Lower MTGx losses in sight
We expect solid Q3 earnings (results due 19 October at 07:30 CET) driven by the Nordics, Innogames and lower eSports losses. Looking ahead, we see rising profitability in MTGx on improving eSports monetisation and healthy Innogames profit. In our view, investors prefer group earnings to be driven by MTGx rather than Nordic Entertainment. We have raised our target price to SEK350 (345) and maintain our BUY recommendation.
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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