Kindred Group (Buy, TP: SEK130.00) - A good start to 2019
The Swedish re-regulation (1 January 2019) triggered an initial revenue dip in Sweden (welcome bonuses under the new licensing system). Nevertheless, so far in Q1 Kindred’s group revenue was up 18% YOY in constant currency due to strength in western Europe. We have raised our 2019–2020e EBITDA by 1–4% and keep our BUY and SEK130 target price.
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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