SCH Schibsted Asa Class A

Schibsted ASA (SCHA/SCHB) - Mandatory notification of trade

Schibsted ASA (SCHA/SCHB) - Mandatory notification of trade

Stiftelsen Tinius, through Blommenholm Industrier AS, has on 25 July 2019 acquired 46,594 B-shares in Schibsted ASA (the “Company”), at a price of NOK 222.7317 per share. After this transaction Blommenholm Industrier owns 28,188,589 A-shares and 29,870,976 B-shares in the Company.

Stiftelsen Tinius and Blommenholm Industrier AS is represented in the board of the Company by Ole Jacob Sunde.

Oslo, 26 July 2019

This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act

EN
26/07/2019

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Reports on Schibsted Asa Class A

Ole Martin Westgaard
  • Ole Martin Westgaard

Schibsted (Sell, TP: NOK290.00) - Muted growth continues

The Q1 results were above expectations on lower-than-expected costs, while growth continued to be muted. We reiterate our SELL as we continue to find the valuation high relative to growth prospects, but have raised our target price to NOK290 (280) on increased estimates.

ABGSC Media Research ... (+3)
  • ABGSC Media Research
  • Henrik Bartnes
  • Petter Nystrøm
ABGSC Media Research ... (+3)
  • ABGSC Media Research
  • Henrik Bartnes
  • Petter Nystrøm

~20% better on lower cost

Q1: Group EBITDA +17% vs cons on 9% lower cost. Confidence in targets. Cons '25 EBITDA +5%, stock up 5-10%

Ole Martin Westgaard
  • Ole Martin Westgaard

Schibsted (Sell, TP: NOK280.00) - Prisjakt sold at low price

Schibsted has signed an agreement to sell Prisjakt to eEquity for SEK500m. We find the price low, at c40% of our SOTP value, but find it positive that the company continues to simplify its portfolio to focus on Nordic Marketplaces. We expect a slightly negative share price reaction.

ABGSC Media Research ... (+3)
  • ABGSC Media Research
  • Henrik Bartnes
  • Petter Nystrøm

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