Flow Traders is a leading global liquidity provider in exchange traded products. This Dutch company operates globally with hubs in Europe, the US and APAC. It provides liquidity in all major markets and exchanges 24 hours a day for all major asset classes; equity, bonds, currency, commodity and digital assets.

Net Trading Income (NTI) is correlated to the volatility index (VIX). NTI was muted in recent years but is be expected to rise with recently increased volatility. The VIX reached a post-COVID peak above 60.

Flow Traders is an interesting investment case given the current market turmoil, geopolitical tensions and economic uncertainty. My estimate is €4-5 EPS for 2024 which values the company at around 4x earnings. Furthermore the company strategy aims for long-term shareholder value creation.