Adevinta (Sell, TP: NOK70.00) - The taxman cometh
We expect a still-challenging outlook for display advertising, a soft volume trend in France and tough comparables for Brazil and Spain to weigh on Adevinta’s Q2 results (due at 07:00 CET on 15 July). Given the c40%+ premium to our SOTP and 2019–2021e peer group earnings multiples, we reiterate our SELL and NOK70 target price as we find the valuation too 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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