Kindred Group (Buy, TP: SEK75.00) - Set to bounce back in 2020
The US expansion is interesting, but it is still early days (GBP12m–13m EBITDA loss guided in 2020). Kindred must thus achieve earnings growth elsewhere, which we believe it will (20% EBITDA growth YOY in 2020e). 2021 should be more challenging given the Dutch re-regulation. We maintain our BUY and SEK75 target price on the good start to 2020 and promising outlook.
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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