We still see further downside

Q4 in line with trading update. We only fine-tune our estimates. SELL: stay away, TP of SEK 0.5.

Q4 in line with trading update

More downside

We update our estimates post the trading update/new guidance. Recapitalisation complete but still egregious cash outflow until 2027e. SELL: we lower our TP to SEK 0.5 (1.0).

The final nail in the coffin

Equity is annihilated. Future is about redemption for creditors. SELL: valuation at Friday's close is not sustainable.

Nightmare unfolding

Waiting on a friend

Lack of meaningful progress further increases our concerns. Equity issue likely imminent. SELL: equity outlook remains poor despite -86% YTD.

Dire straits

Situation much worse than we feared and company needs to preserve value amid perfect storm. SELL: equity value highly uncertain.

Much worse than feared

Heads-up for Q2'23 report on 20 July

Increased B/S risk following FY outlook withdrawal

Big loss

Loss of trust and conviction renders the stock uninvestable. SELL: downside to near-term valuation target.

Cash is king, but not without growth

Streaming growth continues while ad markets are softer, and industry content budgets are being slashed. Viaplay is in a good position and undervalued. BUY, TP SEK 340.

Strong outlook unchanged

Outlook remains strong, but we are below the current consensus. BUY: attractive valuation, substantial LT potential.

Q1: On track to reach targets

Q1 expectations too high

Outlook remains strong, but we are below the current consensus. BUY: attractive valuation, substantial LT potential.

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