Schibsted A

Schibsted is engaged in the media industry and has four segments: Online classifieds, which include the Norwegian online marketplace and operations outside Norway; Schibsted Norge media house, which includes the media houses VG, Aftenposten, Bergens Tidende, Stavanger Aftenblad and Faedrelandsvennen, printing and distribution operations, and the publishing house Schibsted Forlag; Schibsted Sverige media house, which includes media houses Aftonbladet and Svenska Dagbladet and a portfolio of internet-based growth companies; and Media Houses International, which includes of free newspapers 20 Minutes in Spain and France and Eesti Meedia Group comprising of operations in the Baltic States.
  • TickerSCH
  • ISINNO0003028904
  • ExchangeOslo Bors
  • SectorMedia
  • CountryNorway
Ole Martin Westgaard

Schibsted (Hold, TP: NOK350.00) - Creating a Nordic champion

We have lifted our target price to NOK350 (290) following Adevinta’s acquisition of eBay Classifieds and Schibsted’s acquisition of eBay’s Danish operations, which we find positive. In combination with the recent acquisition of Oikotie in Finland, we believe Schibsted has strengthened its revenue growth ambition for its Nordic Marketplaces division of 8–12% in the medium term. We reiterate our HOLD as we find the current valuation fair, with the stock trading at c17x EV/EBITDA excluding the market value of Adevinta.

Håkon Astrup ...
  • Jesper Ingildsen
  • Jørgen Lian
  • Ole Martin Westgaard
  • Ole-Andreas Krohn

Northern Lights

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

Add exposure to Technology, Communications We view weakness over the past week as correcting a significant amount of the excess optimism that was baked-in to global equities. As a result, we recommend taking advantage of the pullback by adding exposure to our favorite areas - namely Technology. Our overall outlook on global equities (both the MSCI ACWI and ACWI ex-US) remains positive and we continue to expect higher equity prices going forward. • Index overviews: MSCI ACWI ex-US, MSCI EM, STOXX Europe 50, and the TOPIX indexes are analyzed from both a price and RS perspective... see page...

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

Opportunity in EM countries Our cautious outlook and expectation for continued downward pressure on global equities remains intact. Broad global indexes (MSCI ACWI, ACWI ex-U.S., EAFE, and EM) are all trading within patterns of lower highs and lower lows, leading us to believe the most likely scenario is that this near-term bounce is likely nothing more than a countertrend rally before longer-term downtrends reassert themselves. • Opportunity in EM. Both a top-down and bottoms-up analysis point to opportunity in EM countries despite the intact downtrend for the MSCI EM index. Additionally,...

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

Bottoms-up view on developed int'l, part two Big Picture: Our outlook remains neutral on the MSCI ACWI ex-U.S. index (when priced in local currency) while horizontal consolidation continues. On the other hand, we are negative on broad global ex-U.S. markets when priced in USD... see charts below. In today's report we take a bottoms-up approach to developed ex-U.S. equities, highlighting stocks that present attractive buy opportunities at current levels. Specifically we present actionable stocks within the Communications, Health Care, Manufacturing, Materials, Technology, Transportation, and U...

Ole Martin Westgaard

Schibsted (Hold, TP: NOK350.00) - Creating a Nordic champion

We have lifted our target price to NOK350 (290) following Adevinta’s acquisition of eBay Classifieds and Schibsted’s acquisition of eBay’s Danish operations, which we find positive. In combination with the recent acquisition of Oikotie in Finland, we believe Schibsted has strengthened its revenue growth ambition for its Nordic Marketplaces division of 8–12% in the medium term. We reiterate our HOLD as we find the current valuation fair, with the stock trading at c17x EV/EBITDA excluding the market value of Adevinta.

Ole Martin Westgaard

Schibsted (Hold, TP: NOK290.00) - Shifting up a few gears

The solid Q2 results included a sizeable earnings beat, a reiteration of its guidance and an improved outlook, with signs of a faster recovery than expected in the classified business. In addition there is the agreement to acquire Oikotie, which should add a new growth leg for Schibsted’s classified business. We have raised our target price to NOK290 (260) to reflect our positive estimate revisions, but reiterate our HOLD as we continue to find the valuation fair.

Ole Martin Westgaard

Schibsted (Hold, TP: NOK260.00) - Q2 probably better than feared

Schibsted’s Q2 results are due at 07:00 CET on 7 July. We expect weak results relative to last year, driven by a negative impact from Covid-19 hampering advertising and classifieds revenues, especially during the first part of the quarter. That said, we are above consensus for Q2 as we expect a slightly better performance across most segments. We reiterate our HOLD, but have raised our target price to NOK260 (200).

Ole Martin Westgaard

Schibsted (Hold, TP: NOK200.00) - Hard work ahead

As expected, Schbisted’s Q1 results were badly hit by the effects of Covid-19. Furthermore, the climate will most likely get worse near-term as the negative trends appear to have accelerated into Q2. We reiterate our HOLD and NOK200 target price, as we see valuation support given that the stock is trading at a 20% discount to our SOTP.

Ole Martin Westgaard

Schibsted (Hold, TP: NOK200.00) - Set for a weak Q1 on Covid-19

Schibsted’s Q1 results are due at 07:00 CET on 6 May. We expect weak results driven by a negative impact from Covid-19 hampering advertising and classifieds revenues, especially towards the end of the quarter. We reiterate our HOLD and NOK200 target price as we continue to believe investors will remain lukewarm given the weak earnings trend.

Håkon Astrup ...
  • Jesper Ingildsen
  • Jørgen Lian
  • Ole Martin Westgaard
  • Ole-Andreas Krohn

Northern Lights

Christer Magnergård ...
  • Frank Maaø
  • Håkon Astrup
  • Joachim Gunell
  • Jon Masdal
  • Jørgen Lian
  • Karl-Johan Bonnevier
  • Martin Hoang Nguyen
  • Mattias Holmberg
  • Niclas Gehin
  • Nicolai Farstad Olsen
  • Nicolas McBeath
  • Niklas Wetterling
  • Ole Martin Westgaard
  • Ole-Andreas Krohn
  • Olof Larshammar
  • Patrik Ling
  • Ragnhild Støer
  • Rune Majlund Dahl
  • Simen Mortensen
  • Stefan Gauffin
  • Tomi Railo

Northern Lights

Håkon Astrup ...
  • Jesper Ingildsen
  • Karl-Johan Bonnevier
  • Mattias Holmberg
  • Nicolay Dyvik
  • Ole Martin Westgaard
  • Ole-Andreas Krohn
  • Rune Majlund Dahl

Northern Lights

Jesper Ingildsen ...
  • Jon Masdal
  • Martin Hoang Nguyen
  • Niclas Gehin
  • Ole Martin Westgaard
  • Ole-Andreas Krohn
  • Patrik Ling
  • Simen Mortensen

Northern Lights

Alexander Aukner ...
  • Eivind Sars Veddeng
  • Håkon Astrup
  • Jon Masdal
  • Karl-Johan Bonnevier
  • Martin Hoang Nguyen
  • Martin Huseby Karlsen
  • Nicolay Dyvik
  • Niklas Wetterling
  • Ole Martin Westgaard
  • Ole-Andreas Krohn
  • Olof Larshammar
  • Patrik Ling
  • Simen Mortensen
  • Viktor Trollsten

Northern Lights

With a more favourable environment, SCHIBSTED A improves to Slightly Positive

SCHIBSTED A (NO), a company active in the Publishing industry, is favoured by a more supportive environment. The independent financial analyst theScreener has confirmed the fundamental rating of the title, which shows 3 out of 4 stars, as well as its unchanged, moderately risky market behaviour. The title leverages a more favourable environment and raises its general evaluation to Slightly Positive. As of the analysis date June 19, 2020, the closing price was NOK 255.60 and its potential was estimated at NOK 272.74.

Expert Corporate Governance Service (ECGS)

Schibsted - AGM 03 May 2019

In general, Schibsted is in compliance with the Norwegian regulations relating to the organisation and procedures of the AGM. Under ITEM 6, the board of directors seeks approval of the auditor's remuneration. In view of the substantial amount of non-audit fees, ECGS recommends to vote OPPOSE. Under ITEM 8b, the board of directors seeks approval to establish a LT incentive plan. ECGS notes that, under the Plan, members of the executive management will be entitled to performance in the event of below median peer group performance. In ECGS' view, the conditional grant of performance shares shou...

ResearchPool Subscriptions

Get the most out of your insights

Get in touch