Betsson (Buy, TP: SEK105.00) - In the growth zone
We reiterate our BUY and have raised our target price to SEK105 (100), reflecting continued positive earnings revisions (we have raised our 2023e EPS by 4%). We expect the shares to benefit from a positive near-term growth outlook (QTD average daily revenue up c40% YOY in local currency), promising signs of resilience, an attractive expansion story, ongoing Latam B2C and upcoming US B2B. Our 2023–2024e EPS are c15–20% above a surprisingly bearish consensus.
DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.
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