A 2018e turnaround story
Q3 revenue growth disappointed and we find Betsson in a challenging situation with tough external factors. At the same time, we believe the new management team has the potential to turn things around in 2018 through greater focus on efficiency and a better product. However, owing to a weak Q3, we have cut our 2018e EPS by 5% and our target price to SEK95 (105). We reiterate our BUY recommendation.
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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