Storytel (Buy, TP: SEK315.00) - Story is intact – buy on dip
The H2 guidance was reasonably conservative in our view, hence we have cut our 2020–2022 subscriber forecasts by ~2%. Our investment case is intact, as we believe the rapid growth phase will endure. We remain 7% above Infront consensus for 2021, supported by market launches, a leading catalogue, solid technology, and a supportive industry backdrop. We reiterate our BUY, and have raised our target price to SEK315 (250).
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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