Adevinta (Sell, TP: NOK70.00) - Q2 in line, but threat of French digital tax
The Q2 results were in line with expectations, but the weak growth rate from Brazil disappointed and a near-term implementation of the French digital tax, if applicable, remains a potential downside risk to our estimates. We reiterate our SELL recommendation and NOK70 target price, as we continue to find the valuation rich relative to its 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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