Betsson (Buy, TP: SEK170.00) - Super-scaling into the future
We reiterate our BUY, and have raised our target price to SEK170 (155) after increasing our 2024–2025e EBIT by 11–7%. Q2 to date has exceeded our expectations, and we forecast further healthy earnings in the coming quarters (cost control alongside high player activity driving solid revenues from key upcoming football tournaments). Betsson’s 2024e net cash of EUR142m should enable further M&A and solid cash distribution.
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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