Martin Arnell
EUR 83.77 For Business Accounts Only

Betsson (Buy, TP: SEK70.00) - Acquisition and good start to 2020

After a strong start to Q1, we see an improved organic revenue and earnings outlook. Deposits hit a record-high in Q4, and Betsson is on track with its sportsbook improvements. Also, this morning Betsson announced it has agreed to acquire GiG’s B2C brands. We reiterate our BUY and have raised our target price to SEK70 (65) reflecting our estimate changes and a positive first take on the pending acquisition.

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, and 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
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.


Martin Arnell

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