NENT Group (Buy, TP: SEK500.00) - Finally in pole position
We believe NENT has delivered on or even exceeded plans in terms of subscriber growth so far (2020–2025e CAGR of 31%). While it is unlikely to offset costs for new premium sports rights facilitating its expansion in 2022, the case picks up in 2023–2024e, with a high incremental EBIT margin from subscriber and price-driven revenue growth on more stable costs and lower international losses. We have raised our target price to SEK500 (465) and upgraded to BUY (HOLD) post the recent de-rating.
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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