Kindred Group (Buy, TP: SEK135.00) - Market share gains, in sportsbook
We think Kindred is still gaining market share in Europe, and the strong Q2 active player intake is encouraging. But the growth slowdown in Nordic casino is a concern and a growth improvement there will be crucial next year. We have cut our 2018e EBIT by 4% to reflect a Q2 report a bit below our forecast. We have lowered our target price to SEK135 (141) but maintain BUY.
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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