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Viaplay Group (SE:VPLAY.B)
OTHER OTC:VPLAY.B
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Viaplay
(OTC:VPLAY.B)
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Rating:45Neutral
Price Target:
kr0.93
▲(2.89% Upside)
Viaplay's overall stock score is primarily impacted by its financial performance and valuation concerns. The company faces significant challenges in profitability and cash flow management, reflected in its negative P/E ratio. Technical analysis provides a neutral outlook, but the lack of earnings call data and corporate events leaves these areas unaddressed.
Positive Factors
Stable Capital Structure
A moderate debt-to-equity ratio suggests manageable leverage, providing a stable foundation for potential future growth and investment.
Original Content Production
Investing in original content can enhance subscriber retention and attract new users, supporting long-term revenue growth and market differentiation.
International Expansion
International expansion can diversify revenue sources and reduce reliance on Nordic and Baltic markets, potentially increasing global market share.
Negative Factors
Negative Cash Flows
Persistent negative cash flows can strain financial resources, limiting the company's ability to invest in growth and operational improvements.
Profitability Challenges
Ongoing profitability issues indicate operational inefficiencies, which could hinder long-term financial stability and investor confidence.
Declining Revenue Growth
Declining revenue growth suggests challenges in maintaining market position and could impact the company's ability to fund future initiatives.
Viaplay (VPLAY.B) vs. iShares MSCI Sweden ETF (EWD)
Market Cap
kr4.15B
Dividend YieldN/A
Average Volume (3M)7.94M
Price to Earnings (P/E)―
Beta (1Y)-0.98
Revenue Growth-5.47%
EPS Growth98.92%
CountrySE
Employees1,040
SectorCommunication Services
Sector Strength97
IndustryEntertainment
Share Statistics
EPS (TTM)-0.03
Shares Outstanding4,577,821,300
10 Day Avg. Volume7,392,089
30 Day Avg. Volume7,944,645
Financial Highlights & Ratios
PEG Ratio-0.26
Price to Book (P/B)0.76
Price to Sales (P/S)0.15
P/FCF Ratio-1.36
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
kr1.00Price Target Upside11.11% Upside
Rating ConsensusHold
Number of Analyst Covering1
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Viaplay Business Overview & Revenue Model
Company DescriptionViaplay Group AB (publ) operates as an entertainment provider and streaming company in Sweden, Norway, Denmark, Finland, the United Kingdom, the Netherlands, and internationally. The company operates Viaplay, an online video streaming service, which offers live sports, original series, documentaries and films, and international TV releases, as well as all-time classic series, and children's animation and series; Viafree that offers a range of free-to-view content to viewers; V sport, series & film, a family of premium-TV channels that offers television entertainment; and Viaplay studios that consists of production companies, which produce original and animated content. It also operates TV3, commercial TV channel; TV6, a young male skewed channel; TV8, a channel that provides procedural drama; TV10, a channel for sporting events and documentaries; Viasat4 and TV3+ for young male audiences; TV3 PULS that offers procedural series, cooking, and lifestyle shows; TV3 Sport for sports lovers; and TV3 MAX, which shows comedy and drama series. In addition, it operates radio stations, comprising of Rix FM, Bandit Rock, Power Hit Radio, Star FM, P4 Lyden av Norge, P5 Hits, P6 Rock, P7 Klem, P8 Pop, P9 Retro, and P10 Country; NRJ, an online TV channel; Bandit, an online station; and I LIKE RADIO, an online music service, well as news, talk shows, and contests. Further, the company offers advertising services on TV channels, radio stations, and streaming services. The company was formerly known as Nordic Entertainment Group AB (publ) and changed its name to Viaplay Group AB (publ) in May 2022. Viaplay Group AB (publ) was incorporated in 2017 and is headquartered in Stockholm, Sweden.
How the Company Makes MoneyViaplay generates revenue primarily through its subscription model, where customers pay a monthly fee for access to its content library. This subscription revenue is the largest portion of its income. Additionally, the company earns money through advertising on certain free or ad-supported tiers of its service. Viaplay also monetizes its content through partnerships with telecom companies and other platforms that bundle Viaplay subscriptions with their services. Furthermore, Viaplay invests in original content production, which can drive subscriber growth and retention, thereby enhancing its overall revenue potential.
Viaplay Earnings Call Summary
Earnings Call Date:Oct 22, 2024
(Q3-2024)
| % Change Since: |
Next Earnings Date:Feb 19, 2026
Earnings Call Sentiment Neutral
The earnings call presented a mixed picture with several positive developments such as organic sales growth in core operations and a reduction in core operating losses. However, challenges remain, including declines in Viaplay sales, advertising revenue, and currency-related financial pressure. The company's strategic initiatives in content cost management and new product introductions are promising, but financial and market challenges persist.Q3-2024 Updates
Positive Updates
Core Operations Organic Sales Growth
Core operations generated 6% organic sales growth, driven by growth in linear subscription revenues and sublicensing of content.
Introduction of HVOD Tier
The introduction of HVOD tier in Denmark, Sweden, and Norway has attracted new customer segments and encouraged reactivation by former subscribers.
Significant Growth in Sublicensing
Sublicensing and other sales accounted for 9% of core revenues in Q3 and grew by 165% year-on-year on an organic basis.
Content Cost Management
Content costs were largely stable year-on-year in Q3 and are expected to be down in Q4 with lower costs related to content sublicensing.
Reduction in Core Operating Losses
Core operating losses were reduced by SEK 63 million or 56% year-on-year.
Negative Updates
Decline in Viaplay Sales
Viaplay sales were down 1% year-on-year on an organic basis, with the D2C subscriber base down in almost all markets.
Advertising Revenue Decline
Advertising revenue, accounting for 18% of core revenues, was down 1% on an organic basis.
Currency Challenges
Ongoing and substantial currency challenges due to the weak SEK had a negative impact on EBIT and sales.
Negative Free Cash Flow
Total free cash flow was negative SEK 1.523 billion, with core EBIT loss of SEK 49 million.
Account Sharing and Piracy Issues
Tackling account sharing and piracy remain critical focus areas due to significant value leakage.
Company Guidance
In the Q3 2024 earnings call for VPLAY B.ST, the executives reaffirmed their commitment to achieving profitable growth and maintaining their forward-looking guidance. The company reported a 6% organic sales growth driven by linear subscription revenue and content sublicensing, although Viaplay's subscription revenue saw a slight decline of 1% year-on-year. Price adjustments positively impacted the D2C ARPU across core markets, despite a decrease in the subscriber base. The introduction of the HVOD tier in Denmark, Sweden, and Norway led to sequential growth in subscribers, while advertising revenue accounted for 18% of core revenues, albeit with a slight organic decline. The executives emphasized continued focus on content ROI and partnerships, with sublicensing and other sales growing 165% organically, and outlined ongoing measures to combat account sharing and piracy. Cost control remains a priority, aiming to align content costs with revenue growth, and the company is on track to reduce EBIT losses, notwithstanding currency challenges. Looking ahead, VPLAY B.ST anticipates a strong content slate for Q4, including major sports events and popular reality formats, while underlining the importance of mutually beneficial partnerships with content suppliers and distribution partners.Viaplay Financial Statement Overview
Summary
Viaplay is facing financial difficulties across all major financial statements. The income statement shows declining revenues and profitability, the balance sheet reflects moderate leverage but poor returns, and the cash flow statement indicates significant cash flow challenges. The company needs to address these issues to improve its financial health and stability.Income Statement
Viaplay's income statement reveals significant challenges. The company has experienced a substantial decline in revenue growth, with a negative growth rate of -95% in the TTM period. Gross profit margin is relatively low at 12.46%, and the net profit margin is negative, indicating losses. EBIT and EBITDA margins are also weak, reflecting operational inefficiencies. Despite previous years showing some profitability, the recent trend is concerning.Balance Sheet
The balance sheet shows a moderate debt-to-equity ratio of 0.66, indicating manageable leverage. However, the return on equity is negative in the TTM period, reflecting poor profitability. The equity ratio is not calculated due to missing data, but the overall financial stability is questionable given the negative net income and declining equity.Cash Flow
Viaplay's cash flow statement highlights significant issues. The operating cash flow is negative, and free cash flow has decreased by 17.81% in the TTM period. The operating cash flow to net income ratio is negative, indicating cash flow challenges. Despite a positive free cash flow to net income ratio, the overall cash flow situation is concerning due to persistent negative cash flows.| Breakdown | TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 17.54B | 18.49B | 18.57B | 15.69B | 12.66B | 12.00B |
| Gross Profit | 2.22B | 2.03B | 1.30B | 2.60B | 3.20B | 3.19B |
| EBITDA | 162.00M | 638.00M | -9.90B | 455.00M | 819.00M | 3.26B |
| Net Income | -546.00M | 106.00M | -9.75B | 323.00M | 325.00M | 2.24B |
Balance Sheet | ||||||
| Total Assets | 15.82B | 16.85B | 19.72B | 21.86B | 19.53B | 15.95B |
| Cash, Cash Equivalents and Short-Term Investments | 1.52B | 1.04B | 2.54B | 2.77B | 5.70B | 2.04B |
| Total Debt | 4.02B | 2.43B | 7.65B | 4.41B | 3.82B | 5.13B |
| Total Liabilities | 12.56B | 13.18B | 20.81B | 12.95B | 11.21B | 12.71B |
| Stockholders Equity | 3.26B | 3.68B | -1.09B | 8.91B | 8.32B | 3.23B |
Cash Flow | ||||||
| Free Cash Flow | -676.00M | -2.04B | -3.51B | -3.19B | 261.00M | 1.38B |
| Operating Cash Flow | -639.00M | -2.00B | -3.35B | -3.00B | 477.00M | 1.53B |
| Investing Cash Flow | -13.00M | 105.00M | -137.00M | -502.00M | 243.00M | -367.00M |
| Financing Cash Flow | 1.12B | 352.00M | 3.29B | 535.00M | 2.91B | -301.00M |
Viaplay Technical Analysis
Negative
0.90
Price Trends
0.93
Negative
1.12
Negative
0.92
Negative
Market Momentum
-0.01
Negative
43.09
Neutral
42.77
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:VPLAY.B, the sentiment is Negative. The current price of 0.9 is below the 20-day moving average (MA) of 0.91, below the 50-day MA of 0.93, and below the 200-day MA of 0.92, indicating a bearish trend. The MACD of -0.01 indicates Negative momentum. The RSI at 43.09 is Neutral, neither overbought nor oversold. The STOCH value of 42.77 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SE:VPLAY.B.
Viaplay Peers Comparison
UnderperformOutperform
Sector (60)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
63 Neutral | €6.09B | -154.49 | -3.84% | ― | 26.82% | 76.68% | |
60 Neutral | $48.67B | 4.58 | -11.27% | 4.14% | 2.83% | -41.78% | |
45 Neutral | kr4.15B | -7.52 | -14.56% | ― | -5.47% | 98.92% | |
45 Neutral | kr70.43M | -0.50 | -229.41% | ― | -10.21% | -1.15% | |
43 Neutral | kr27.01M | -3.23 | ― | ― | 33.98% | -104.57% | |
41 Neutral | kr167.26M | -3.66 | ― | ― | 32.83% | 13.34% |
* Communication Services Sector Average
SE:VPLAY.B
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Viaplay Corporate Events
Viaplay Group Shows Progress in Q3 Amid Transformation Efforts
Oct 22, 2025
Viaplay Group reported a slight improvement in underlying performance during the third quarter of 2025, with progress in its transformation strategy and the Allente acquisition expected to close in Q4. Despite a decline in linear subscription sales, the company saw growth in direct-to-consumer streaming sales and advertising revenues, while maintaining a focus on cost efficiency and long-term value creation.
The most recent analyst rating on ($SE:VPLAY.B) stock is a Hold with a SEK1.00 price target. To see the full list of analyst forecasts on Viaplay stock, see the SE:VPLAY.B Stock Forecast page.
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.