Lindwall in the driving seat again
We expect a mixed Q3 report (due 20 October at 07:30 CET) with decent underlying activity (player intake, rising deposits etc.), but earnings down YOY due to the FX headwind (TRY) and high opex. We have trimmed our estimates and lowered our target price to SEK105 (110), but keep our BUY recommendation since we expect earnings to improve and consider most of the negatives well priced into the shares.
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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