Betsson (Buy, TP: SEK175.00) - Player intake solidifying outlook
We reiterate our BUY, and have raised our target price to SEK175 (170) following a 2% increase to our 2024–2025e EBIT. Q3 has started off well thanks to strong player intake during major football tournaments, and we see room for continued positive revisions to the already strong >20% EBIT growth YOY in 2024e. Latin America remains a highlight in the growth story, along with potential further M&A and cash distributions.
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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