Kindred Group (Buy, TP: SEK130.00) - Approaching Swedish re-regulation
After a strong Q3, albeit boosted by a strong sportsbook margin, we have raised our 2018e EBITDA by 3% but only fine-tuned our 2019e forecast. The near-term earnings outlook is hampered by tough YOY comparables and the Swedish re-regulation (1 January 2019). We think Kindred is well prepared for it and should soon be looking for more acquisitions. We keep our BUY recommendation 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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