Report
Ole Martin Westgaard
EUR 91.87 For Business Accounts Only

Schibsted (Hold, TP: NOK350.00) - Creating a Nordic champion

We have lifted our target price to NOK350 (290) following Adevinta’s acquisition of eBay Classifieds and Schibsted’s acquisition of eBay’s Danish operations, which we find positive. In combination with the recent acquisition of Oikotie in Finland, we believe Schibsted has strengthened its revenue growth ambition for its Nordic Marketplaces division of 8–12% in the medium term. We reiterate our HOLD as we find the current valuation fair, with the stock trading at c17x EV/EBITDA excluding the market value of Adevinta.
Underlying
Schibsted Asa Class A

Schibsted is engaged in the media industry and has four segments: Online classifieds, which include the Norwegian online marketplace and operations outside Norway; Schibsted Norge media house, which includes the media houses VG, Aftenposten, Bergens Tidende, Stavanger Aftenblad and Faedrelandsvennen, printing and distribution operations, and the publishing house Schibsted Forlag; Schibsted Sverige media house, which includes media houses Aftonbladet and Svenska Dagbladet and a portfolio of internet-based growth companies; and Media Houses International, which includes of free newspapers 20 Minutes in Spain and France and Eesti Meedia Group comprising of operations in the Baltic States.

Provider
DnB Markets
DnB Markets

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.

 

Analysts
Ole Martin Westgaard

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