NetEnt (Buy, TP: SEK55.00) - Higher new game pace
In our view, the poor revenue growth trend bottomed in mid-2018 and Q4 (results due at 07:30 CET on 12 February) should show continued improvement (4% revenue growth YOY in EUR). Moreover, we calculate healthy EBITDA and FCF growth and a near 100% dividend payout ratio. We believe that even slight revenue growth improvements should be enough to trigger a re-rating of the stock and thus keep our BUY recommendation and SEK55 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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