Kindred Group (Buy, TP: SEK145.00) - Dressed for 2024e earnings growth
We reiterate our BUY but with a lowered target price of SEK145 (155), having cut our 2024e EBITDA by 5%. Thanks to a strict cost-saving plan and profitable core market growth focus, we find the near-term earnings case largely de-risked. We expect investors to increasingly focus on the potential upcoming ‘third-party transaction’ as indicated by the board as well as the improved earnings for 2024e (EBITDA up 32% YOY).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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