Viaplay Group (Buy, TP: SEK390.00) - Resilience ahead of earnings rise
We reiterate our BUY and have raised our target price to SEK390 (370) after Viaplay’s Q4 results and outlook showed early signs of resilience, implying reduced risk of H1 subs growth disappointments. We continue to like the case, which we expect to improve materially when focus shifts to H2 earnings (full effect from ongoing price increases, ARPU growth and stable costs), and what we forecast to be a sizeable 2024 earnings rise.
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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