Betsson (Buy, TP: SEK170.00) - The name of the game
We reiterate our BUY and SEK170 target price ahead of the Q2 results, including high player activity during the group stages of the UEFA Euro and Conmebol Copa América. While there could be potential near-term surprises (upside/downside), we view these football tournaments mainly as a chance to grow the active player base with a possible positive earnings effect further out. Our forecasts are intact, and we see more upside potential from healthy earnings and cash flow.
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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