Embracer Group (Buy, TP: SEK300.00) - Buying into bullish pipeline
Embracer is seeing healthy gaming revenue and earnings growth in a sector temporarily out of favour. We like its focus on quality premium games, diversification, sizeable development, and new games pipeline. 2021/22e is set to be back-end loaded, but we are confident in strong Q4e growth. We have lifted our 2022/23e EBIT by 10% mainly due to acquisitions; we reiterate our BUY and SEK300 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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