Kindred Group (Buy, TP: SEK145.00) - We believe the pressure is healthy
We expect sizeable Q4 earnings growth (adj. EBITDA up >35% YOY) thanks to easy comparables and stricter cost control. We are attracted to the possible key upcoming catalysts: 1) a potential business combination with a third party (based on the board’s communication); and/or 2) interim management pushing hard to maximise 2024e earnings (ambition of 25% adj. EBITDA growth YOY). We reiterate our BUY and SEK145 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.
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.