Viaplay Group (Hold, TP: SEK30.00) - Preparing for a long winter
We have upgraded to HOLD (SELL) but cut our target price to SEK30 (35) after the recent poor share price. Soft 2024e Nordic EBIT has been well flagged by Viaplay since the Q2 report and signs of mitigating factors (e.g. divestments to improve the balance sheet) would lend support, although an equity raise remains probable in our view. With three key industry participants on board, we believe the outlook for a long-term solution has improved.
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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