Kindred Group (Buy, TP: SEK130.00) - Re-regulation winds
We find Kindred well placed for market share gains in a growing online gaming market, but near-term earnings growth saddled by extreme YOY comparables (H2 2018e) and the upcoming Swedish re-regulation (18% revenue tax from 2019e). We have lowered our 2019e EPS by 3%, due to signs of a slower UK market, and our target price to SEK130 (135), but we keep our BUY. The Q3 results are due at 07:30 CET on 26 October.
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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