Betsson (Buy, TP: SEK160.00) - Profitable expansion continues
We believe consensus remains too cautious on the outlook for the near and medium term, as Betsson continued to achieve close to 40% organic growth YOY in its QTD trading, despite a lower-than-average sports margin. Q3 EBIT was 20% above our forecast owing to strong cost control, and we view the increased share of revenue from locally licensed markets as encouraging. We reiterate our BUY and have raised our target price to SEK160 (155) on 3% higher 2024e EPS.
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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