Betsson (Buy, TP: SEK88.00) - Leaving no stone unturned
Despite negative earnings YOY, in relation to the Q4 report (8 February at 07:30), potential clearer views from the new management on how to improve the earnings growth should be rewarded. The near-term outlook is shaded by FX and marketing investments ahead of the Football World Cup. We have cut our 2018e EPS by 7% and lowered our target price to SEK88 (95), but repeat 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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