Storytel (Buy, TP: SEK190.00) - Head-scratching events
Storytel’s share price fell 24% on Friday, taking the market cap back to mid-2018 levels. Over the same 3.5 years, Storytel has increased net sales per share by 70% and become a contender in the global audiobook market. While the stock will likely be penalised short-term on questions about the company’s strategic direction amid recent CEO and COB changes and soft operating momentum, we maintain our view on the case and reiterate our BUY. That said, we have cut our target price to SEK190 (250).
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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