Adevinta (Sell, TP: NOK70.00) -
We initiate coverage with a SELL and NOK70 target price. As the leader in the attractive online classified (OLC) market in France, Spain and Brazil, we believe Adevinta has strong growth prospects in the years ahead. However, given the 20% premium to our SOTP and 30%+ premiums to peers’ 2019–2021e earnings multiples, we find the positive outlook more than priced in.
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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