Betsson (Buy, TP: SEK70.00) - The windmills will spin again
We believe that the near-term earnings pressure is well reflected in the share price, and have upgraded to BUY (HOLD), but have cut our target price to SEK70 (95) to reflect the temporary Dutch exit. Despite our 33% cut to 2022e EBIT and 20% cut to 2023e, we are substantially above consensus due to our expectations of higher sales growth (18% YOY in 2023e after the Dutch re-entry) and a more resilient EBIT margin.
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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