Equities · Financials

Flow Traders

Flow Traders is rated Buy with a fair value of €29.82, a 31.0% upside to the current price of €22.76. The analysis sees structural growth in European ETF assets, a record $3.94 trillion at the end of September, along with €1,137m of trading capital and senior hires for a London technology hub, as long-term support for its core ETF business, where net trading income rose 26% year to date. Near term, the market is treating the seasonal Q3 slump, when net profit fell 84% on the quarter to €6.4m, as permanent: at about 1.05x book, the shares imply an 11% return on equity against the 14% earned this year. We expect the full-year results on 11 February 2027 to close that gap.

Anika Garg

Equity Analyst

9 Nov 2026

With Arthur Dufournier