Schibsted (Sell, TP: NOK260.00) - We expect Q3 to be on the soft side
We are below consensus on headline figures for Q3 expecting slightly weaker figures across all segments. (results due at 07:00 CET on 26 October). We continue to find the proposed spin-off of MPI positive from a strategic perspective, as it could be a good vehicle for Schibsted in the likely consolidation of the online classifieds space in Europe. That said, we doubt it would unlock any hidden value as we still find the valuation high relative to peers and our SOTP. We reiterate our SELL and NOK260 target price.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.
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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