Betsson (Buy, TP: SEK155.00) - Razor-sharp ROI focus
Since the most recent update (in relation to the reversed Q2 profit warning on 11 July), Betsson’s daily average revenue growth YOY has accelerated in Q3, and we have raised our 2023e EPS by 6% to reflect the positive growth trends and the company’s strong ROI commitment paying off (OCF currently growing >100% YOY). We reiterate our BUY and have raised our target price to SEK155 (150).
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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