Viaplay Group (Buy, TP: SEK450.00) - Plenty for football fans
We reiterate our BUY but have lowered our target price to SEK450 (510) after an average c13% cut to our 2023–2024e adj. EBIT, reflecting rising streaming market risk (deteriorating consumer outlook). We view Q3 as a trough earnings quarter (costs for new premium sports rights), with impressive 80% subs growth YOY, before a strong improvement in Q4 thanks to a greater impact from pricing. We would see signs of Viaplay’s streaming resilience as a near-term share-price catalyst.
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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