Report
Joachim Gunell
EUR 457.28 For Business Accounts Only

Storytel (Hold, TP: SEK96.00) - A story on pause

We continue to see a neutral risk/reward ahead of Storytel’s Q1 results and strategy update in May, as expectations have crept up with recent share price gains. Its step-change in profitability and cash flows is mainly explained by gross-margin expansion, and limited low-hanging fruit remains, in our view. Thus, we see less upside potential for meaningful consensus revisions to propel the stock higher. Valuation is undemanding, as we forecast EPS growth of 32% YOY in 2025. We reiterate our HOLD and SEK96 target price, as our 2025–2026e adj. EBIT is broadly unchanged.
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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