Kindred Group (Buy, TP: SEK135.00) - Forward-leaning Dutch re-entry
Kindred relaunched its Unibet brand in the Netherlands on 4 July as a locally licensed operator, with, we believe, high revenue and earnings targets for H2. We expect Q2 to be similar to Q1, with a sharp YOY drop in revenue and earnings. However, we expect a good improvement in Q3 and strong YOY growth in Q4, mainly due to the Dutch re-entry, FIFA World Cup and normalising comparables. We reiterate our BUY and SEK135 target price.Kindred Group is an online gaming operating group based in Malta. Co.'s business is structured around sports betting, casino, poker, bingo and soft games. A choice of these products is available to players via websites in 27 different languages. Co.'s sports betting service offers a comprehensive range of odds on a variety of international and local sports events. Co.'s sportsbook portfolio consists of fixed odds pre-game and live betting as well as pool betting products Supertoto and Superscore. Co.'s Unibet Casino is an online system that connects players with table games as well as slots and jackpot games. Co. maintains over 7.2 million registered customers in more than 100 countries.
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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