Storytel (Buy, TP: SEK250.00) - Negative value on Non-Nordics
Storytel’s second reduction of short-term guidance in four months has had investors questioning its medium-term growth ambitions. Although it could take some quarters before Storytel re-establishes its growth credentials, we see solid re-rating potential as the market looks beyond the short-term growth hiccup and notes that Storytel is emerging as a global audiobook force to be reckoned with, as shown by our proprietary app study. Having cut our 2022–2023e sales by 7–9% primarily related to Non-Nordic streaming, we reiterate our BUY with a SEK250 (290) 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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