Storytel (Hold, TP: SEK96.00) - A story on hold
The Q4 results were strong across the board, and a solid gross margin again largely explained the recent profit step change; however, we believe there are few low-hanging fruit left. While we forecast 33% YOY growth in EPS in 2025 and the valuation remains undemanding, we see little likelihood of meaningful consensus revisions providing a catalyst other than multiples expansion, implying a modest risk/return. Storytel plans to unveil new medium-term targets in Q2; we believe they could be conservative, setting it up to overdeliver. We have raised our target price to SEK96 (81); however, given the limited upside potential, we have downgraded to HOLD (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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.