Betsson (Buy, TP: SEK155.00) - Follow the cash generation
We reiterate our BUY and SEK155 target price after fine-tuning our 2024–2025e EPS, following the in-line Q4 results. Despite a lower than usual sports margin YTD and continued sharp negative FX, 2024 started with revenue up 6% YOY. Looking ahead, we expect more healthy shareholder distributions and further potential for bolt-on acquisitions, supporting the strategic ambition of profitable growth through geographic expansion.
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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