Betsson (Buy, TP: SEK155.00) - Disciplined start to the year
We reiterate our BUY and SEK155 target price, reflecting mostly unchanged 2024 estimates. Our impression is that the Q1 sports margin was slightly below average, but that e.g. Betsson’s disciplined marketing spending should have protected a solid EBIT. To us, Betsson looks well positioned for an event-driven year with large customer intake potential, laying the foundation for growth in 2024–2026e.
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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