Kindred Group (Buy, TP: SEK88.00) - Working the land of opportunity
We believe the revenue-driven strong EBITDA growth (c60% YOY in H2e), evolving US expansion case (nearly 10% of 2022e revenue), strong balance sheet and potential acquisitions ahead of Dutch re-regulation in 2022 are yet to make a positive mark on Kindred’s share price. We have only fine-tuned our estimates, and remain above consensus. We reiterate our BUY and SEK88 target price.
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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