Nordic entertainment group or NENT group (NENTb.ST) is a streaming service offering content in Norway, Sweden, Iceland, Denmark & Finland through its Viafree and Viaplay platforms (Viafree being free to stream but with ads and Viaplay being a premium subscription service similar to the familiar Netflix system). While Netflix is still the largest subscription streamer in the region, Viaplay puts up a good fight as the second-largest among competition from other US heavyweights such as HBO & Disney+. 

Viaplay’s success may be attributed to its emphasis on creating high-quality local language content in addition to having exclusive rights for major sports in the Nordic region including but not limited to: the Premier League, the Champions League, F1 & NHL. Last year NENT announced it would partner with US channel Starz to launch its Starzplay service on the Viaplay platform in the region, bringing more high-quality content to the platform. They also plan to expand their international reach to Poland & the US by the end of 2021, with future plans to launch in the Latvian, Lithuanian and Estonian markets by 2023. While the US launch is unlikely to make a major splash with major incumbents like Netflix, Disney+ etc dominant, the planned European launches are potentially more interesting. If they hold true to their commitment of providing high-quality local language content, they could have a significant competitive advantage over the American giants that offer mostly originally English content with either subtitles or dubbing.

While Viaplay is unlikely to ever dethrone Netflix, NENT stock does have growth potential as it offers a significant competition, with better-localised programming.

Broker Consensus (03/02/21)

Analysts who cover this security

Morgan Stanley

Carnegie Investment Bank AB – Mikael Laseen

Handelsbanken Capital Markets – Kristoffer Carleskar

DNB Markets


Nordea Markets – Klas Danielsson

Berenburg – Jamie Bass

Kepler Cheuvreux – Stefan Billing