Betsson (Buy, TP: SEK155.00) - In good shape with strong dividend
We reiterate our BUY, but with a lowered target price of SEK155 (160) reflecting a 2% cut to our 2023–2024e EPS based on a lower Q4 EBIT forecast and negative FX. In a wider perspective, Q4 still looks like a healthy quarter (EBIT +40% YOY); we see an upbeat picture for 2024, with growth opportunities from e.g. UEFA EURO and CONMEBOL Copa America; and we expect a proposed 2023 DPS of SEK7.60 (up >50% YOY), equalling an attractive 7% dividend yield.
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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