Adevinta (Sell, TP: NOK75.00) - At the maximum level of pain
Adevinta reported weak Q1 results and indicated a soft near-term outlook. However, on the positive side it expects Q2 to represent the trough, supported by a recovery in traffic to pre-Covid-19 levels at its key sites. We reiterate our SELL and NOK75 target price, as slight estimate cuts are offset in our SOTP by the weakening of the NOK.
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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