Adevinta (Buy, TP: NOK90.00) - Positive volume trends to drive consensus beat
We are positive ahead of the Q3 results (due at 07:00 CET on 24 November), expecting a consensus beat. We reiterate our BUY but have lowered our target price to NOK90 (97) on our estimate cuts and market revaluation. A potential sale of the Canadian assets and OLX in Brazil are potential catalysts to reduce the 25% discount to our SOTP.
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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