams, primarily from brokerage fees charged on trades executed by its customers. The company also earns money from interest income on customer deposits and margin loans, where clients borrow fun...
Avanza Bank Holding AB Financial Statement Overview
Summary
Income Statement
84
Very Positive
Balance Sheet
78
Positive
Cash Flow
72
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 5.74B | 5.08B | 4.40B | 3.12B | 3.41B |
| Gross Profit | 4.30B | 3.90B | 3.44B | 2.97B | 3.30B |
| EBITDA | 3.17B | 2.71B | 2.38B | 2.02B | 2.51B |
| Net Income | 2.63B | 2.25B | 1.98B | 1.67B | 2.05B |
Balance Sheet | |||||
| Total Assets | 417.05B | 343.61B | 282.45B | 241.09B | 279.08B |
| Cash, Cash Equivalents and Short-Term Investments | 13.06B | 8.19B | 8.63B | 4.92B | 2.94B |
| Total Debt | 712.00M | 281.00M | 92.00M | 83.00M | 122.00M |
| Total Liabilities | 409.12B | 337.29B | 276.62B | 236.14B | 274.38B |
| Stockholders Equity | 7.93B | 6.32B | 5.83B | 4.95B | 4.70B |
Cash Flow | |||||
| Free Cash Flow | 31.65B | 3.95B | 8.62B | 7.61B | 4.47B |
| Operating Cash Flow | 31.72B | 3.99B | 8.64B | 7.65B | 4.53B |
| Investing Cash Flow | -23.86B | -1.20B | -3.28B | -4.37B | -2.62B |
| Financing Cash Flow | -1.08B | -1.83B | -1.09B | -1.36B | -554.00M |
Avanza Bank Holding AB Technical Analysis
Positive
378.10
Price Trends
341.18
Positive
345.32
Positive
349.37
Positive
Market Momentum
6.63
Negative
65.09
Neutral
83.19
Negative
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 378.1 is above the 20-day moving average (MA) of 344.69, above the 50-day MA of 341.18, and above the 200-day MA of 349.37, indicating a bullish trend. The MACD of 6.63 indicates Negative momentum. The RSI at 65.09 is Neutral, neither overbought nor oversold. The STOCH value of 83.19 is Negative, 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 |
|---|---|---|---|---|---|---|---|
78 Outperform | kr11.25B | 15.87 | 26.88% | ― | 15.59% | 24.31% | |
76 Outperform | kr79.88B | 22.18 | 39.30% | 3.01% | 2.54% | 4.51% | |
69 Neutral | kr59.67B | 21.13 | 37.34% | 3.34% | 7.33% | 23.01% | |
62 Neutral | kr14.04B | 8.66 | 17.97% | 1.78% | 19.81% | 5.77% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
54 Neutral | kr10.87B | 9.63 | ― | ― | 0.78% | 13.82% |
* General Sector Average
SE:AZA
Avanza Bank Holding AB
378.10
118.21
45.49%
SE:HOFI
Hoist Finance AB
160.60
94.21
141.91%
SE:SAVE
Nordnet AB
320.00
104.60
48.56%
SE:NORION
Collector AB
57.30
25.25
78.78%
SE:TFBANK
TF Bank AB
174.00
65.67
60.62%
SE:ARION
Arion Banki hf Shs Swedish DR
13.44
3.12
30.23%
Avanza Bank Holding AB Corporate Events
Avanza Delivers Record 2025 Earnings but Faces Rising Costs and Weaker Inflows
Jan 21, 2026
Avanza Bank Holding AB reported its strongest annual result ever in 2025, with full-year operating income up 15% to SEK 4.5 billion and operating profit up 17% to SEK 3.1 billion, driven by higher brokerage, currency-related income, fund commissio...
Avanza to Present Preliminary 2025 Financial Statement on 21 January
Jan 14, 2026
Avanza Bank Holding AB will publish its preliminary financial statement for 2025 on 21 January at 07:45 CET and has scheduled a results presentation at 10:00 CET the same day, led by CEO Gustaf Unger and CFO Jonas Svärling, with both a webcas...
Avanza Adds 171,000 Customers in 2025 Despite Tough Swedish Market
Jan 7, 2026
During 2025, Avanza expanded its customer base by 171,000 to a total of 2,242,700 clients by year-end, with 10,300 net new customers added in December. Despite a sluggish Swedish economy, a difficult stock market climate and a drag from the ongoin...
Avanza Increases Share Capital After Employee Incentive Share Issue
Dec 30, 2025
Avanza Bank Holding AB has increased its total number of shares and votes to 157,829,091 following the issuance of 38,329 new shares under its 2022/2025 employee incentive programme, raising its share capital to SEK 78,914,545.50. The change margi...
Avanza Completes Warrant Repurchase with New Share Issuance
Dec 12, 2025
Avanza Bank Holding AB has successfully completed a repurchase of 1,131,720 warrants as part of its warrant program, offering newly issued shares in exchange. This move resulted in the issuance of 521,145 new shares, leading to a dilution of appro...
Avanza Bank Sees Growth in Customer Base and Market Share in November 2025
Dec 3, 2025
Avanza Bank Holding AB reported an increase in customers and market share in November 2025, with a net addition of 8,900 customers, bringing the total to 2,232,400. The bank’s share of the Swedish savings market rose to 8.0%, and it captured...
Avanza Bank: Leading Swedish Customer Satisfaction for 16 Years
Dec 1, 2025
Avanza Bank Holding AB has been recognized for having Sweden’s most satisfied savings customers for the 16th consecutive year, according to the Swedish Quality Index. This accolade underscores Avanza’s strong market position and commit...
Avanza Bank Increases Shares and Votes Following Incentive Program
Nov 28, 2025
Avanza Bank Holding AB has increased its number of shares and votes following the issuance of new shares under the incentive program 2022/2025, raising the share capital to SEK 78,895,381. This change reflects Avanza’s commitment to rewardin...
Avanza Bank Reports Strong Customer Growth and Financial Performance in October
Nov 5, 2025
Avanza Bank Holding AB reported an increase of 151,800 customers in 2025, reaching a total of 2,223,500 by the end of October. The net inflow for October was SEK 5,070 million, contributing to a total of SEK 52,800 million for the year. The compan...
Avanza Bank Announces Nomination Committee for 2026 AGM
Oct 24, 2025
Avanza Bank Holding AB has announced the formation of its Nomination Committee for the upcoming Annual General Meeting in April 2026. The committee includes representatives from the four largest shareholders: Biovestor AB, Creades AB, AMF – ...
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.