Betsson (Buy, TP: SEK120.00) - On track with strong start to 2023
We reiterate our BUY and have raised our target price to SEK120 (115) after edging up our 2023–2024e EPS based on continued healthy growth trends and a strong start to the year. Our Q1 and 2023 PTP forecasts are c15–10% above consensus. In addition to likely strong Q1 results, key catalysts include Brazilian sports-betting re-regulation news flow and a potential B2B sportsbook agreement in North America.
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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