NetEnt (Buy, TP: SEK50.00) - Darkest before dawn
The top-line trend worsened in Q2 due to competitive pressure and more challenging core markets, and the company is stuck in a challenging situation for the moment. That said, we remain positive to the longer-term growth prospects and potential effects from management’s action plan (product improvements). To reflect the lower growth, we have cut our 2019e EPS by 10% and reduced our target price to SEK50 (62), but we stick with our BUY recommendation.
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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