Sinch (Buy, TP: SEK70.00) - A smaller base from which to grow
We have rebuilt our model based on the new reporting structure. Following a lacklustre Q2, with weakness in the acquired entities as well as escalating problems in the old Messaging business, we have cut our 2023e gross profit by 9% and adj. EBITDA by 25%. In turn, we have lowered our target price to SEK70 (130). However, given the material potential upside, we reiterate our BUY.
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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