Viaplay Group (Buy, TP: SEK390.00) - Strong ARPU growth story for H2e
We reiterate our BUY and SEK390 target price ahead of the Q1 report (due at 07:30 CET on 25 April). We expect adj. EBIT of SEK-306m, with International losses not yet offset by ARPU (pricing) and subs growth, a scenario we expect to be visible in the coming quarters. The outlook with improved leverage in H2e and 2024e (break-even International) should support the shares and our adj. EBIT forecasts are virtually unchanged.
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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