Viaplay Group (Buy, TP: SEK510.00) - Netflix must be jealous
We are impressed by Viaplay’s delivery: subs growth of c70% YOY and an international sales beat in Q2. Looking ahead, for H2 we expect c110% streaming sales growth YOY driven by the addition of English Premier League football e.g. in Norway and the Netherlands. Reflecting Viaplay’s strong momentum and higher near-term guidance, we have raised our 2023e adj. EBIT by 6% and our target price to SEK510 (470). We reiterate our BUY.
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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