NetEnt (Buy, TP: SEK62.00) - Earnings profile deserves better
NetEnt is our top pick in Nordic gaming. After a Q1 in line with our forecasts, we think the growth outlook has improved somewhat from promising new game releases and a clearer route to EBITDA margin expansion for the full year. We are still awaiting a new CEO, but have raised our estimates slightly and our target price to SEK62 (60). BUY maintained.
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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