Kambi (Buy, TP: SEK195.00) - Aiming for the next league
Q1 earnings fell shy of our forecast due to non-cash FX revaluations, and the company maintained its underlying 2025 EBITA guidance of EUR20m–25m. We remain confident of an earnings improvement during the year – driven by a greater contribution from Brazil, the launch of the key OLG contract and cost efficiencies – and expect the client pipeline to materialise further. We reiterate our BUY and SEK195 target price.Kambi Group plc is a business-to-business (B2B) supplier of fully managed sports betting services on an in-house developed software platform, providing sports betting services to business-to-consumer (B2C) gaming operators. The Company is engaged in the provision of managed sports betting services. The Company services consist of an offering from front-end user interface through to odds compiling, customer intelligence and risk management, built on in-house developed software. The Company's subsidiaries include Kambi Malta Limited, Kambi Spain plc, Sports Information Services Limited, Sports Information Services Limited, Kambi Services Limited, Kambi Services Limited, Global Technology & Sports Limited, Kambi Philippines Inc., Kambi Sports Solutions (Alderney) Limited, Kambi Australia Pty Ltd and Sports Analytics Services srl.
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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