Kindred Group (Buy, TP: SEK141.00) - In good shape before re-regulation
We have slightly raised our estimates ahead of the Q2 numbers (due at 07:30 CET on 25 July) partly to reflect a strong finish to the quarter (Football World cup group stage). Given Kindred’s strong execution on revenue growth and mitigating factors to rising betting duties (re-regulation), we continue to view it as a role model in the Nordic gaming space. We keep our BUY recommendation and SEK141 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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