Betsson (Buy, TP: SEK190.00) - Attractive Latam growth exposure
We reiterate our BUY but have cut our target price to SEK190 (195) on lower estimates due to FX. We expect healthy Q1 revenue growth of 16% YOY, slightly offset by cost inflation, partly due to the recent technology bolt-on acquisition of Sporting Solutions. We maintain a positive view of rising EPS, FCF and net cash, boding well for potential further attractive acquisitions. The Q1 results are due at 07:30 CET on 29 April.
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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