LeoVegas (Buy, TP: SEK50.00) - Decent Q4e given tough conditions
We expect a mixed Q4 with lacklustre revenue growth but 10% EBITDA growth YOY despite the company being in expansion mode, tough Swedish re-regulation and a still-challenging UK. We have cut our 2020e EBITDA slightly to reflect the changes in the UK (Panda exit) but expect the stock to benefit from market share gains in Sweden and healthy growth elsewhere in the coming quarters. BUY and SEK50 target price reiterated.LeoVegas is engaged in mobile gaming entertainment. Co. offers primarily casino games played on mobile devices. The product offering is also available on desktop computers and tablets. The product portfolio includes Casino, Live Casino and Sport. Casino Classic - Co. offers more than 760 online games in five categories from more than 35 game providers. Of these games, more than 620 are available on mobile devices. Most Casino Classic games are slots, whereby the player bets on a winning combination of various symbols. Sport - Co. offers opportunities in the sports betting market. Live Casino - Live casino offers live gaming and streamed casnino games from land-based casinos.
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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