DnB Markets - Sinch AB (SINCH) Sinch (Buy, TP: SEK215.00) - Approaching market dominance

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DnB Markets

Stefan Gauffin

EUR 458.08 For Business Accounts Only

Sinch (Buy, TP: SEK215.00) - Approaching market dominance

We believe this year’s acquisitions have been very strategic in nature, building new verticals in voice and e-mail and a presence in the developer and SMB markets. In our view, Sinch is developing a global market-leading position alongside Twilio. We are c5% above post-Q2 consensus on gross profit and EBITDA ahead of the Q3 report. We reiterate our BUY and have raised our target price to SEK215 (190).

04/10/2021 24 EN

Underlying

Sinch AB

CLX Communications and it's subsidiaries business consist of mobile messaging services for enterprises, and development and sales of software that support such messaging services. Co. provides cloud communications services that allow enterprises to integrate messaging (SMS), voice applications and mobile data services in their operations. Co.'s communications services are used by enterprises including banks, airlines, healthcare providers and global internet operators. Co. has two business units: the Enterprise Division and the Operator Division.

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SE0007439112 Nasdaq Nordic Stockholm Sweden

Provider

DnB Markets

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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Analysts

Stefan Gauffin

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Sinch (Buy, TP: SEK215.00) - Approaching market dominance

Sinch AB - Q3 in line, underlying on the weak side

Sinch AB - Twilio Q3 beat but share down -13% after-mkt

Sinch AB - Becoming a stronger company

Elkem (Hold, TP: NOK22.00) - Silicones overcapacity still an issue

Tomra (Sell, TP: NOK95.00) - Next stop, Poland

Arctic Bioscience (Hold, TP: NOK15.00) - HeROPA-trial results

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