NENT Group (Buy, TP: SEK330.00) - Strengthened growth case
We reiterate our BUY and have raised our target price to SEK330 (280), following several key recent events: 1) the new organisation (savings potential); 2) the Nordic satellite deal (synergies potential); and 3) the Q3 results and a more positive view on 2020 advertising. Near-term catalysts include more details about the savings programme, the Satellite JV business case, and progress in full-year advertising negotiations.
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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