Betsson (Buy, TP: SEK175.00) - Earnings trend on track in H2e
We reiterate our BUY and SEK175 target price ahead of the Q3 results (due at 07:30 CET on 24 October). We expect a solid quarter, and our EBIT of EUR67m is c6% above consensus. A key question is to what extent Betsson was able to capitalise on strong player intake in the summer’s key football events. We remain positive on the growth outlook, and question how long the company can prioritise potential bolt-on M&A over buybacks.
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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