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Avanza Bank Holding AB
(AZA)
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Rating:73Outperform
Price Target:
kr439.00
▲(8.85% Upside)
Action:Reiterated
Date:07/15/26
The score is driven primarily by strong financial performance (high margins, rising revenue and net income) tempered by increased leverage and volatile recent free-cash-flow trends. Technicals add support with price above key moving averages and neutral momentum indicators, while valuation is a modest headwind due to a higher P/E despite a reasonable dividend yield.
Positive Factors
High Profitability
Sustained, very high operating and net margins indicate structural cost efficiency and strong unit economics from Avanza's digital platform. High margins support durable cash earnings, fund reinvestment and shareholder returns, and create a buffer versus cyclical revenue swings.
Negative Factors
Rising Leverage
The material increase in corporate debt and a decline in equity reduce balance-sheet flexibility. Higher leverage raises sensitivity to funding costs and limits cushion for capital deployment, making the company more exposed to adverse rate or funding shocks over time.
Read all positive and negative factors
Positive Factors
Negative Factors
High Profitability
Sustained, very high operating and net margins indicate structural cost efficiency and strong unit economics from Avanza's digital platform. High margins support durable cash earnings, fund reinvestment and shareholder returns, and create a buffer versus cyclical revenue swings.
Read all positive factors
Avanza Bank Holding AB (AZA) vs. iShares MSCI Sweden ETF (EWD)
Market Cap
kr61.24B
Dividend Yield3.25%
Average Volume (3M)219.37K
Price to Earnings (P/E)21.9
Beta (1Y)0.89
Revenue Growth11.21%
EPS Growth12.86%
CountrySE
Employees764
SectorGeneral
Sector StrengthN/A
IndustryBanks - Regional
Share Statistics
EPS (TTM)17.94
Shares Outstanding158,158,840
10 Day Avg. Volume221,504
30 Day Avg. Volume219,366
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
kr438.33Price Target Upside8.69% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering3
EPS Forecast (FY)19.36
Revenue Forecast (FY)kr5.23B
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
74
Positive
Cash Flow
67
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 6.24B | 5.74B | 5.08B | 4.40B | 3.12B | 3.41B |
| Gross Profit | 4.70B | 4.30B | 3.90B | 3.44B | 2.97B | 3.30B |
| EBITDA | 3.46B | 3.17B | 2.71B | 2.38B | 2.02B | 2.51B |
| Net Income | 2.86B | 2.63B | 2.25B | 1.98B | 1.67B | 2.05B |
Balance Sheet | ||||||
| Total Assets | 472.95B | 417.05B | 343.61B | 282.45B | 241.09B | 279.08B |
| Cash, Cash Equivalents and Short-Term Investments | 3.14B | 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 | 466.27B | 409.12B | 337.29B | 276.62B | 236.14B | 274.38B |
| Stockholders Equity | 6.68B | 7.93B | 6.32B | 5.83B | 4.95B | 4.70B |
Cash Flow | ||||||
| Free Cash Flow | 16.69B | 31.65B | 3.95B | 8.62B | 7.61B | 4.47B |
| Operating Cash Flow | 16.74B | 31.72B | 3.99B | 8.64B | 7.65B | 4.53B |
| Investing Cash Flow | -19.00B | -23.86B | -1.20B | -3.28B | -4.37B | -2.62B |
| Financing Cash Flow | -1.56B | -1.08B | -1.83B | -1.09B | -1.36B | -554.00M |
Avanza Bank Holding AB Technical Analysis
Neutral
403.30
Price Trends
393.67
Negative
373.37
Positive
354.67
Positive
Market Momentum
-0.92
Positive
42.71
Neutral
20.39
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:AZA, the sentiment is Neutral. The current price of 403.3 is above the 20-day moving average (MA) of 397.24, above the 50-day MA of 393.67, and above the 200-day MA of 354.67, indicating a neutral trend. The MACD of -0.92 indicates Positive momentum. The RSI at 42.71 is Neutral, neither overbought nor oversold. The STOCH value of 20.39 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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 | kr84.75B | 26.44 | 41.62% | 2.50% | 5.91% | 15.50% | |
73 Outperform | kr61.24B | 21.90 | 39.54% | 3.25% | 11.21% | 12.86% | |
73 Outperform | kr44.10B | 11.50 | ― | 1.81% | 3.55% | ― | |
69 Neutral | kr431.19B | 13.95 | 14.70% | 5.32% | -12.92% | -7.93% | |
61 Neutral | kr443.61B | 14.39 | 13.93% | 3.75% | -14.03% | -2.92% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% |
* General Sector Average
SE:AZA
Avanza Bank Holding AB
392.90
62.95
19.08%
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Avanza Bank Holding AB Corporate Events
Avanza Wins Nordic Investment Platform Award Ahead of Danish Expansion
Jul 17, 2026
Avanza Bank Holding AB’s digital savings and investment platform has been named Nordic’s Best Personal Investment Platform in Euromoney’s Awards for Excellence 2026, underscoring its strong market position and focus on user exper...
Avanza Bank posts record quarter and advances Nordic expansion
Jul 14, 2026
Avanza Bank Holding AB reported a record second quarter for 2026, with operating income up 26 per cent to SEK 1,334 million and operating profit rising 31 per cent to SEK 928 million compared with the same period in 2025. Profit for the period inc...
Avanza extends gains in Swedish savings market as customer growth and inflows surge
Jul 3, 2026
Avanza Bank Holding AB reported continued strong customer growth and inflows in June 2026, adding 14,600 net new customers in the month and 95,600 so far this year, for a total of 2,338,300 customers. Net inflows reached SEK 7 billion in June and ...
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...
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.