Viaplay Group (Sell, TP: SEK35.00) - Even Nordic EBIT disappearing
We have downgraded to SELL (HOLD) and cut our target price to SEK35 (70) after the surprisingly negative 2024 guidance including a Nordic EBIT loss. We see rising financial risk and doubt that potential near-term (stressed) divestment and sublicensing deals could stave off a potential equity raise. With record-low investor confidence (business model, growth outlook and balance sheet), in our view, potential 2025e earnings recovery is too far away and we expect the stock to remain under pressure.
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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