NetEnt (Buy, TP: SEK50.00) - More responsible Sweden
After signs of revenue growth recovery in the last two quarters partly driven by better new games, NetEnt had a weak start in the newly regulated Swedish market (group revenue -5% YOY so far in Q1). We have cut our 2019–2020e EPS by 4–7% but expect better progress throughout 2019 from the step-up of new game releases and the launch of more customers (e.g. Veikkaus in Finland and re-launches in Sweden). We keep our BUY but with a new SEK50 (55) target price.
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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