MTG (Buy, TP: SEK435.00) - Q2 should set the tone
We expect solid Q1 earnings YOY following healthier MTGx (Innogames balancing the esports losses). To reflect the divestment of Bulgaria, we have cut our 2018e–2019e EBIT by 7–9% but the cash injection has kept our SOTP-based target price at SEK435. To us, key catalysts include the split in H2 2018, further MTGx earnings improvements, and signs of healthy progress in Nordic Entertainment. We retain our BUY. The company is set to report at 07:30 CET on 23 April.
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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