Avanza Bank Holding AB (SE:AZA)
:AZA
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Avanza Bank Holding AB
(AZA)
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Rating:76Outperform
Price Target:
kr417.00
▲(6.11% Upside)
Action:UpgradedDate: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
Sustained very high net margins (~46% TTM) signal durable operating leverage from a low-cost, digital model. High margins support strong internal cash generation, enable reinvestment in the platform, and create a buffer versus cyclical revenue swings over months.
Negative Factors
Revenue/cash volatility
Business revenue and cash flow show material sensitivity to market activity, producing cyclical swings (drop in 2022, rebound 2023). That volatility hampers predictable earnings, complicates capital planning, and increases the risk that short-term market weak spots depress profits for multiple quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
High profitability
Sustained very high net margins (~46% TTM) signal durable operating leverage from a low-cost, digital model. High margins support strong internal cash generation, enable reinvestment in the platform, and create a buffer versus cyclical revenue swings over months.
Read all positive factors
Avanza Bank Holding AB (AZA) vs. iShares MSCI Sweden ETF (EWD)
Market Cap
kr52.98B
Dividend Yield3.34%
Average Volume (3M)234.02K
Price to Earnings (P/E)18.9
Beta (1Y)0.82
Revenue Growth5.66%
EPS Growth9.70%
CountrySE
Employees679
SectorGeneral
Sector StrengthN/A
IndustryBanks - Regional
Share Statistics
EPS (TTM)4.70
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
kr413.75Price Target Upside5.28% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering4
EPS Forecast (FY)18.15
Revenue Forecast (FY)kr5.00B
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 primarily generates revenue from (1) fees and commissions tied to customer investing activity and assets on the platform and (2) net interest income from banking-related balances.
Key revenue streams typically include:
- Brokerage and trad...
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
347.81
Positive
348.14
Positive
352.37
Positive
Market Momentum
15.45
Negative
68.65
Neutral
73.05
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 364.98, above the 50-day MA of 347.81, and above the 200-day MA of 352.37, indicating a bullish trend. The MACD of 15.45 indicates Negative momentum. The RSI at 68.65 is Neutral, neither overbought nor oversold. The STOCH value of 73.05 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 | kr52.98B | 18.88 | 37.34% | 3.34% | 5.66% | 9.70% | |
73 Outperform | kr75.59B | 22.59 | 39.30% | 3.01% | -1.40% | 6.78% | |
63 Neutral | kr12.59B | 8.66 | 17.97% | 1.78% | 10.47% | 10.44% | |
59 Neutral | kr9.41B | 8.83 | ― | ― | -5.99% | 1.10% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% |
* General Sector Average
SE:AZA
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Avanza Bank Holding AB Corporate Events
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...
Avanza Raises SEK 500 Million in AT1 Issue to Bolster Capital Structure
Mar 25, 2026
Avanza Bank Holding AB has issued SEK 500 million in Additional Tier 1 capital to optimise its capital structure and support future growth in customer savings. The perpetual bond, carrying a coupon of 3M STIBOR plus 2.85 per cent and callable afte...
Avanza Bank Calls 2026 AGM, Expands Postal Voting Options for Shareholders
Mar 24, 2026
Avanza Bank Holding AB has called shareholders to its 2026 Annual General Meeting, to be held on 28 April in Stockholm, with participation possible either in person or through postal voting under the company’s articles of association. Shareh...
Avanza Plans Share-Funded Buyback of Employee Warrants to Limit Dilution
Mar 24, 2026
Avanza’s board is asking shareholders at the 28 April 2026 AGM to approve a conditional offer to repurchase all outstanding employee warrants from the 2023/2026 incentive sub-program at market value. The consideration would be paid in newly ...
Avanza Nominates Unchanged Board and Leadership Ahead of 2026 AGM
Mar 16, 2026
Avanza’s Nomination Committee has proposed that the Board of Directors remain at nine members, with the re-election of all current directors, including Magnus Dybeck, Julia Haglind, Jonas Hagströmer, Sven Hagströmer, John Hedberg, ...
Avanza grows customer base and gains share in Swedish savings market
Mar 4, 2026
Avanza reported continued customer growth in February 2026, adding 13,300 net new clients in the month and 33,500 since the start of the year, bringing its total to 2,276,100 customers. Net inflows reached SEK 2.61 billion in February and SEK 11.4...
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.