NENT Group (Hold, TP: SEK395.00) - Price hikes on the horizon
We have lifted our target price to SEK395 (385) ahead of the Q3 results (due at 07:30 CET on 22 October) after a slight rise in our 2022e EPS. We see a little downside risk to near-term consensus (Q3e EBIT), given e.g. the timing for sports rights costs and soft advertising. At the same time, we see a solid long-term story with further strong Nordic subscriber growth and the ARPU growth potential, which has improved lately, in our view. We maintain our HOLD.
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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