Viaplay Group (Sell, TP: SEK0.95) - Low conviction in its story
Following the Q4 results (2023 FCF of SEK-3.5bn) and completion of the recapitalisation in February 2024 (SEK4bn equity raise), we have cut our target price to SEK0.95 (previous ‘post-money’ target price SEK1.30, equivalent to SEK5.30 ‘pre-money’) and reiterate our SELL. We believe the retransformation remains associated with fairly high risk (2026e net debt of >2bn) and restoring investor confidence will be challenging.
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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