Report
Martin Arnell
EUR 95.05 For Business Accounts Only

Kindred Group (Buy, TP: SEK78.00) - Football ‘ketchup effect’

Following the reverse profit warning, which revealed Q2 adj. EBITDA materially above our forecast and consensus, we have raised our target price to SEK78 (62) and reiterate our BUY. Q2 was exceptional in several ways, but we have raised our 2021–2022e adj. EBITDA by c20%, reflecting a positive revenue-growth outlook and signs of improving efficiency initiatives.
Underlying
Unibet Group SDR

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
Martin Arnell

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