Betsson (Buy, TP: SEK155.00) - Eying Brazilian re-regulation
We expect Q3 EBIT growth to exceed 20% YOY despite a temporarily soft sports betting margin, reflecting player-friendly football results (Q3 results due at 07:30 CET on 26 October). We have lowered our 2023e EBIT by 4% but only fine-tuned 2024–2025e. With a positive outlook, including Q4e earnings, cautious consensus for 2024e, and upcoming Brazilian re-regulation, we reiterate our BUY and SEK155 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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