Adevinta (Sell, TP: NOK120.00) - Big and bold, but expensive
We have lifted our target price to NOK120 (85) following the acquisition of eBay Classifieds, which we find positive. Nevertheless, we reiterate our SELL as we still find the valuation rich relative to peers, given the stock is trading at the highest EV/EBITDA in its broader peer group despite lower growth prospects.
DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.
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