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Avanza Bank Holding AB
(AZA)
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Rating:71Outperform
Price Target:
kr404.00
â–˛(0.17% Upside)
Action:Reiterated
Date:10/17/26
The score is driven primarily by strong financial performance (exceptional margins and ROE with still-manageable leverage), partially offset by weak near-term technicals (below key moving averages with negative MACD). Valuation is supportive, with a reasonable P/E and a solid ~3.5% dividend yield.
Positive Factors
Exceptional Profitability
Avanza generates unusually strong profitability for a regional bank, with high operating and net margins alongside exceptional return on equity. This indicates an efficient, scalable digital platform and provides substantial internal capacity to support investment, resilience, and shareholder returns.
Negative Factors
Moderating Revenue Growth
Revenue is still growing, but the sharp slowdown from the 2023 step-up indicates that expansion has become less rapid. Slower topline growth could limit operating leverage and make future profit progression more dependent on customer activity and interest-rate conditions.
Read all positive and negative factors
Positive Factors
Negative Factors
Exceptional Profitability
Avanza generates unusually strong profitability for a regional bank, with high operating and net margins alongside exceptional return on equity. This indicates an efficient, scalable digital platform and provides substantial internal capacity to support investment, resilience, and shareholder returns.
Read all positive factors
Avanza Bank Holding AB (AZA) vs. iShares MSCI Sweden ETF (EWD)
Market Cap
kr55.85B
Dividend Yield3.61%
Average Volume (3M)320.48K
Price to Earnings (P/E)19.1
Beta (1Y)0.84
Revenue Growth13.47%
EPS Growth10.94%
CountrySE
Employees812
SectorGeneral
Sector StrengthN/A
IndustryBanks - Regional
Share Statistics
EPS (TTM)18.47
Shares Outstanding158,158,840
10 Day Avg. Volume403,794
30 Day Avg. Volume320,476
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
kr451.67Price Target Upside11.99% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering3
EPS Forecast (FY)19.43
Revenue Forecast (FY)kr5.22B
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’s revenue model is centered on earning fees and net interest income from customers who use its platform to save and invest. Key revenue streams typically include: (1) Brokerage and trading-related income: commissions and/or fees generated w...
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 | 6.46B | 5.74B | 5.08B | 4.40B | 3.12B | 3.41B |
| Gross Profit | 4.82B | 4.30B | 3.90B | 3.44B | 2.97B | 3.30B |
| EBITDA | 3.56B | 3.17B | 2.71B | 2.38B | 2.02B | 2.51B |
| Net Income | 2.96B | 2.63B | 2.25B | 1.98B | 1.67B | 2.05B |
Balance Sheet | ||||||
| Total Assets | 494.63B | 417.05B | 343.61B | 282.45B | 241.09B | 279.08B |
| Cash, Cash Equivalents and Short-Term Investments | 2.62B | 13.06B | 8.19B | 8.63B | 4.92B | 2.94B |
| Total Debt | 1.64B | 712.00M | 281.00M | 92.00M | 83.00M | 122.00M |
| Total Liabilities | 487.19B | 409.12B | 337.29B | 276.62B | 236.14B | 274.38B |
| Stockholders Equity | 7.45B | 7.93B | 6.32B | 5.83B | 4.95B | 4.70B |
Cash Flow | ||||||
| Free Cash Flow | 11.29B | 31.65B | 3.95B | 8.62B | 7.61B | 4.47B |
| Operating Cash Flow | 11.35B | 31.72B | 3.99B | 8.64B | 7.65B | 4.53B |
| Investing Cash Flow | -14.67B | -23.86B | -1.20B | -3.28B | -4.37B | -2.62B |
| Financing Cash Flow | -1.57B | -1.08B | -1.83B | -1.09B | -1.36B | -554.00M |
Avanza Bank Holding AB Technical Analysis
Negative
403.30
Price Trends
381.44
Negative
385.85
Negative
361.51
Negative
Market Momentum
-8.63
Positive
34.86
Neutral
44.14
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:AZA, the sentiment is Negative. The current price of 403.3 is above the 20-day moving average (MA) of 366.65, above the 50-day MA of 381.44, and above the 200-day MA of 361.51, indicating a bearish trend. The MACD of -8.63 indicates Positive momentum. The RSI at 34.86 is Neutral, neither overbought nor oversold. The STOCH value of 44.14 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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 |
|---|---|---|---|---|---|---|---|
73 Outperform | kr45.35B | 11.93 | ― | 1.73% | 3.55% | ― | |
71 Outperform | kr55.85B | 19.12 | 39.67% | 3.61% | 13.47% | 10.94% | |
69 Neutral | kr81.74B | 24.09 | 42.32% | 2.61% | 10.92% | 20.49% | |
61 Neutral | kr435.68B | 14.11 | 14.60% | 5.24% | -5.28% | -6.33% | |
59 Neutral | kr406.88B | 13.14 | 13.67% | 4.07% | -7.65% | 1.59% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% |
* General Sector Average
SE:AZA
Avanza Bank Holding AB
353.10
-1.43
-0.40%
SE:SEB.A
Skandinaviska Enskilda Banken AB
207.80
37.82
22.25%
SE:SWED.A
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388.50
124.95
47.41%
SE:MORROW
Komplett Bank ASA
15.54
1.39
9.84%
SE:SAVE
Nordnet AB
329.60
58.00
21.36%
SE:NOBA
Noba Bank Group AB
90.70
-0.68
-0.75%
Avanza Bank Holding AB Corporate Events
Avanza posts double‑digit profit growth and steps up Nordic expansion
Oct 16, 2026
Avanza Bank Holding AB reported a strong third quarter 2026, with operating income up 12 per cent to SEK 1,283 million and all income streams contributing to growth. Operating profit and net profit each rose 13 per cent, and earnings per share bef...
Avanza schedules October webcast for January–September 2026 interim results
Oct 9, 2026
Avanza Bank Holding AB will publish its interim report for the period January to September 2026 on Friday, 16 October at 07:45 CEST via its investor relations site. The digital savings and investment platform will then host a results presentation ...
Avanza Posts Strong Customer and Savings Growth Despite Softer Trading Volumes
Oct 5, 2026
Avanza reported continued growth in September 2026, adding 19,200 net new customers in the month and 148,400 year to date, bringing its total to 2,391,100. Net inflows reached SEK 7.18 billion in September and SEK 58.5 billion for the year so far,...
Avanza boosts share capital after employee incentive subscriptions
Sep 30, 2026
Avanza Bank Holding AB has increased its number of shares and votes following employee share subscriptions under its 2023/2026 incentive program, adding 329,751 shares and raising share capital to SEK 79,079,421. As of 31 August 2026, the company ...
Avanza Names Country Manager to Lead Danish Market Expansion
Sep 14, 2026
Avanza has appointed Christian Sillesen as Country Manager for Denmark, tasking the former Lunar and Saxo Bank executive with building its local presence ahead of a planned launch in the second half of 2027. He will report directly to CEO Gustaf U...
Avanza boosts customer base and market share as savings inflows surge in August
Sep 3, 2026
Avanza Bank Holding AB, a Stockholm-listed digital savings and investment platform, serves more than 2.3 million customers with over SEK 1,200 billion in savings capital, including products such as equities, funds, savings accounts, mortgages and ...
Avanza Launches Low-Cost Algorithmic Portfolio Service to Challenge Major Banks
Aug 31, 2026
Avanza is intensifying its push into Private Banking with the launch of Avanza Sigma, a digital, algorithm-driven discretionary equity management service built on factor investing research. The offering extends Avanza’s role from self-direct...
Avanza posts strong July inflows and customer growth despite softer trading volumes
Aug 5, 2026
Avanza Bank Holding AB reported continued customer and asset growth in July 2026, reflecting sustained demand for its digital savings and investment services. The platform added 14,300 net new customers in July, bringing the total to 2,352,600, wh...
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...
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.