Report
Joachim Gunell
EUR 430.44 For Business Accounts Only

Storytel (Buy, TP: SEK320.00) - Still comfortable with 2023 targets

We are encouraged by efforts to reignite Non-Nordic growth in 2021. Storytel’s local and premium content are at the heart of its business model, which is gaining ground in key markets. We believe Storytel’s ‘moats’ are underappreciated and have growth potential given the ‘big get bigger’ in platform dynamics. Storytel’s share price should move accordingly, with a c30% group medium-term revenue CAGR. We reiterate our BUY and our SEK320 target price.
Underlying
Storytel AB

Provider
DnB Markets
DnB Markets

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.

 

Analysts
Joachim Gunell

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