Betsson (Buy, TP: SEK115.00) - Promising early days in Americas
We have increased our target price to SEK115 (105) and reiterate our BUY, given the strong revenues and cash flow growth, the Q1 trading statement (41% organic revenue growth YOY) and more upcoming growth initiatives. We have raised our 2023–2024e EBIT by 7–9% and see the Latin American expansion as value-creating, with solid positions in interesting growth markets and prior to possible re-regulation in Brazil.
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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