Betsson (Buy, TP: SEK110.00) - Recall the B2B track-record
We have raised our target price to SEK110 (100) and reiterate our BUY. The FX headwind is challenging, but the underlying business is growing nicely. We have lifted our 2021e EPS by 5% to reflect strong efficiency and expect the upcoming B2B sportsbook case for the US market to become increasingly in focus also from a share price and valuation perspective.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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