Betsson (Buy, TP: SEK150.00) - Going for EUR200m EBIT in 2023e
Following strong recent trends – including the trading update with Q2 EBIT materially above consensus – we have raised our 2023e EPS by 7%. Our 2023–2025 forecast is c20% above latest consensus (Infront, 9 May); we see promising potential synergies from the betFIRST acquisition and more upside given the strong growth and relatively low valuation. We maintain our BUY, with a raised SEK150 (145) target price.
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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