Storytel (Buy, TP: SEK200.00) - Strong momentum continues
The Q4 results were encouraging, beating our forecasts on profitability improvements, while the Q1 2020 ARPU guidance was upbeat. Our confidence in the long-term Storytel investment case has increased further with: 1) its recent CMD highlighting multi-year 30%+ revenue growth potential; and 2) supportive data points from our proprietary audiobook study underlining market share gains in its Non-Nordic markets and price rises. We reiterate our BUY and SEK200 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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