270 days ago, on March 17 of 2021, we released our first article on this website. We were recommending to buy Swissquote at 106CHF. We forecasted a market capitalization of CHF30 Billion by 2025, when the company's market cap was CHF1.5 Billion. Right now, Swissquote's stock sits at 201.5 CHF and their market cap at CHF 3 Billion. We think that the increase of the stock's price has deviated from the company's real performance. We now forecast a declining customer growth that could reach negative territory. When we first released our 2025 forecast, we expected new customers to arrive consistently until 2025 and growth to only debilitate late on 2023 or early 2024. In contrast, we now expect the growth to stop on the second half of 2021. Swissquote's valuation continues to price-in excellent growth for the coming years. We currently think this growth is no longer achievable. Since risks easily outnumber any opportunities on Swissquote's current valuation, we believe the stock presents a perfect opportunity to fully exit our position. In other words, we are recommending to fully liquidate any Swissquote holdings and exit the position entirely. The position was started on March 17, 2021 at 106CHF. Now, November 14 2021, we are recommending to bring this investment to and end and exit the position at 201.5CHF. The total profit is 90% on 270 days. We also completely halt our previous target price for Swissquote released on March 17, 2021.
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