Adevinta (Buy, TP: NOK100.00) - Margins set to improve despite cautious volume outlook
Q4 EBITDA was slightly above consensus, while net profit was hit hard by write-downs, leading us to lower our forecasts slightly. We believe the guidance for low double-digit revenue growth in 2023 – with an improved margin despite a still-cautious volume outlook – illustrates Adevinta’s strong but under-monetised market positions. We reiterate our BUY and NOK100 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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