DnB Markets - Betsson AB (BETS IL B) Dutch risks versus earnings upside

Report

DnB Markets

Martin Arnell

Dutch risks versus earnings upside

Betsson (BETSB SS, Buy) - Dutch risks versus earnings upside
(14 pages)

04/07/2017 14 EN

Underlying

Betsson AB

See profile

SE0009806870 Sweden

Provider

DnB Markets

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.

See profile

Analysts

Martin Arnell

Other Reports on these Companies

TheScreener

BETSSON AB with less fundamental stars is reduced to Neutral

BETSSON AB (SE), a company active in the Gambling industry, loses a star(s) at the fundamental level and sees its general evaluation downgraded. The independent financial analyst theScreener just removed a fundamental star(s) for a 2 over 4-star rating. As such, market behaviour remains unchanged and is evaluated as moderately risky. theScreener believes that the loss of a star(s) merits downgrade to the general evaluation of the title, which passes to Neutral. As of the analysis date March 27, 2018, the closing price was SEK 63.56 and its expected value was estimated at SEK 66.54.

Free Trial

March 28, 2018 March 28, 2018 6 EN

DnB Markets

Dutch risks versus earnings upside

Betsson (BETSB SS, Buy) - Dutch risks versus earnings upside (14 pages)

Free Trial

July 4, 2017 July 4, 2017 1 EN

Sandnes Sparebank - Initiation of coverage - The regional challenger

With cNOK29.5bn of lending at end-2023 and a pending merger with Hjelmeland Sparebank, Sandnes Sparebank has secured a strong market position in Rogaland. Supported by positive regional sentiment, distribution of customer dividends and potential capital tailwinds from Basel IV, in addition to still-favourable sector trends, we see scope for solid earnings generation. That said, trading at a 2025e P/E of ~9.0x, we find the valuation fair and initiate coverage with a HOLD and NOK104 target price.

Free Trial

15h / 43m 15h / 43m 1 EN

Niklas Wetterling

Niklas Wetterling

Wihlborgs (Buy, TP: SEK100.00) - Back up to BUY ahead of Q1

We have upgraded Wihlborgs to BUY (HOLD) and raised our target price to SEK100 (90). We no longer see a near-term risk to the stock from material asset write-downs, but rather expect investors to focus on healthy momentum in lettings at Wihlborgs. With a positive outlook for Q1, we forecast strong net lettings, and are 3% above Infront consensus on profit from property management (PFPM). The results are due at 07:30 CET on 23 April.

Free Trial

15h / 43m 15h / 43m 1 EN

Johannes Grunselius

Johannes Grunselius

Norske Skog (Buy, TP: NOK54.00) - Moving in the right direction

Due to a less-positive view on prices in combination with a more cautious view on the ramp-up of Norske Skog’s conversion investments in packaging, we have yet again made hefty negative revisions to our 2024–2025e. Still, we believe the long-term transformational case in Norske Skog remains intact while the balance sheet is robust. On a positive side, we note that test liner prices in continental Europe are up c10% in April after being under pressure for six quarters. Still, reflecting our significantly lowered estimates, we have cut our target price to NOK54 (60) but reiterate our BUY.

Free Trial

17h / 43m 17h / 43m 1 EN

Sign-up for free to access full reports immediately

Email Address*

Choose Password* ( 6 or more characters )

Due to regulatory restrictions regarding the distribution of financial research, this report is restricted to a specific region or investor type. Get access to exclusive reports by answering the questions below.

Select your country*

Get financial insights straight to your inbox

By clicking "register" you accept the Terms and Conditions & Privacy Policy

Already on ResearchPool?

Almost there...

Are you a professional investor?

Select your country

REGISTER

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

In order to access this report please create an account.

LOGIN

Dutch risks versus earnings upside

BETSSON AB with less fundamental stars is reduced to Neutral

Dutch risks versus earnings upside

Sandnes Sparebank - Initiation of coverage - The regional challenger

Wihlborgs (Buy, TP: SEK100.00) - Back up to BUY ahead of Q1

Norske Skog (Buy, TP: NOK54.00) - Moving in the right direction

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

Sign-up for free to access full reports immediately

ResearchPool Subscriptions

Get the most out of your insights

Why subscribe?

How to subscribe

ResearchPool Subscriptions

This report is only available to subscribers

Why subscribe?

How to subscribe