Betsson (Buy, TP: SEK90.00) - Decent read-across from peers
We expect H2 revenue and EBIT to rise nearly 30–50% YOY, driven by the GiG acquisition, healthy online markets and cost control. We are positive ahead of the Q3 results with an EBIT forecast above consensus and several reverse profit warnings from leading peers. We expect increasing focus on the B2B sportsbook initiative, while Germany is a near-term negative. We reiterate our BUY and SEK90 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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