Swissquote shares up 12% to all-time-high after posting record 1H-2021 results
After early this morning indicating that it will post record Revenues and Profits for the first half of 2021, Swiss online trading leader Swissquote has seen its shares (SWX:SQN) rise by 12% Wednesday, hitting a new all-time high.
After already trading up more than 50% so far in 2021, Swissquote shares hit a 52-week and all-time high of CHF 159.40 early Wednesday, before settling back as of the time of writing (14:30 CET) to CHF 152.20, up 12% on the day.
At its current share price Swissquote carries a market valuation of CHF 2.33 billion (USD $2.59 billion).
The move in Swissquote shares should not really come as a surprise, when looking closely at the company’s results:
Swissquote absolutely obliterated its then-viewed-as-stellar results from both halves of 2020. Revenues for 1H-2021 are estimated at CHF 260 million, 62% (!!) above 1H-2020’s record (to date) of CHF 160.7 million. Swissquote’s estimated profit for the first six months of 2021, CHF 130 million, is more than 42% greater than 2020’s record total year profit.
Interestingly, Swissquote’s early report on 1H-2021 didn’t pull up the shares of some of its rival publicly traded online brokers. Each of Plus500, CMC Markets and IG are trading down today between 0.2%-2.2%, while NAGA Group and XTB are off 1-2%.