Kindred Group (Buy, TP: SEK140.00) - A shareholders’ quarter
Q4 was clearly anything but a “punters quarter†following favourable results in European football, we believe. We have increased our Q4 EPS by 20% due to the high sportsbook margin, and our 2018e EPS by 7% from the strong organic growth delivery. We believe in Kindred’s long-term ability to offset rising costs (duties) from upcoming re-regulation. We maintain our BUY and have raised our target price to SEK140 (125).
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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