Storytel (Buy, TP: SEK250.00) - Should get better from here
We believe Q4 2021 marked the trough for QOQ subscriber-intake growth, and that this is a highly attractive entry point ahead of likely share-price triggers in 2022e. We have raised our 2022–2023e net sales by ~9%, offset by our expectation of 10% share dilution owing to an SEK1bn recapitalisation. We reiterate our BUY and SEK250 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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