Sinch (Buy, TP: SEK130.00) - Q2 expected to be similar to Q1
We have revised our estimates to factor in a stabilisation of organic gross profit growth YOY, in line with the flat trend in Q1. We also expect Q2 results for the entities acquired in Q4 2021 to be similar to the previous quarter. We are c5% above post-Q1 consensus on gross profit and 7% above on EBITDA. We reiterate our BUY but have lowered our target price to SEK130 (140).
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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