NetEnt (Hold, TP: SEK38.00) - Spinning Swedish slowdown
We have become more cautious on NetEnt’s outlook, reflecting a tough start for the newly regulated Sweden and for NetEnt, in particular (leading casino slots provider). The structural fundamentals remain strong and the company’s action plan should eventually bear fruit. However, we have cut our 2019–2020e EPS by c10% and downgraded our recommendation to HOLD (BUY) with a new SEK38 (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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