Storytel (Buy, TP: SEK290.00) - Overreaction reinforces opportunity
For the first time that we can recall, Storytel lowered its guidance (2021 and medium-term) as accelerating growth in Non-Nordic streaming remains challenging. Although we believe it could take until Q4 2021 before Storytel re-establishes its growth credentials, it is pulling away from the 2020 pull-forward effects, and with more reasonable expectations going into 2022, our confidence in the medium-term story is reinforced. Having lowered our 2021–2022 subscriber and sales forecasts by 9% and 5%, respectively, we have also cut our target price to SEK290 (320), but reiterate our BUY.
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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