Betsson (Buy, TP: SEK100.00) - Sports B2B, the place to be
While the market has overlooked the Betsson case lately, we view it as one of the most interesting in gaming right now thanks to: the growing sportsbook B2B initiative; the strong underlying revenue and earnings trend; the upcoming US launch; and a rising cash position (potential for more M&A and buybacks). 14% organic revenue growth YOY so far in Q1 was just below our estimate and we have trimmed our 2021–2022e EPS. We retain our BUY and SEK100 target price.Betsson AB is a holding company. Co.'s core business consists of investing and administering shareholdings in companies which - through partners or by themselves - offer games to end users via the internet. Co. owns Betsson Malta which operates games through partnerships and the own websites www.betsson.com, www.casinoeuro.com and www.cherrycasino.com. Betsson Malta offers Poker, Casino, Sports betting, Scratch Cards, Bingo and Games. Customers primarily originate from the Scandinavian countries and other areas within Europe.
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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