Storytel (Buy, TP: SEK170.00) - Oversold – challenges discounted
We understand Storytel’s challenges, which we believe are more than discounted in its depressed share price. Our analysis shows it has a market-leading offering in its top 10+ markets, where user engagement is healthy and should support 20%+ organic streaming revenue growth to 2024e and a credible route to profitability. We see ~100% upside potential and reiterate our BUY with a reduced SEK170 (190) target price.
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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