Kindred Group (Buy, TP: SEK148.00) - Operating leverage like few others
We keep our BUY and have raised our target price to SEK148 (140) following raised estimates for Western Europe. We expect a strong H1 2018 with healthy operating leverage despite rising marketing spending ahead of the Football World Cup. 2019 earnings should be temporarily burdened particularly by the Swedish re-regulation (betting tax). But, it lowers the risk to future revenue streams and we find Kindred well positioned for more consolidation and market share gains.
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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