Swissquote Second Quarter 2006

Second quarter 2006 results.

Second quarter was not better than first, profit wise, but:
- net new money and number of clients is still growing 5-6 % every quarter and
- if you extrapolate profits over the whole year, their P/E is under 12!
Damn damn cheap!

Also, revenue in 6 months was CHF 37 mio while profit was CHF 18 (net margin almost 50%), if that isn't a fixed cost business, then I don't know what is.