NetEnt (Buy, TP: SEK57.00) - Calling the reaction
Post NetEnt’s Q4 profit warning, we have become more sceptical about the growth outlook (2019e EPS cut 9%) but we still see a lot of growth ahead. We consider several of the current issues temporary – e.g. lower cross-sales from sportsbooks, slower Norwegian market growth and exit in Czech Republic – and expect improvements in 2018. We have upgraded our recommendation to BUY (HOLD) with a new target price of SEK57 (66).
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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