NetEnt (Buy, TP: SEK55.00) - Support from new key customers
After the Q3 earnings beat, we are still awaiting sufficient signs of revenue growth recovery. But the outlook is improving thanks to the many new key customer agreements signed lately and a significant increase in new games next year. NetEnt is executing strongly on efficiency (adj. FCF growth currently >30% YOY) and we have raised our 2019e EPS by 3%. We keep our BUY with a new SEK55 (50) 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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