Betsson (Buy, TP: SEK90.00) - Unique strategy paying off
Post the strong Q2 (organic revenue +13% YOY despite very tough comparables) and a strong start to Q3, we have raised our EBIT forecasts by 15% for 2022 and 5% for 2023. Despite the macro environment, we believe the outlook remains solid with e.g. launches in new markets, the potential for a B2B sportsbook agreement in the US, and the upcoming Football World Cup. Our 2022–2023 EPS forecasts are c15% above consensus. We reiterate our BUY and have raised our target price to SEK90 (80).
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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