Viaplay Group (Hold, TP: SEK70.00) - Too many bold ambitions
We have downgraded to HOLD (BUY) and cut our target price to SEK70 (370) following the sharply reduced 2023e outlook and growing balance-sheet risk (net debt/Nordic EBITDA >3x). CEO Jensen was replaced by Madsen Linedmann with immediate effect. We have cut our 2023–2024e EPS by 65–41%. Despite our growth scenario for 2024e, given the higher financial risk we expect the share-price outlook to remain muted.
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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