Kindred Group (Buy, TP: SEK170.00) - The house is in order
We have raised our 2021e EBITDA by c40% after the very strong Q4 results, showing a continued positive trend and 2021 outlook, and strong execution when balancing rising gaming taxes with growth and scale advantages. The new payout policy and proposed 2020 DPS of GBP0.33 in our view imply share buybacks of up to SEK1.6bn in 2021. We have raised our target price to SEK170 (105) and reiterate our 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.
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