MTG (Buy, TP: SEK440.00) - No signs of distractions
In light of the many things occupying management’s time lately (e.g. failed TDC bid process and upcoming company split), we find MTG’s performance impressive (Q1 organic revenue and EBIT up 9% and 23% YOY, respectively). We have raised our 2018–2020e adj. EBIT by 1–3%, reflecting a somewhat more positive outlook for Nordic Entertainment. We have raised our target price to SEK440 (435) and keep our BUY.
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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