Viaplay Group (Buy, TP: SEK370.00) - Content still king after wing clip
The market is duly worried about the outlook (consumer risk) and Viaplay had to lower its Q4 guidance for the Nordics. We have cut our 2023e EBIT by 19% reflecting these trends, but still see an attractive growth story. We expect Viaplay to ease at least some of the near-term key concerns at the upcoming CMD (9 November) e.g. with a SEK1bn cost-saving programme. We reiterate our BUY but have cut our target price to SEK370 (450).
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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