Kindred Group (Buy, TP: SEK126.00) - Opportunities will follow regulation
We forecast Q1 organic revenue growth of 13% YOY, but EBIT down 24% YOY partly due to the Swedish re-regulation. Although we still view Kindred as a relative winner of re-regulation medium-term, benefitting from consolidation, market share gains, scale advantages and key lessons learnt from other markets, we have trimmed our estimates. We reiterate our BUY and have cut our target price to SEK126 (130).
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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