NetEnt (Buy, TP: SEK36.00) - Potential game changer further out
We have upgraded to BUY (HOLD) and have raised our target price to SEK36 (31) post the acquisition of Red Tiger (RT), which boosted our 2020e FCF by 23%. We expect soft H2 organic sales but looking further out, with RT NetEnt is likely to return to market share gains, which together with several organic initiatives provide upside in the share price, in our view.
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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