Stock Analysis Report

Executive Summary

Avanza Bank Holding AB (publ), together with its subsidiaries, provides online stock trading services in Sweden.

Snowflake Analysis

Outstanding track record with reasonable growth potential and pays a dividend.

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Share Price & News

How has Avanza Bank Holding's share price performed over time and what events caused price changes?

Latest Share Price and Events

Stable Share Price: AZA's share price has been volatile over the past 3 months.

Market Performance

7 Day Return




SE Capital Markets


SE Market

1 Year Return




SE Capital Markets


SE Market

Return vs Industry: AZA exceeded the Swedish Capital Markets industry which returned -5.1% over the past year.

Return vs Market: AZA exceeded the Swedish Market which returned -11.6% over the past year.

Shareholder returns

7 Day16.3%14.5%0.3%
30 Day-5.0%-9.6%-19.3%
90 Day-6.3%-11.2%-23.1%
1 Year14.3%10.7%7.9%4.4%-11.0%-13.2%
3 Year46.4%35.1%36.0%24.7%-0.2%-14.7%
5 Year41.1%22.4%40.7%21.8%6.0%-16.1%

Price Volatility Vs. Market

How volatile is Avanza Bank Holding's share price compared to the market and industry in the last 5 years?

Simply Wall St News


Is Avanza Bank Holding undervalued compared to its fair value and its price relative to the market?


Price to Earnings (PE) ratio

Share Price vs. Fair Value

Below Fair Value: AZA (SEK81.85) is trading below our estimate of fair value (SEK91.48)

Significantly Below Fair Value: AZA is trading below fair value, but not by a significant amount.

Price To Earnings Ratio

PE vs Industry: AZA is poor value based on its PE Ratio (27.9x) compared to the Capital Markets industry average (17.3x).

PE vs Market: AZA is poor value based on its PE Ratio (27.9x) compared to the Swedish market (14.8x).

Price to Earnings Growth Ratio

PEG Ratio: AZA is poor value based on its PEG Ratio (2.3x)

Price to Book Ratio

PB vs Industry: AZA is overvalued based on its PB Ratio (6.5x) compared to the SE Capital Markets industry average (1.8x).

Next Steps

Future Growth

How is Avanza Bank Holding forecast to perform in the next 1 to 3 years based on estimates from 3 analysts?


Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts

Analyst Future Growth Forecasts

Earnings vs Savings Rate: AZA's forecast earnings growth (12% per year) is above the savings rate (-0.4%).

Earnings vs Market: AZA's earnings (12% per year) are forecast to grow faster than the Swedish market (8% per year).

High Growth Earnings: AZA's earnings are forecast to grow, but not significantly.

Revenue vs Market: AZA's revenue (5.1% per year) is forecast to grow faster than the Swedish market (4.1% per year).

High Growth Revenue: AZA's revenue (5.1% per year) is forecast to grow slower than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: AZA's Return on Equity is forecast to be high in 3 years time (25.3%)

Next Steps

Past Performance

How has Avanza Bank Holding performed over the past 5 years?


Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: AZA has high quality earnings.

Growing Profit Margin: AZA's current net profit margins (32.1%) are higher than last year (28.4%).

Past Earnings Growth Analysis

Earnings Trend: AZA's earnings have grown by 2.8% per year over the past 5 years.

Accelerating Growth: AZA's earnings growth over the past year (28.1%) exceeds its 5-year average (2.8% per year).

Earnings vs Industry: AZA earnings growth over the past year (28.1%) exceeded the Capital Markets industry 5.4%.

Return on Equity

High ROE: AZA's Return on Equity (23%) is considered high.

Next Steps

Financial Health

How is Avanza Bank Holding's financial position? (This company is analysed differently as a bank or financial institution)

Financial Position Analysis

Debt to Equity History and Analysis

Balance Sheet

Inventory Level: AZA has a low level of unsold assets or inventory.

Debt Coverage by Assets: AZA's debt is covered by short term assets (assets are 191.9x debt).

Financial Institutions Analysis

Asset Level: AZA's level of assets compared to its equity is very high.

Allowance for Bad Loans: Insufficient data to determine if AZA has a sufficient allowance for bad loans.

Low Risk Liabilities: AZA reports no customer deposits, loans are made up entirely of externally borrowed funds.

Loan Level: Insufficient data to determine if AZA has an acceptable proportion of non-loan assets held.

Low Risk Deposits: AZA has advanced significantly more loans than the customer deposits it holds.

Level of Bad Loans: Insufficient data to determine if AZA has an appropriate level of bad loans.

Next Steps


What is Avanza Bank Holding's current dividend yield, its reliability and sustainability?


Current Dividend Yield

Dividend Yield vs Market

Notable Dividend: AZA's dividend (2.81%) is higher than the bottom 25% of dividend payers in the Swedish market (2.05%).

High Dividend: AZA's dividend (2.81%) is low compared to the top 25% of dividend payers in the Swedish market (6.28%).

Stability and Growth of Payments

Stable Dividend: AZA's dividend payments have been volatile in the past 10 years.

Growing Dividend: AZA's dividend payments have increased over the past 10 years.

Current Payout to Shareholders

Dividend Coverage: At its current payout ratio (78.3%), AZA's payments are covered by earnings.

Future Payout to Shareholders

Future Dividend Coverage: AZA's dividends in 3 years are forecast to be covered by earnings (74.6% payout ratio).

Next Steps


How experienced are the management team and are they aligned to shareholders interests?


Average management tenure


Rikard Josefson (54yo)



Mr. Rikard Josefson has been the Chief Executive Officer of Avanza Bank Holding AB (publ) since 2017. Mr. Josefson has been the President of Länsförsäkringar Bank AB (publ) since June 2011. He served as Gl ...

Leadership Team

Rikard Josefson
Chief Executive Officer3.25yrsno data0.013% SEK1.9m
Birgitta Hagenfeldt
Deputy CEO & CFO12.25yrsno data0.18% SEK25.4m
Gunnar Olsson
Chief Operating Officer2.08yrsno data0.0057% SEK813.8k
Peter Strömberg
Chief Information Officer5.58yrsno datano data
Sofia Svavar
Head of Investor Relationsno datano datano data
Tanya Forsstedt
Compliance Officerno datano datano data
Teresa Schechter
Chief Legal Officer2.25yrsno datano data
Peter Westling
Marketing Director2.25yrsno data0.0035% SEK499.1k
Camilla Hedenfelt
Head of Human Resources & Chief Human Resources Officer1.25yrsno datano data
Peter Aronsson
Head of Private Banking & Prono datano datano data


Average Tenure


Average Age

Experienced Management: AZA's management team is considered experienced (2.3 years average tenure).

Board Members

Birgitta Klasén
Independent Director6.25yrskr568.00k0.036% SEK5.1m
Sven Hagströmer
Independent Chairman of the Board21.25yrskr447.00k0.029% SEK4.1m
Mattias Miksche
Independent Director12.25yrskr396.00k0.0091% SEK1.3m
Hans Toll
Independent Director6.25yrskr488.00k0.026% SEK3.7m
Viktor Fritzén
Independent Director2.08yrskr437.00k0.0032% SEK464.8k
Jonas Hagströmer
Independent Director5.08yrskr355.00k0.0097% SEK1.4m
Johan Roos
Director0.083yrno datano data
Magnus Dybeck
Director0.083yrno data4.19% SEK599.1m
Catharina Eklöf
Director0.083yrno datano data


Average Tenure


Average Age

Experienced Board: AZA's board of directors are considered experienced (5.1 years average tenure).


Who are the major shareholders and have insiders been buying or selling?

Insider Trading Volume

Insider Buying: AZA insiders have bought more shares than they have sold in the past 3 months.

Recent Insider Transactions

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.

Top Shareholders

Company Information

Avanza Bank Holding AB (publ)'s company bio, employee growth, exchange listings and data sources

Key Information

  • Name: Avanza Bank Holding AB (publ)
  • Ticker: AZA
  • Exchange: OM
  • Founded: 1999
  • Industry: Investment Banking and Brokerage
  • Sector: Diversified Financials
  • Market Cap: kr14.302b
  • Shares outstanding: 153.79m
  • Website:

Number of Employees


  • Avanza Bank Holding AB (publ)
  • Regeringsgatan 103
  • Stockholm
  • Stockholm County
  • 111 39
  • Sweden


TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
AZAOM (OMX Nordic Exchange Stockholm)YesOrdinary SharesSESEKOct 1993
0NUKLSE (London Stock Exchange)YesOrdinary SharesGBSEKOct 1993
AZASBATS-CHIXE (BATS 'Chi-X Europe')YesOrdinary SharesGBSEKOct 1993
1JJADB (Deutsche Boerse AG)YesOrdinary SharesDEEUROct 1993


Avanza Bank Holding AB (publ), together with its subsidiaries, 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 well as occupational pensions and individual pension plans. It also trades in equities, funds, and other securities; and provides external and green mortgages, private banking mortgages, and margin loans and lending products. In addition, the company offers decision support services; and publishes topical news and independent advice on the financial Website, Placera, as well as on the weekly financial magazine, Börsveckan. It primarily serves individual investors; and professional traders and corporate customers, such as entrepreneurs and asset managers. Avanza Bank Holding AB (publ) was founded in 1999 and is headquartered in Stockholm, Sweden. 

Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/04/03 22:18
End of Day Share Price2020/04/03 00:00
Annual Earnings2019/12/31

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.