Kambi (Buy, TP: SEK200.00) - Increasingly de-risked 2025e
The Q4 earnings beat was overshadowed by a 2025 outlook implying negative EBIT YOY, prompting cuts to our 2025–2026e, but fairly stable consensus, we believe. We see potential for more client signings and cost savings to improve the outlook (following positive news flow YTD) as well as scope for higher share buybacks. We reiterate our BUY ahead of an increasingly de-risked 2025e, but have cut our target price to SEK200 (210).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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