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Viaplay
(VPLAY.B)
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Rating:46Neutral
Price Target:
kr1.50
▲(7.91% Upside)
Action:Reiterated
Date:07/18/26
The score is held down primarily by weak financial performance—ongoing losses, heavy cash burn, and high leverage—despite an operational rebound. The earnings call adds moderate support due to improving profitability, positive Q2 free cash flow, synergy progress, and expected debt reduction from the Dutch divestment, but near-term cash drag, content/rights pressures, and high interest costs remain key risks. Technicals are still bearish/weak, and valuation is constrained by negative earnings and no dividend support.
Positive Factors
EBITDA Turnaround
A material EBITDA turnaround to positive pro forma operating profitability signals that underlying operations are regaining scale economics. Sustained positive EBITDA improves internal funding for content, supports margin recovery, and reduces reliance on external financing over the next 6–24 months.
Negative Factors
High Leverage
A materially elevated leverage profile increases refinancing and liquidity risk and amplifies sensitivity to interest costs. High debt constrains strategic flexibility, forces stricter cash prioritization, and means deleveraging is required to sustainably lower financial vulnerability over 6–24 months.
Read all positive and negative factors
Positive Factors
Negative Factors
EBITDA Turnaround
A material EBITDA turnaround to positive pro forma operating profitability signals that underlying operations are regaining scale economics. Sustained positive EBITDA improves internal funding for content, supports margin recovery, and reduces reliance on external financing over the next 6–24 months.
Read all positive factors
Viaplay (VPLAY.B) vs. iShares MSCI Sweden ETF (EWD)
Market Cap
kr6.08B
Dividend Yield2.87%
Average Volume (3M)6.41M
Price to Earnings (P/E)―
Beta (1Y)0.08
Revenue Growth10.33%
EPS Growth-163.10%
CountrySE
Employees1,284
SectorCommunication Services
Sector Strength97
IndustryEntertainment
Share Statistics
EPS (TTM)-0.31
Shares Outstanding4,577,821,300
10 Day Avg. Volume10,323,905
30 Day Avg. Volume6,409,833
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 Target
kr1.50Price Target Upside7.91% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
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 primarily earns revenue by monetizing content distribution across direct-to-consumer streaming and traditional TV. Key revenue streams include: (1) Subscription revenue from the Viaplay streaming service (SVOD), where customers pay r...
Viaplay Earnings Call Summary
Earnings Call Date:Jul 17, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Oct 22, 2026
Earnings Call Sentiment Neutral
The call conveyed meaningful progress on the transformation: pro forma revenue growth (H1 combined sales +~25% vs prior standalone year), a material EBITDA turnaround (SEK 560m vs loss), streaming sales growth (+7% YoY), positive Q2 free cash flow, integration synergies starting to materialize, and a deleveraging trajectory aided by an announced Dutch divestment. However, several material headwinds and risks remain: Q2 subscriber seasonality and a noted outflow (~200k), loss of key UEFA Champions League rights in Sweden, declines in non-streaming and scripted sales (-3% and -15% respectively), rising content costs from legacy contracts, significant integration charges (H1 IAC SEK 203m), and a substantial non-core cash drag (SEK ~500m this year) that will weigh on near-term cash flows. FX tailwinds supported reported EBITDA this quarter, introducing some transience to the improvement. Overall, the company showed real operational improvements but with sizable one-off costs, structural cost pressures and short-term cash drag that temper the outlook.Positive Updates
Combined Sales Growth (H1)
Combined core operations sales of SEK 10.8 billion for H1, almost 25% higher than standalone first half last year (pro forma consolidation with Allente).
Negative Updates
Quarterly Streaming Subscriber Outflow and Seasonality
Total Viaplay subscriber base was stable year-on-year but down quarter-on-quarter; analysts noted roughly 200,000 subscriber outflow in Q2 (seasonality and league timing cited as drivers).
Read all updates
Q2-2026 Updates
Positive
Negative
Combined Sales Growth (H1)
Combined core operations sales of SEK 10.8 billion for H1, almost 25% higher than standalone first half last year (pro forma consolidation with Allente).
Read all positive updates
Company Guidance
Management reiterated targets and near-term cash guidance: they remain focused on delivering a double‑digit EBITDA margin by 2028 (versus 5.3% pro forma last year), expect Allente integration cash cost synergies to be at full‑year run‑rate from start of next year, and had guided total integration IAC of SEK 270–330m (SEK 203m taken H1; Q2 IAC ~SEK 52m). For cash flow and balance sheet they expect the non‑core cash drag to be ~SEK 500m this year, ~SEK 400m next year and ~SEK 200m in 2028, with working capital negative in Q3, positive in Q4 and broadly neutral for the year excluding non‑core items; Q2 cash from operations was SEK 145m, free cash flow SEK 113m (SEK 176m core, SEK -63m non‑core), cash interest ~SEK 115m in Q2 and running at ~SEK 450m p.a., CapEx ~SEK 150m p.a., and scheduled Allente‑related amortization of SEK 420m this year and next. Financial position metrics at end‑Q2: financial net debt excl. leases SEK 5.12bn (borrowings SEK 6.5bn, cash SEK 1.3bn), net debt / LTM pro‑forma EBITDA 4.5x (down from 4.7x Q1), RCF drawn SEK 700m (vs 750m Q1), and management expects the announced Dutch divestment (EUR 142m cash‑and‑debt‑free) to materially reduce net debt; Q2 also benefited from an approximate SEK 110m FX EBITDA tailwind (SEK 80m sales, SEK 30m cost).Viaplay Financial Statement Overview
Summary
Income Statement
34
Negative
Balance Sheet
27
Negative
Cash Flow
18
Very Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 19.79B | 17.68B | 18.49B | 18.57B | 15.69B | 12.66B |
| Gross Profit | 2.96B | 2.42B | 2.03B | 1.26B | 2.60B | 3.20B |
| EBITDA | 799.00M | -356.00M | 804.00M | -9.90B | 455.00M | 819.00M |
| Net Income | -1.44B | -1.27B | 106.00M | -9.75B | 323.00M | 325.00M |
Balance Sheet | ||||||
| Total Assets | 18.32B | 19.00B | 16.85B | 19.72B | 21.86B | 19.53B |
| Cash, Cash Equivalents and Short-Term Investments | 1.27B | 1.13B | 1.04B | 2.54B | 2.77B | 5.70B |
| Total Debt | 6.73B | 6.76B | 2.43B | 7.65B | 4.41B | 3.82B |
| Total Liabilities | 16.27B | 16.71B | 13.18B | 20.81B | 12.95B | 11.21B |
| Stockholders Equity | 2.04B | 2.29B | 3.68B | -1.09B | 8.91B | 8.32B |
Cash Flow | ||||||
| Free Cash Flow | -2.33B | -2.34B | -2.04B | -3.51B | -3.19B | 261.00M |
| Operating Cash Flow | -2.24B | -2.29B | -2.00B | -3.35B | -3.00B | 477.00M |
| Investing Cash Flow | -1.83B | -1.78B | 105.00M | -137.00M | -502.00M | 243.00M |
| Financing Cash Flow | 4.40B | 4.21B | 352.00M | 3.29B | 535.00M | 2.91B |
Viaplay Technical Analysis
Neutral
1.39
Price Trends
1.32
Positive
1.40
Negative
1.26
Positive
Market Momentum
>-0.01
Positive
48.07
Neutral
28.60
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:VPLAY.B, the sentiment is Neutral. The current price of 1.39 is above the 20-day moving average (MA) of 1.35, above the 50-day MA of 1.32, and above the 200-day MA of 1.26, indicating a neutral trend. The MACD of >-0.01 indicates Positive momentum. The RSI at 48.07 is Neutral, neither overbought nor oversold. The STOCH value of 28.60 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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 |
|---|---|---|---|---|---|---|---|
72 Outperform | kr15.10B | 119.17 | 5.06% | 3.50% | 7.73% | -81.02% | |
63 Neutral | kr16.40B | -2.94 | -22.49% | ― | -31.46% | -169.01% | |
61 Neutral | kr170.06B | 35.50 | 9.48% | 4.55% | -4.06% | 14.70% | |
60 Neutral | $48.67B | 4.58 | -11.27% | 4.14% | 2.83% | -41.78% | |
58 Neutral | kr6.39B | 61.10 | 8.74% | ― | 25.22% | ― | |
49 Neutral | kr34.33M | -5.75 | 33.84% | ― | 2.71% | 61.66% | |
46 Neutral | kr6.08B | -4.23 | -60.23% | 2.87% | 10.33% | -163.10% |
* Communication Services Sector Average
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Viaplay Corporate Events
Viaplay lifts Q2 profits, sells Dutch unit to sharpen Nordic focus
Jul 17, 2026
Viaplay Group reported Q2 2026 core operations net sales of SEK 5,509m, up 1% organically, with core EBITDA before special items rising to SEK 458m, supported by FX tailwinds and initial synergies from the Allente integration. Group net income swu...
Viaplay to Sell Dutch Operations to Videoland for EUR 142 Million
Jul 1, 2026
Viaplay Group has agreed to sell its Dutch streaming and broadcasting operations to Videoland, owned by DPG Media, for EUR 142 million on a cash- and debt-free basis, pending regulatory and lender approvals. The divestment aligns with Viaplay̵...
Viaplay completes 16.2 million-share buyback for incentive plan
May 25, 2026
Viaplay Group has completed a share repurchase programme, buying 16,200,000 of its own class B shares on Nasdaq Stockholm between 13 and 21 May 2026 to secure delivery of shares under its long-term incentive plan approved at the 2026 AGM. The tran...
Viaplay Launches Share Buyback to Support 2026 Incentive Plan
May 12, 2026
Viaplay Group’s board has approved a share repurchase programme for its class B shares to secure delivery of shares under the company’s long-term incentive programme for 2026, which grants performance share awards vesting over three ye...
Viaplay Group AGM Backs New Incentive Plan and Confirms Board Leadership
May 12, 2026
Viaplay Group’s 2026 annual general meeting approved the re-election of most board members, appointed Edyta Sadowska as a new director, and confirmed Simon Duffy as chair, while adopting the company’s 2025 financial statements with ear...
Viaplay Extends Nordic UEFA Club Football Rights to 2031
Apr 30, 2026
Viaplay Group has extended its exclusive rights to UEFA Champions League men’s football in Denmark, and to the UEFA Europa League and UEFA Conference League in Norway and Finland, from fall 2027 through 2031, maintaining its unique status as...
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.