NENT Group (Sell, TP: SEK400.00) - Nordic streaming champ for now
We reiterate our SEK400 target price but have downgraded NENT to SELL (HOLD), reflecting the strong share price performance; our 2022e EBIT being well below consensus; and our view that successful Viaplay expansion outside the Nordics is not guaranteed at this early stage. Key negative potential catalysts include consensus earnings risk (Nordic margin and costly expansion); competition in new markets; and NENT’s elevated premium growth valuation.
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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