NENT Group (Hold, TP: SEK425.00) - OTT sales surpassing subs growth
We forecast healthy Q2 sales and earnings driven by easy comparables and 20% subscriber growth YOY thanks to Viaplay. Although there could be upside potential from ARPU and subscriber growth, we reiterate our HOLD and target price of SEK425, reflecting international expansion in its infancy and a valuation mirroring our view of a solid top-line growth outlook.
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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