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Avanza Bank Holding

OM:AZA
Snowflake Description

Reasonable growth potential average dividend payer.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
AZA
OM
SEK13B
Market Cap
  1. Home
  2. SE
  3. Diversified Financials
Company description

Avanza Bank Holding AB (publ), together with its subsidiaries, provides online stock trading services in Sweden. The last earnings update was 9 days ago. More info.


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AZA Share Price and Events
7 Day Returns
3%
OM:AZA
2.3%
SE Capital Markets
-1%
SE Market
1 Year Returns
9.9%
OM:AZA
10.7%
SE Capital Markets
4.3%
SE Market
AZA Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Avanza Bank Holding (AZA) 3% 22.4% 13.5% 9.9% 42.8% 75.3%
SE Capital Markets 2.3% 18.5% 11.5% 10.7% 40.8% 85.8%
SE Market -1% 0.3% -0.2% 4.3% 14.1% 19.6%
1 Year Return vs Industry and Market
  • AZA matched the Capital Markets industry (10.7%) over the past year.
  • AZA outperformed the Market in Sweden which returned 4.3% over the past year.
Price Volatility
AZA
Industry
5yr Volatility vs Market

AZA Value

 Is Avanza Bank Holding undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Avanza Bank Holding to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Avanza Bank Holding.

OM:AZA Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model Excess Returns Model
Stable EPS Median Return on Equity from the past 5 years.
= Stable Book Value * Return on Equity
= SEK12.78 * 29%
SEK3.71
Book Value of Equity per Share Weighted future Book Value estimates from 3 analysts. SEK12.78
Discount Rate (Cost of Equity) See below 5.2%
Perpetual Growth Rate 10-Year SE Government Bond Rate 0.4%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for OM:AZA
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year SE Govt Bond Rate 0.4%
Equity Risk Premium S&P Global 6%
Capital Markets Unlevered Beta Simply Wall St/ S&P Global 0.66
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.659 (1 + (1- 22%) (1.54%))
0.777
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.8
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 0.43% + (0.8 * 5.96%)
5.2%

Discounted Cash Flow Calculation for OM:AZA using Excess Returns Model Model

The calculations below outline how an intrinsic value for Avanza Bank Holding is arrived at using the Excess Return Model. This approach is used for finance firms where free cash flow is difficult to estimate.

In the Excess Return Model the value of a firm can be written as the sum of capital invested currently in the firm and the present value of excess returns that the firm expects to make in the future.

The model is sensitive to the Return on Equity of the company versus the Cost of Equity, how these are calculated is detailed below the main calculation.

Note the calculations below are per share.

See our documentation to learn about this calculation.

OM:AZA Value of Excess Returns
Calculation Result
Excess Returns = (Stable Return on equity – Cost of equity) (Book Value of Equity per share)
= (29% – 5.2%) * SEK12.78)
SEK3.04
Terminal Value of Excess Returns = Excess Returns / (Cost of Equity - Expected Growth Rate)
= SEK3.04 / (5.2% - 0.43%)
SEK63.79
Value of Equity = Book Value per share + Terminal Value of Excess Returns
= SEK12.78 + SEK63.79
SEK76.57
OM:AZA Discount to Share Price
Calculation Result
Value per share (SEK) From above. SEK76.57
Current discount Discount to share price of SEK85.70
= -1 x (SEK85.70 - SEK76.57) / SEK76.57
-11.9%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

  • The current share price of Avanza Bank Holding is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Avanza Bank Holding's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Avanza Bank Holding's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
OM:AZA PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-06-30) in SEK SEK2.34
OM:AZA Share Price ** OM (2019-07-19) in SEK SEK85.7
Europe Capital Markets Industry PE Ratio Median Figure of 131 Publicly-Listed Capital Markets Companies 18.07x
Sweden Market PE Ratio Median Figure of 324 Publicly-Listed Companies 16.04x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Avanza Bank Holding.

OM:AZA PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= OM:AZA Share Price ÷ EPS (both in SEK)

= 85.7 ÷ 2.34

36.59x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Avanza Bank Holding is overvalued based on earnings compared to the Europe Capital Markets industry average.
  • Avanza Bank Holding is overvalued based on earnings compared to the Sweden market.
Price based on expected Growth
Does Avanza Bank Holding's expected growth come at a high price?
Raw Data
OM:AZA PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 36.59x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 3 Analysts
18.3%per year
Europe Capital Markets Industry PEG Ratio Median Figure of 59 Publicly-Listed Capital Markets Companies 1.27x
Sweden Market PEG Ratio Median Figure of 234 Publicly-Listed Companies 1.29x

*Line of best fit is calculated by linear regression .

OM:AZA PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 36.59x ÷ 18.3%

2x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Avanza Bank Holding is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Avanza Bank Holding's assets?
Raw Data
OM:AZA PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-06-30) in SEK SEK10.10
OM:AZA Share Price * OM (2019-07-19) in SEK SEK85.7
Sweden Capital Markets Industry PB Ratio Median Figure of 5 Publicly-Listed Capital Markets Companies 1.52x
Sweden Market PB Ratio Median Figure of 573 Publicly-Listed Companies 2.58x
OM:AZA PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= OM:AZA Share Price ÷ Book Value per Share (both in SEK)

= 85.7 ÷ 10.10

8.48x

* Primary Listing of Avanza Bank Holding.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Avanza Bank Holding is overvalued based on assets compared to the SE Capital Markets industry average.
X
Value checks
We assess Avanza Bank Holding's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Capital Markets industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Capital Markets industry average (and greater than 0)? (1 check)
  5. Avanza Bank Holding has a total score of 0/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

AZA Future Performance

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

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
18.3%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Avanza Bank Holding expected to grow at an attractive rate?
  • Avanza Bank Holding's earnings growth is expected to exceed the low risk savings rate of 0.4%.
Growth vs Market Checks
  • Avanza Bank Holding's earnings growth is expected to exceed the Sweden market average.
  • Avanza Bank Holding's revenue growth is expected to exceed the Sweden market average.
Annual Growth Rates Comparison
Raw Data
OM:AZA Future Growth Rates Data Sources
Data Point Source Value (per year)
OM:AZA Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 3 Analysts 18.3%
OM:AZA Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 3 Analysts 9.5%
Europe Capital Markets Industry Earnings Growth Rate Market Cap Weighted Average 14.4%
Europe Capital Markets Industry Revenue Growth Rate Market Cap Weighted Average 5.6%
Sweden Market Earnings Growth Rate Market Cap Weighted Average 7.9%
Sweden Market Revenue Growth Rate Market Cap Weighted Average 4.6%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
OM:AZA Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (2 weeks ago) See Below
Future Estimates Average of up to 3 Analyst Estimates (S&P Global) See Below
All numbers in SEK Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
OM:AZA Future Estimates Data
Date (Data in SEK Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2021-12-31 1,480 596 3
2020-12-31 1,340 532 3
2019-12-31 1,167 436 3
OM:AZA Past Financials Data
Date (Data in SEK Millions) Revenue Cash Flow Net Income *
2019-06-30 1,275 5,981 354
2019-03-31 1,228 4,913 332
2018-12-31 1,231 4,895 349
2018-09-30 1,235 2,716 388
2018-06-30 1,189 1,976 370
2018-03-31 1,170 3,119 380
2017-12-31 1,133 1,730 379
2017-09-30 1,095 1,633 381
2017-06-30 1,083 -1,944 399
2017-03-31 1,070 -730 404
2016-12-31 1,050 1,250 399
2016-09-30 1,057 -1,708 416

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Avanza Bank Holding's earnings are expected to grow by 18.3% yearly, however this is not considered high growth (20% yearly).
  • Avanza Bank Holding's revenue is expected to grow by 9.5% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
OM:AZA Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (2 weeks ago) See Below
Future Estimates Average of up to 3 Analyst Estimates (S&P Global) See Below

All data from Avanza Bank Holding Company Filings, last reported 2 weeks ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

OM:AZA Future Estimates Data
Date (Data in SEK Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2021-12-31 3.94 4.40 3.63 3.00
2020-12-31 3.51 3.86 3.20 3.00
2019-12-31 2.89 2.96 2.76 3.00
OM:AZA Past Financials Data
Date (Data in SEK Millions) EPS *
2019-06-30 2.34
2019-03-31 2.20
2018-12-31 2.32
2018-09-30 2.59
2018-06-30 2.47
2018-03-31 2.54
2017-12-31 2.54
2017-09-30 2.55
2017-06-30 2.67
2017-03-31 2.71
2016-12-31 2.69
2016-09-30 2.82

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Avanza Bank Holding is expected to efficiently use shareholders’ funds in the future (Return on Equity greater than 20%).
X
Future performance checks
We assess Avanza Bank Holding's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Europe market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Europe market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Avanza Bank Holding has a total score of 4/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

AZA Past Performance

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

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Avanza Bank Holding's growth in the last year to its industry (Capital Markets).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Avanza Bank Holding's year on year earnings growth rate has been positive over the past 5 years.
  • Avanza Bank Holding's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • Avanza Bank Holding's 1-year earnings growth is negative, it can't be compared to the Europe Capital Markets industry average.
Earnings and Revenue History
Avanza Bank Holding's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Avanza Bank Holding Company Filings, last reported 2 weeks ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

OM:AZA Past Revenue, Cash Flow and Net Income Data
Date (Data in SEK Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-06-30 1,275.00 354.00 561.00
2019-03-31 1,228.00 332.00 558.00
2018-12-31 1,231.00 349.00 558.00
2018-09-30 1,235.00 388.00 564.00
2018-06-30 1,189.00 370.00 553.00
2018-03-31 1,170.00 380.00 533.00
2017-12-31 1,133.00 379.00 508.00
2017-09-30 1,095.00 381.00 491.00
2017-06-30 1,083.00 399.00 467.00
2017-03-31 1,070.00 404.00 444.00
2016-12-31 1,050.00 399.00 429.00
2016-09-30 1,057.00 416.00 413.00
2016-06-30 1,038.00 404.00 409.00
2016-03-31 1,035.00 414.00 405.00
2015-12-31 1,023.00 415.00 399.00
2015-09-30 954.00 366.00 390.00
2015-06-30 907.00 332.00 382.00
2015-03-31 836.00 284.00 370.00
2014-12-31 781.00 250.00 361.00
2014-09-30 744.00 235.00 344.00
2014-06-30 725.00 237.00 337.00
2014-03-31 697.00 213.00 342.00
2013-12-31 670.00 193.00 340.00
2013-09-30 637.00 169.00 337.00
2013-03-31 614.00 145.00 333.00
2012-12-31 627.00 160.00 327.00
2012-09-30 647.00 185.00 329.00

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Avanza Bank Holding has efficiently used shareholders’ funds last year (Return on Equity greater than 20%).
  • Avanza Bank Holding used its assets less efficiently than the Europe Capital Markets industry average last year based on Return on Assets.
  • Unable to establish if Avanza Bank Holding improved its use of capital last year versus 3 years ago (Return on Capital Employed) due to insufficient past data.
X
Past performance checks
We assess Avanza Bank Holding's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Capital Markets industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Avanza Bank Holding has a total score of 2/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

AZA Health

 How is Avanza Bank Holding's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Avanza Bank Holding's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Avanza Bank Holding's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • Avanza Bank Holding's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Avanza Bank Holding's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • Low level of unsold assets.
  • Debt is covered by short term assets, assets are 144.4x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Avanza Bank Holding Company Filings, last reported 2 weeks ago.

OM:AZA Past Debt and Equity Data
Date (Data in SEK Millions) Total Equity Total Debt Cash & Short Term Investments
2019-06-30 1,529.00 100.00 2,215.00
2019-03-31 1,416.00 100.00 2,353.00
2018-12-31 1,614.00 100.00 3,797.00
2018-09-30 1,528.00 100.00 1,997.00
2018-06-30 1,314.00 100.00 1,829.00
2018-03-31 1,239.00 99.00 2,102.00
2017-12-31 1,427.00 99.00 1,681.00
2017-09-30 1,329.00 99.00 1,537.00
2017-06-30 1,186.00 99.00 1,711.00
2017-03-31 1,098.00 99.00 1,940.00
2016-12-31 1,308.00 99.00 1,453.00
2016-09-30 1,207.00 99.00 1,805.00
2016-06-30 1,093.00 99.00 3,972.00
2016-03-31 1,224.00 99.00 2,706.00
2015-12-31 1,126.00 99.00 1,599.00
2015-09-30 1,007.00 0.00 4,840.00
2015-06-30 909.00 0.00 6,820.00
2015-03-31 712.00 0.00 4,046.00
2014-12-31 815.00 0.00 3,783.00
2014-09-30 747.00 0.00 7,732.00
2014-06-30 683.00 0.00 8,344.00
2014-03-31 859.00 0.00 8,424.00
2013-12-31 794.00 0.00 8,461.00
2013-09-30 740.00 0.00 8,262.00
2013-03-31 828.00 0.00 7,426.00
2012-12-31 828.00 0.00 7,426.00
2012-09-30
  • Avanza Bank Holding's level of debt (6.5%) compared to net worth is satisfactory (less than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (0% vs 6.5% today).
  • Debt is well covered by operating cash flow (5981%, greater than 20% of total debt).
  • Unable to confirm if the interest payments on Avanza Bank Holding's debt are well covered by earnings due to lack of past financial data.
X
Financial health checks
We assess Avanza Bank Holding's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Avanza Bank Holding has a total score of 2/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

AZA Dividends

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

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
2.45%
Current annual income from Avanza Bank Holding dividends. Estimated to be 3.25% next year.
If you bought SEK2,000 of Avanza Bank Holding shares you are expected to receive SEK49 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Avanza Bank Holding's pays a higher dividend yield than the bottom 25% of dividend payers in Sweden (1.91%).
  • Avanza Bank Holding's dividend is below the markets top 25% of dividend payers in Sweden (4.36%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
OM:AZA Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 3 Analyst Estimates (S&P Global) See Below
Europe Capital Markets Industry Average Dividend Yield Market Cap Weighted Average of 110 Stocks 3.7%
Sweden Market Average Dividend Yield Market Cap Weighted Average of 244 Stocks 3.5%
Sweden Minimum Threshold Dividend Yield 10th Percentile 1.2%
Sweden Bottom 25% Dividend Yield 25th Percentile 1.9%
Sweden Top 25% Dividend Yield 75th Percentile 4.4%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

OM:AZA Future Dividends Estimate Data
Date (Data in SEK) Dividend per Share (annual) Avg. No. Analysts
2021-12-31 3.10 3.00
2020-12-31 2.83 3.00
2019-12-31 2.43 3.00
OM:AZA Past Annualized Dividends Data
Date (Data in SEK) Dividend per share (annual) Avg. Yield (%)
2019-03-19 2.100 2.778
2018-02-12 2.100 2.417
2017-03-21 2.100 2.994
2016-03-11 2.100 3.088
2016-01-21 2.100 3.235
2015-03-20 1.400 2.012
2014-03-14 1.600 3.133
2014-01-16 1.600 3.246
2013-01-17 1.600 4.759
2012-02-01 2.000 6.838
2012-01-19 2.000 5.733
2011-02-22 1.900 5.141
2011-01-20 1.900 3.946
2010-03-01 1.600 3.648
2010-01-20 1.600 4.438
2009-03-23 1.200 4.644

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been volatile in the past 10 years (annual drop of over 20%).
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of Avanza Bank Holding's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.1x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be covered by earnings (1.3x coverage).
X
Income/ dividend checks
We assess Avanza Bank Holding's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.2%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Avanza Bank Holding afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Avanza Bank Holding has a total score of 4/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

AZA Management

 What is the CEO of Avanza Bank Holding's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Rikard Josefson
AGE 54
TENURE AS CEO 2.5 years
CEO Bio

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 Global Head of Global Transaction Services at Skandinaviska Enskilda Banken AB (publ) since January 2011. He also served as President of SEB Finans and Regional Director of East SEB. He served as Head of Region East and Deputy Head of Retail Banking in Sweden and has a long background from both the SEB Merchant Banking and Retail Divisions. He serves as the Chairman of Wasa Kredit, Länsförsäkringar Hypotek and Essen International AB. He served as the Chairman of the Board at Länsförsäkringar Hypotek AB (publ) since June 2011 until July 8, 2017 and its Director until July 8, 2017. He serves as a Board member of Länsförsäkringar Fondförvaltning and Livslust Foundation. Mr. Josefson holds Bachelor of Arts.

CEO Compensation
  • Insufficient data for Rikard to compare compensation growth.
  • Insufficient data for Rikard to establish whether their remuneration is reasonable compared to companies of similar size in Sweden.
Management Team Tenure

Average tenure and age of the Avanza Bank Holding management team in years:

2.5
Average Tenure
48.5
Average Age
  • The tenure for the Avanza Bank Holding management team is about average.
Management Team

Rikard Josefson

TITLE
Chief Executive Officer
AGE
54
TENURE
2.5 yrs

Birgitta Hagenfeldt

TITLE
Deputy CEO & CFO
AGE
58
TENURE
6.6 yrs

Gunnar Olsson

TITLE
Chief Operating Officer
AGE
47
TENURE
1.3 yrs

Peter Strömberg

TITLE
Chief Information Officer
AGE
47
TENURE
4.8 yrs

Sofia Svavar

TITLE
Head of Investor Relations

Tanya Forsstedt

TITLE
Compliance Officer

Teresa Schechter

TITLE
Chief Legal Officer
AGE
49
TENURE
1.5 yrs

Maria Johansson

TITLE
Head of Customer Service
AGE
49

Peter Westling

TITLE
Head of Innovation & Marketing
AGE
48
TENURE
1.5 yrs

Gustav Berggren

TITLE
Head of the Private Bank
AGE
39
TENURE
10.5 yrs
Board of Directors Tenure

Average tenure and age of the Avanza Bank Holding board of directors in years:

5.5
Average Tenure
51
Average Age
  • The tenure for the Avanza Bank Holding board of directors is about average.
Board of Directors

Sven Hagströmer

TITLE
Chairman of the Board
COMPENSATION
SEK425K
AGE
76
TENURE
20.5 yrs

Jacqueline Winberg

TITLE
Independent Director
COMPENSATION
SEK377K
AGE
60
TENURE
16.5 yrs

Birgitta Klasén

TITLE
Independent Director
COMPENSATION
SEK506K
AGE
70
TENURE
5.5 yrs

Mattias Miksche

TITLE
Independent Director
COMPENSATION
SEK368K
AGE
51
TENURE
11.5 yrs

Hans Toll

TITLE
Independent Director
COMPENSATION
SEK446K
AGE
49
TENURE
5.5 yrs

Jonas Hagströmer

TITLE
Independent Director
COMPENSATION
SEK338K
AGE
37
TENURE
4.3 yrs

Viktor Fritzén

TITLE
Director
COMPENSATION
SEK323K
AGE
34
TENURE
1.3 yrs
Who owns this company?
Recent Insider Trading
  • More shares have been bought than sold by Avanza Bank Holding individual insiders in the past 3 months.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (SEK) Value (SEK)
29. May 19 Buy Maria Johansson Individual 29. May 19 29. May 19 1,995 SEK69.00 SEK137,655
29. May 19 Buy Rikard Josefson Individual 29. May 19 29. May 19 4,000 SEK68.38 SEK273,520
28. May 19 Buy Birgitta Hagenfeldt Individual 28. May 19 28. May 19 7,000 SEK68.00 SEK473,643
17. Apr 19 Buy Biovestor AB Company 16. Apr 19 16. Apr 19 30,000 SEK75.50 SEK2,265,000
16. Apr 19 Buy Gunnar Olsson Individual 16. Apr 19 16. Apr 19 1,500 SEK76.92 SEK115,368
16. Apr 19 Buy Rikard Josefson Individual 16. Apr 19 16. Apr 19 1,000 SEK76.09 SEK76,090
03. Sep 18 Buy Peter Strömberg Individual 30. Aug 18 30. Aug 18 22,450 SEK7.35 SEK164,994
03. Sep 18 Buy Maria Johansson Individual 30. Aug 18 30. Aug 18 34,000 SEK7.35 SEK249,900
03. Sep 18 Sell Peter Westling Individual 30. Aug 18 30. Aug 18 -40,800 SEK7.35 SEK-299,856
03. Sep 18 Sell Birgitta Hagenfeldt Individual 30. Aug 18 30. Aug 18 -40,800 SEK7.35 SEK-299,856
X
Management checks
We assess Avanza Bank Holding's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Avanza Bank Holding has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

AZA News

Simply Wall St News

What Does Avanza Bank Holding AB (publ)'s (STO:AZA) P/E Ratio Tell You?

We'll apply a basic P/E ratio analysis to Avanza Bank Holding AB (publ)'s (STO:AZA), to help you decide if the stock is worth further research. … Check out our latest analysis for Avanza Bank Holding How Do You Calculate Avanza Bank Holding's P/E Ratio? … The formula for P/E is: Price to Earnings Ratio = Share Price ÷ Earnings per Share (EPS) Or for Avanza Bank Holding: P/E of 35.86 = SEK84 ÷ SEK2.34 (Based on the trailing twelve months to June 2019.) Is A High Price-to-Earnings Ratio Good?

Simply Wall St -

Is Avanza Bank Holding AB (publ)'s (STO:AZA) 2.8% Dividend Worth Your Time?

It's good to see that Avanza Bank Holding has been paying a dividend for a number of years. … Avanza Bank Holding's dividend payments have fluctuated, so it hasn't grown 3.1% every year, but the CAGR is a useful rule of thumb for approximating the historical growth. … Strong earnings per share (EPS) growth might encourage our interest in the company despite fluctuating dividends, which is why it's great to see Avanza Bank Holding has grown its earnings per share at 10% per annum over the past five years. While EPS are growing rapidly, Avanza Bank Holding paid out a very high 95% of its income as dividends. If earnings continue to grow, this dividend may be sustainable, but we think a payout this high definitely bears watching. Conclusion Dividend investors should always want to know if a) a company's dividends are affordable, b) if there is a track record of consistent payments, and c) if the dividend is capable of growing.

Simply Wall St -

Should Avanza Bank Holding (STO:AZA) Be Disappointed With Their 51% Profit?

It hasn't been the best quarter for Avanza Bank Holding AB (publ) (STO:AZA) shareholders, since the share price has fallen 13% in that time. … One imperfect but simple way to consider how the market perception of a company has shifted is to compare the change in the earnings per share (EPS) with the share price movement. … During five years of share price growth, Avanza Bank Holding achieved compound earnings per share (EPS) growth of 8.3% per year.

Simply Wall St -

Could The Avanza Bank Holding AB (publ) (STO:AZA) Ownership Structure Tell Us Something Useful?

A look at the shareholders of Avanza Bank Holding AB (publ) (STO:AZA) can tell us which group is most powerful. … Large companies usually have institutions as shareholders, and we usually see insiders owning shares in smaller companies. … Avanza Bank Holding has a market capitalization of kr12b, so we would expect some institutional investors to have noticed the stock.

Simply Wall St -

Read This Before Considering Avanza Bank Holding AB (publ) (STO:AZA) For Its Upcoming kr10.50 Dividend

Investors who want to cash in on Avanza Bank Holding AB (publ)'s (STO:AZA) upcoming dividend of kr10.50 per share have only 2 days left to buy the shares before its ex-dividend date, 20 March 2019, in time for dividends payable on the 26 March 2019. … Should you diversify into Avanza Bank Holding and boost your portfolio income stream? … Check out our latest analysis for Avanza Bank Holding?

Simply Wall St -

What Should You Know About The Future Of Avanza Bank Holding AB (publ)'s (STO:AZA)?

Avanza Bank Holding AB (publ)'s (STO:AZA) released its most recent earnings update in December 2018, whicha

Simply Wall St -

Avanza Bank Holding AB (publ) (STO:AZA): What Are The Future Prospects?

Help shape the future of investing tools and receive a $20 prize! … Looking at Avanza Bank Holding AB (publ)'s (STO:AZA) earnings update in December 2018, … the consensus outlook from analysts appear fairly confident,

Simply Wall St -

Does Avanza Bank Holding AB (publ)'s (STO:AZA) Stock Price Account For Its Growth?

Avanza Bank Holding AB (publ) (STO:AZA) is considered a high-growth stock, but its last closing price of SEK409.2 left some investors wondering if this high future earnings potential can be rationalized by its current price tag. … See our latest analysis for Avanza Bank Holding? … Avanza Bank Holding's growth potential is very attractive

Simply Wall St -

Why Avanza Bank Holding AB (publ)'s (STO:AZA) High P/E Ratio Isn't Necessarily A Bad Thing

We'll look at Avanza Bank Holding AB (publ)'s (STO:AZA) P/E ratio and reflect on what it tells us about the company's share price. … Based on the last twelve months, Avanza Bank Holding's P/E ratio is 32.71. … How Do You Calculate Avanza Bank Holding's P/E Ratio

Simply Wall St -

Does The Data Make Avanza Bank Holding AB (publ) (STO:AZA) An Attractive Investment?

Avanza Bank Holding AB (publ) (STO:AZA) is a company with exceptional fundamental characteristics. … Upon building up an investment case for a stock, we should look at various aspects. … In the case of AZA, it

Simply Wall St -

AZA Company Info

Description

Avanza Bank Holding AB (publ), together with its subsidiaries, provides online stock trading services in Sweden. It trades in equities, funds, and other securities; and offers external mortgages, private banking mortgages, and margin loans. The company also provides share and fund, investment savings, endowment insurance, child savings, external deposit, pension insurance, and other savings accounts; mortgage loans and margin lending products; and occupational pensions and individual pension plans. In addition, it offers decision making support services; and publishes topical news and independent advice on the financial Website, Placera, as well as on the weekly financial magazine, Börsveckan. The company 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.

Details
Name: Avanza Bank Holding AB (publ)
AZA
Exchange: OM
Founded: 1999
SEK12,971,978,786
151,364,980
Website: http://www.avanza.se
Address: Avanza Bank Holding AB (publ)
Regeringsgatan 103,
Box 1399,
Stockholm,
Stockholm County, 111 93,
Sweden
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
OM AZA Ordinary Shares OMX Nordic Exchange Stockholm SE SEK 07. Oct 1993
DB 1JJA Ordinary Shares Deutsche Boerse AG DE EUR 07. Oct 1993
LSE 0NUK Ordinary Shares London Stock Exchange GB SEK 07. Oct 1993
BATS-CHIXE AZAS Ordinary Shares BATS 'Chi-X Europe' GB SEK 07. Oct 1993
Number of employees
Current staff
Staff numbers
417
Avanza Bank Holding employees.
Industry
Investment Banking and Brokerage
Diversified Financials
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/07/20 20:48
End of day share price update: 2019/07/19 00:00
Last estimates confirmation: 2019/07/17
Last earnings filing: 2019/07/11
Last earnings reported: 2019/06/30
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

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.