Want to see SE:VPLAY.B full AI Analyst Report?
Top Page
Viaplay
(VPLAY.B)
Select Model
Select Model
Rating:43Neutral
Price Target:
kr1.00
▼(-28.06% Downside)
Action:Reiterated
Date:10/23/26
The score is held down primarily by weak financial fundamentals—high leverage, shrinking equity, and persistently negative operating/free cash flow—despite some operational improvement. Technicals also remain bearish with the stock trading below major moving averages and negative MACD. The earnings call adds partial support via maintained targets, expected synergy realization, and planned debt reduction from the Dutch divestment, but execution and cash-flow risks remain elevated.
Positive Factors
Subscription growth and mix
Subscription revenue represented more than 80% of total sales, while streaming growth, premium sports adoption and higher direct-to-consumer ARPU support a recurring revenue base. This mix can improve customer economics and resilience when advertising or sublicensing income is volatile.
Negative Factors
High leverage
High leverage leaves Viaplay with limited financial flexibility and makes debt reduction dependent on a sustained improvement in EBITDA and cash flow. Interest obligations and refinancing exposure can constrain investment in content, products and rights during weaker operating periods.
Read all positive and negative factors
Positive Factors
Negative Factors
Subscription growth and mix
Subscription revenue represented more than 80% of total sales, while streaming growth, premium sports adoption and higher direct-to-consumer ARPU support a recurring revenue base. This mix can improve customer economics and resilience when advertising or sublicensing income is volatile.
Read all positive factors
Viaplay (VPLAY.B) vs. iShares MSCI Sweden ETF (EWD)
Market Cap
kr5.39B
Dividend Yield2.87%
Average Volume (3M)8.00M
Price to Earnings (P/E)―
Beta (1Y)-0.01
Revenue Growth19.83%
EPS Growth-144.94%
CountrySE
Employees1,284
SectorCommunication Services
Sector Strength97
IndustryEntertainment
Share Statistics
EPS (TTM)-0.29
Shares Outstanding4,577,821,300
10 Day Avg. Volume6,972,753
30 Day Avg. Volume8,001,955
Financial Highlights & Ratios
PEG Ratio<0.01
Price to Book (P/B)1.80
Price to Sales (P/S)0.23
P/FCF Ratio-1.76
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)-0.02
Revenue Forecast (FY)kr21.48B
Viaplay Business Overview & Revenue Model
Company Description
Viaplay Group AB (publ), headquartered in Stockholm, Sweden, and established in 2017, functions as a prominent entertainment provider and streaming service, reaching audiences across Sweden, Norway, Denmark, Finland, the United Kingdom, the Nether...
How the Company Makes Money
Viaplay Group’s earnings are primarily generated through a mix of subscription and advertising-based media revenues.
1) Subscription revenue (core driver)
- Viaplay streaming subscriptions: The company charges recurring fees for access to its Via...
Viaplay Earnings Call Summary
Earnings Call Date:Oct 22, 2026
(Q3-2026)
| % Change Since: |
Next Earnings Date:Feb 18, 2027
Earnings Call Sentiment Positive
The call was cautiously positive. Management reported substantial year-to-date sales and EBITDA improvement, maintained its full-year targets, cited progress on the Allente integration and Dutch divestment, and highlighted streaming, digital advertising, content and synergy initiatives. These positives were partly offset by declines in other sales, non-streaming revenue and advertising, negative Q3 free cash flow, legacy content cash payments, elevated leverage and the need for further cash flow improvement.Positive Updates
Strong Year-to-Date Sales and EBITDA Improvement
Combined sales for the core operations reached DKK 16 billion for the first 9 months, up 30% versus the stand-alone result for the same period last year. Combined EBITDA before ACI and IAC was DKK 871 million, compared with a loss of DKK 65 million in the prior-year period.
Negative Updates
Other Sales Declined 14%
The other sales line, comprising sports sublicensing and scripted content sales, declined 14% year-on-year on an organic basis. Management cited volatility in the revenue line and stated that sales will continue to decline over time as the amount of content available for sale or sublicensing diminishes, although existing, new and pipeline agreements suggest improved performance in Q4.
Read all updates
Q3-2026 Updates
Positive
Negative
Strong Year-to-Date Sales and EBITDA Improvement
Combined sales for the core operations reached DKK 16 billion for the first 9 months, up 30% versus the stand-alone result for the same period last year. Combined EBITDA before ACI and IAC was DKK 871 million, compared with a loss of DKK 65 million in the prior-year period.
Read all positive updates
Company Guidance
The company said there is “no change to our full year targets or long-term ambitions,” expects full annual run-rate cash cost synergies of DKK 300 million to DKK 400 million “from the start of next year,” and remains on track to deliver an EBITDA result in the SEK 1 billion to SEK 1.4 billion target range; it continues to target a “double-digit percentage point EBITDA margin for 2028” compared to the pro forma 5.3% delivered last year, expects full-year working capital to be “neutral to positive” excluding the non-core operations cash drag, CapEx to be “at or about the same SEK 150 million level,” cash tax payments of approximately SEK 200 million, and annual cash interest costs of approximately SEK 400 to 450 million, while previously guiding for total integration costs of SEK 270 to 330 million and having taken SEK 222 million so far this year; the Dutch transaction is targeted for completion at the mentioned purchase price of EUR 142 million, and Allente Group related borrowings will total SEK 420 million this year and next year.Viaplay Financial Statement Overview
Summary
Income Statement
34
Negative
Balance Sheet
28
Negative
Cash Flow
18
Very Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 21.02B | 17.68B | 18.49B | 18.57B | 15.69B | 12.66B |
| Gross Profit | 3.30B | 2.42B | 2.03B | 1.26B | 2.60B | 3.20B |
| EBITDA | 1.09B | -356.00M | 804.00M | -9.90B | 455.00M | 819.00M |
| Net Income | -1.33B | -1.27B | 106.00M | -9.75B | 323.00M | 325.00M |
Balance Sheet | ||||||
| Total Assets | 17.92B | 19.00B | 16.85B | 19.72B | 21.86B | 19.53B |
| Cash, Cash Equivalents and Short-Term Investments | 1.19B | 1.13B | 1.04B | 2.54B | 2.77B | 5.70B |
| Total Debt | 6.67B | 6.76B | 2.43B | 7.65B | 4.41B | 3.82B |
| Total Liabilities | 15.87B | 16.71B | 13.18B | 20.81B | 12.95B | 11.21B |
| Stockholders Equity | 2.06B | 2.29B | 3.68B | -1.09B | 8.91B | 8.32B |
Cash Flow | ||||||
| Free Cash Flow | -1.17B | -2.34B | -2.04B | -3.51B | -3.19B | 261.00M |
| Operating Cash Flow | -1.04B | -2.29B | -2.00B | -3.35B | -3.00B | 477.00M |
| Investing Cash Flow | -1.87B | -1.78B | 105.00M | -137.00M | -502.00M | 243.00M |
| Financing Cash Flow | 2.55B | 4.21B | 352.00M | 3.29B | 535.00M | 2.91B |
Viaplay Technical Analysis
Negative
1.39
Price Trends
1.27
Negative
1.29
Negative
1.32
Negative
Market Momentum
-0.02
Negative
44.22
Neutral
27.78
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 1.39 is above the 20-day moving average (MA) of 1.18, above the 50-day MA of 1.27, and above the 200-day MA of 1.32, indicating a neutral trend. The MACD of -0.02 indicates Negative momentum. The RSI at 44.22 is Neutral, neither overbought nor oversold. The STOCH value of 27.78 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 |
|---|---|---|---|---|---|---|---|
67 Neutral | kr14.23B | 112.25 | 5.06% | 3.71% | 7.73% | -81.02% | |
66 Neutral | kr183.97B | 35.56 | 10.00% | 4.24% | -0.15% | 23.71% | |
63 Neutral | kr19.72B | -3.69 | -22.49% | ― | -31.46% | -169.01% | |
63 Neutral | kr5.65B | 53.25 | 8.74% | ― | 25.22% | ― | |
60 Neutral | $48.67B | 4.58 | -11.27% | 4.14% | 2.83% | -41.78% | |
43 Neutral | kr5.39B | -4.07 | -63.55% | 2.87% | 19.83% | -144.94% | |
43 Neutral | kr46.94M | -4.47 | 33.84% | ― | 2.71% | 61.66% |
* Communication Services Sector Average
SE:VPLAY.B
Viaplay
1.19
0.16
16.06%
SE:PDX
Paradox Interactive AB
134.70
-26.39
-16.38%
SE:EMBRAC.B
Embracer Group AB
92.82
23.75
34.39%
SE:TELIA
Telia Company AB
48.00
12.26
34.30%
SE:ACAST
Acast AB
30.50
4.75
18.45%
SE:GBK
Goodbye Kansas Group AB
1.25
-0.95
-43.09%
Viaplay Corporate Events
Viaplay Corrects Guidance Slide as 2026 Targets Reaffirmed
Oct 22, 2026
Viaplay Group has reaffirmed its full-year 2026 financial targets in conjunction with the publication of its Q3 2026 interim report, maintaining guidance for core operations sales to be stable year-on-year on an organic basis and core operations E...
Viaplay narrows losses as Allente integration and Dutch exit advance transformation plan
Oct 22, 2026
Viaplay reported Q3 2026 net sales of SEK 5,251m, up from SEK 4,018m, with operating income rising to SEK 122m and net loss narrowing to SEK 30m. Core operation EBITDA before special items climbed to SEK 313m, and free cash flow from core operatio...
Viaplay Group Sets Date for Q3 2026 Results and Investor Call
Oct 8, 2026
Viaplay Group will release its financial results for the third quarter of 2026 at 07:30 CET on Thursday, 22 October, followed by a conference call at 09:00 CET featuring presentations by President and CEO Jørgen Madsen Lindemann and CFO Johan...
Viaplay Group Forms Nomination Committee Ahead of 2027 AGM
Sep 28, 2026
Viaplay Group has convened a Nomination Committee to prepare proposals for the company’s 2027 Annual General Meeting, in line with its governance instructions. The committee consists of representatives appointed by major shareholders Groupe ...
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.