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Aksel Øverland Engebakken ... (+2)
  • Aksel Øverland Engebakken
  • Erik Moberg

NetEnt - Terminating coverage

ABGSC terminates coverage of NetEnt HOLD is our final recommendation SEK 91 is our final target price

Aksel Øverland Engebakken ... (+17)
  • Aksel Øverland Engebakken
  • Daniel Vårdal Haugland
  • Derek Laliberté
  • Erik Moberg
  • Fredrik Ivarsson
  • Jan Erik Gjerland
  • John Olaisen
  • Karl Bokvist
  • Magnus Andersson
  • Martin Melbye
  • Olof Cederholm
  • Oskar Vikström
  • Øystein Elton Lodgaard
  • Patrik Brattelius
  • Peter Kurt Nielsen
  • Tobias Kaj
  • Viktor Sundberg

Talking Points - Collector: Q3 was a step in the right direction

Alfa Laval Post-results: Food (and water) for thought Q3 leads to positive estimate revisions Stock down to attractive levels in absolute terms – BUY

Aksel Øverland Engebakken ... (+2)
  • Aksel Øverland Engebakken
  • Erik Moberg

NetEnt - Legacy business below expectations

Improved margins but Legacy NetEnt disappointing Revisions on the downside for 2021e and beyond HOLD rating reiterated

Derek Laliberté ... (+8)
  • Derek Laliberté
  • Erik Moberg
  • Johan Brown
  • Karl Bokvist
  • Patrik Brattelius
  • Peter Kurt Nielsen
  • Rickard Anderkrans
  • Tobias Kaj

Talking Points -

Evolution Gaming (Hold) Preview: Continued tailwinds Stock has rallied ~75% since Q2 report Down to SELL (Buy) on strong share performance

Aksel Øverland Engebakken ... (+2)
  • Aksel Øverland Engebakken
  • Erik Moberg

NetEnt - Margin improvements

Back to normalised levels for Legacy NetEnt Further ramp-up from US on the horizon for Q4 HOLD rating intact

Aksel Øverland Engebakken ... (+2)
  • Aksel Øverland Engebakken
  • Erik Moberg

NetEnt - Further improvements

Return to growth for Legacy NetEnt Further expansion in the US around the corner We stick to HOLD, TP SEK 86 unchanged

Aksel Øverland Engebakken ... (+2)
  • Aksel Øverland Engebakken
  • Erik Moberg

NetEnt - Strong development from US and Live casino

Continued improvement for the underlying business.. … with an uptick in growth from US and Live Casino More details at conf. call 11.00 am CET.

Erik Moberg ... (+6)
  • Erik Moberg
  • Karl Fredrik Schjøtt-Pedersen
  • Olof Cederholm
  • Patrik Brattelius
  • Peter Kurt Nielsen
  • Tobias Kaj

Talking Points - Husqvarna (Hold): Strong Q2 now priced in, down to HO...

Aker BP (Buy) Preview: Benefits from tax changes not fully absorbed We raise 2020e EBIT by 12%, 2021-2022e by 3% Down to HOLD, fair at 12x ‘21e EV/EBIT, lack of triggers

Aksel Øverland Engebakken ... (+2)
  • Aksel Øverland Engebakken
  • Erik Moberg

NetEnt - Case closed

Return to growth for legacy NetEnt Positive revisions Down to HOLD, TP SEK 86 (SEK 40)

Erik Moberg
  • Erik Moberg

Sector Fast Comment - M&A activity continues to pick up

Vertical expansion on the horizon for EVO… … with increased footprint in the US as a result Could add roughly 12-20% to FactSet cons. 21e EPS

Aksel Øverland Engebakken ... (+7)
  • Aksel Øverland Engebakken
  • André Thormann
  • Derek Laliberté
  • Erik Moberg
  • Olof Cederholm
  • Petter Nystrøm
  • Victor Forssell

Talking Points - Atea (Hold): Lackluster Q1

Kone (Sell) Post-results: Going to get worse before it gets better EBIT revised down 8-3% (20-22e) Change to HOLD (Buy) TP NOK 100 (105)

Aksel Øverland Engebakken ... (+2)
  • Aksel Øverland Engebakken
  • Erik Moberg

NetEnt - Improved growth prospects

Encouraging Q1 report… …with positive revisions We stick to BUY, TP SEK 40 (37)

Aksel Øverland Engebakken ... (+2)
  • Aksel Øverland Engebakken
  • Erik Moberg

NetEnt - Encouraging start to the year

Sales up 12% y-o-y on pro-forma basis Positive share reaction awaits More details at conf. call 09.00 am CET

Erik Moberg ... (+6)
  • Erik Moberg
  • Jan Erik Gjerland
  • Karl Bokvist
  • Mads Thinggaard
  • Olof Cederholm
  • Patrik Brattelius

Talking Points - Avanza (Buy): Short-term outperformer on current high...

NetEnt (Buy) Estimate changes: Further synergies from Red Tiger Adj. EPS up 11% for ‘20e driven by net brokerage income Short-term winner on increased volatility – up to BUY

Aksel Øverland Engebakken ... (+2)
  • Aksel Øverland Engebakken
  • Erik Moberg

NetEnt - Further synergies from Red Tiger

Updated Q1 numbers… …with cost synergies to be realised starting in Sept. BUY rating intact, TP up to SEK 37 (34)

Casper Blom ... (+11)
  • Casper Blom
  • Daniel Thorsson
  • Edvard Hagman
  • Erik Moberg
  • Jannick Lindegaard Denholt
  • Lukas Daul
  • Mads Thinggaard
  • Oskar Vikström
  • Petter Nystrøm
  • Stefan Knutsson
  • Victor Forssell

Talking Points - Sydbank (Hold): De-risked bank in good health for COV...

Getinge (Hold) Estimate changes: Net positive 2020 Sydbank is well-positioned on capital and MREL Upgrade to HOLD (Sell); TP down to DKK 105 (125)

Aksel Øverland Engebakken ... (+2)
  • Aksel Øverland Engebakken
  • Erik Moberg

NetEnt - Least downside risk in the sector

Share is down ~50% over the past 30 days… …but net-net effect in 2020 could still be positive BUY rating intact, share decline unwarranted

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