Betsson (Buy, TP: SEK145.00) - Strong Q2e and acquisition
We reiterate our BUY and have raised our target price to SEK145 (140) ahead of the Q2 results (due at 07:30 CET on 20 July). We expect strong Q2 EBIT (up c60% YOY), driven by healthy organic revenue growth, successful expansion, and maintained cost control. We have increased our 2023–2025e EBIT slightly (betFIRST acquisition more than offset negative FX). With our Q2e and 2023e EBIT 15–10% above consensus, we see further share price upside potential.
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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