Betsson (Buy, TP: SEK90.00) - Set for an earnings comeback
We expect a strong Q2 (due at 07:30 CET on 19 July) with EBIT increasing 30% YOY explained by: 1) organic revenue growth improvement, partly from the World Cup Football event; and 2) payoff from streamlining initiatives and the new improved marketing strategy (more ROI focused). We have raised our 2018e EPS by 6% and remain above a bearish consensus (we are 20% above on Q2 EBIT). We stick with our BUY recommendation and SEK90 target price.
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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