Kindred Group (Buy, TP: SEK180.00) - Coping with the Dutch games
To reflect the Dutch authorities’ new, aggressive policy, which prompted a temporary market exit as of Q4, we have cut our 2022–2023e EPS by 17–8%. We reiterate our BUY, but have lowered our target price to SEK180 (210) ahead of the re-launch in the Netherlands, which we expect in Q2 2022e. We expect a c30% YOY increase in EBITDA in Q3, while we anticipate a tough start to Q4 due to the temporary Dutch exit.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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