Kindred Group (Buy, TP: SEK100.00) - Group already well above pre-Swedish re-regulation earnings
After Kindred’s Q3 reverse profit warning, we have raised our 2021e EPS by 11% and reiterate our BUY, with a new SEK100 (88) target price. We also expect ~100% EBITDA growth YOY for Q4 and are positive on the long-term case. Group earnings are already well above the level prior to Swedish re-regulation, despite the ongoing US growth investment phase.
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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