Betsson (Buy, TP: SEK195.00) - Resilient growth and new markets
After a decent Q1, solid 70% revenue growth YOY in Latin America (1/4 of group revenue) and a surprisingly strong start to Q2 (c20% group revenue growth YOY in April), we have raised our 2025e EBIT by 3%. We expect net cash to increase to EUR242m at end-2025e, enabling more potential acquisitions and growth exceeding the structurally expanding market. We reiterate our BUY and have raised our target price to SEK195 (190).
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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.