NetEnt (Hold, TP: SEK31.00) - Far from a key live player
NetEnt keeps struggling with competitive pressure and soft Nordic markets, partly due to newly regulated Sweden. Furthermore, any potential payoff from its growth initiatives remains to be seen. To turn more positive we would like to see a greater investment in live casino medium-term. But given the lacklustre near-term outlook we have reduced our target price to SEK31 (33) and reiterate our HOLD recommendation.
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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