Storytel (Buy, TP: SEK170.00) - A stream of opportunities
We initiate coverage with a BUY recommendation and SEK170 target price, reflecting: 1) a leading digital book-streaming service in a global two-horse race; 2) healthy CLV/CAC fundamentals despite being EBITDA loss-making; 3) a proven business model in mature markets; and 4) a longer runway for subscriber growth than currently discounted in the share price, as we are only in the early stages of audiobook streaming globally.
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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