Adevinta (Sell, TP: NOK120.00) - Subdued outlook for 2021
Adevinta’s Q3 results were just above the guided level, but included soft guidance for Q4 and a subdued market outlook for 2021 due to rising Covid-19 cases. We reiterate our SELL and NOK120 target price despite small negative estimate revisions. We still find the valuation rich; the stock is trading at a 2020e EV/sales of 13x including eBay Classifieds.
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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