Storytel (Buy, TP: SEK240.00) - Streaming trends accelerating
Storytel’s Q1 results broadly met Bloomberg consensus high expectations and we remain bullish on the case unfolding. We believe its larger subscriber base, rapid revenue growth, investments in new markets, and growing original content (reducing churn) increases the barriers to entry. We reiterate our BUY and have raised our target price to SEK240 (210).
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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