Betsson (Buy, TP: SEK95.00) - Pontus is back
Q2 showed key improvements with 11% organic revenue growth, driven by the casino, and EBIT up 45% YOY (33% above consensus). Operating leverage improved from the new management’s efficiency work as we expected, and we have raised our 2018e EPS by 6%, leaving us 18% above consensus. We have raised our target price to SEK95 (90) and 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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