Storytel (Buy, TP: SEK320.00) - The dip is a blip
The streaming sector has been ‘dead money’ since mid-2020, suffering from concerns about subscriber pull-forward, competition and overall visibility. As Storytel has more tools (through new subscriber plans) to further localise its product fit, we note healthy market share gains in our proprietary app study; and, with a SEK1.5bn cash position allowing for M&A optionality, we expect Storytel to deliver on its back-end-loaded 2021 guidance, which should drive a re-rating of the stock. We reiterate our BUY and SEK320 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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