Schibsted (Sell, TP: NOK270.00) - Soft Q1 We consider this a slightly negative report, despite a strong performance from finn.no, and reiterated guidance. We expect consensus EBITDA for Schibsted excluding Adevinta and IFRS16 to come down 2%, and believe
Schibsted (SCHA NO, Sell) - Soft Q1 We consider this a slightly negative report, despite a strong performance from finn.no, and reiterated guidance. We expect consensus EBITDA for Schibsted excluding Adevinta and IFRS16 to come down 2%, and believe a comparable share price reaction is warranted. Soft Q1… Revenues (excluding Adevinta) of NOK3,089m (we forecast NOK3,092m, consensus: NOK3,111m) and EBITDA (excluding Adevinta and IFRS16) of NOK334m (we forecast NOK378m, consensus: NOK369m). Q1 net profit was NOK320m (we forecast NOK348m, consensus: NOK371m). …but strong performance from finn.no. Nordic Marketplaces reported revenues of NOK722m (consensus: NOK704m), up 11% YOY, with the growth driven by Norway on NOK480m (we forecast NOK449m, consensus: NOK463m) and EBITDA (adj. IFRS16) of NOK214m (our forecast of NOK204m, consensus NOK200m). Revenues from Blocket was NOK218m (we forecast NOK209m, consensus: NOK216m) with EBITDA (adj. for IFRS16) of NOK98m (consensus: NOK96m) of NOK101m. News Media slightly soft. Q1 revenues were NOK1855m (consensus: NOK1,880m), down 2% YOY. EBITDA (adj. for IFRS16) was NOK104m (consensus: NOK111m). Financial Services and Growth soft. Financial Services reported NOK273m revenues (consensus: NOK274m), up 7% YOY. EBITDA (adjusted for IFRS16) was NOK54m (consensus: NOK72m). Lendo reported 6% (8% currency-adjusted) revenue growth with the underlying margin down 1300bp YOY adjusted for IFRS16. Investment phase investment in Lendo was NOK21m. Revenue in Growth was up 8% YOY translating into EBITDA of NOK4m (consensus: NOK18.5m). HQ/other slightly lower. HQ/other (excl. Adevinta) came in at NOK-123m (we forecast NOK138m, consensus: NOK133m). Guidance reiterated. Schibsted reiterated its 2019 guidance of 8–12% revenue growth in Nordic Marketplaces medium- to long-term and a stable EBITDA margin for the News Media segment. It still expects a NOK70m–100m negative EBITDA impact in Lendo following its international growth in Denmark, Poland and Austria in FY 2019. Estimate revisions. We expect consensus EBITDA for Schibsted excluding Adevinta and IFRS16 to come down 2%. Conference call at 09:00 CET. Dial-in: (passcode: 652122). (9 pages)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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