Betsson (Buy, TP: SEK195.00) - Building for more growth
We reiterate our BUY and have raised our target price to SEK195 (180) after a solid Q4, the 12th consecutive quarter with sequential EBIT growth. 2025 started somewhat better than we expected (daily average revenue +20% YOY in January). Net cash continues to grow (2025e EUR262m) despite an increasing dividend (6% dividend yield), which opens the way for more value-enhancing bolt-on M&A near-term, we believe.
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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