Betsson (Buy, TP: SEK80.00) - A unique strategy for growth
We reiterate our BUY and have raised our target price to SEK80 (77), which reflects our raised 2022e revenue and EBIT. With a unique and profitable growth case for Latin America, which has only just begun, the company has successfully offset the temporary Dutch exit so far. Potential upside risks and key catalysts include new customer signings for the B2B sportsbook, especially in the US (possibly in 2022, we believe), and further strong execution on growth expansion in Latin America.
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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