Kindred Group (Buy, TP: SEK145.00) - The beginning, not the end
In the wake of Kindred announcing a weak start to 2022, with stable non-Dutch revenue YOY and preliminary Q1 EBITDA significantly below our forecast and consensus, we have cut our 2023e EBITDA by 12%. However, we still find the investment case attractive, as the Dutch licence seems likely to be awarded in Q2 (positive catalyst) and we see revenue and earnings growth YOY returning in H2. We have lowered our target price to SEK145 (155), but reiterate our BUY recommendation.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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.