LeoVegas (Buy, TP: SEK50.00) - We like ‘dig where you stand’
After travelling with LeoVegas’s management earlier this week, our impression is that the company is well set for organic growth and margin expansion in the coming quarters. The company’s communication is that 2020 will be more ‘dig where you stand’, which to us sounds promising and we repeat our positive view (2020e adj. EBITDA growth of 26% YOY). Moreover, we identify several potential long-term mitigating factors to re-regulation/tax pressure that we believe will be increasingly in focus looking ahead (e.g. potential to lower payment costs and increase game win margins).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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