Storytel (Buy, TP: SEK122.00) - The start of a new chapter
Storytel’s shares are down 59% YTD and sentiment remains cautious. We believe the main catalyst for the stock to bottom out will likely be EBITDA breakeven in H2, with adj. EBITDA offering a glimpse of this already in Q2, bolstering investor confidence in Storytel’s business model and profitable growth opportunities from its established markets. We reiterate our BUY but have cut our target price to SEK122 (145).
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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