Adevinta (Sell, TP: NOK75.00) - Advertising revenues at risk
We are concerned that the coronavirus could have a substantial impact on digital advertising in the next two to three quarters, similar to what we witnessed during the financial crisis, with job revenues down 20–30% and advertising spending down 12–17%. Consequently, we have cut our 2020e EBITDA by c11%. We reiterate our SELL and NOK75 target price.
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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