LeoVegas (Buy, TP: SEK52.00) - Back to earnings growth
We expect EBITDA growth to return from H2 (25% in Q3e), which is quite an achievement given the sizeable Swedish exposure (18% revenue tax since 1 January). We believe healthy growth in Sweden, Rest of Europe and World coupled with better cost control more than offset the still-challenging UK business. Further signs that LeoVegas is executing well in absorbing the rising duties/gaming tax should support the share price and we reiterate our BUY and SEK52 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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