Adevinta (Buy, TP: NOK115.00) - Neutral Q1 and unchanged guidance expected
We are positive ahead of the Q1 report (due at 07:00 CET on 23 May), expecting results broadly in line with consensus and maintained 2023 guidance. We reiterate our BUY and have raised our target price to NOK115 (100), with trimmed estimates offset by a raised SOTP owing to the recent 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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