Schibsted (Sell, TP: NOK270.00) - Margins declining

We are slightly below consensus on Q3e EBITDA, as we expect somewhat lower growth in Nordic Marketplaces. We reiterate our SELL and NOK270 target price, as we continue to find implied market expectations for cost cuts too optimistic.

Norway: Best ideas Q3'24

The new rival won't fly

Our findings suggests that Real estate agents remain sceptical about Hjem.no. Key issue; quality, ownership, costs, and limited market participation

The weekly navigator

From the past week, we highlight: 1) we expect low-single digit NAV growth QOQ in Kinnevik’s Q3 report; 2) we hosted an investor lunch with Flerie, where we see upside potential from NAV growth and a discount contraction; and 3) we published a sector update, highlighting our impressions from meeting with 13 investment company CEOs over the past few weeks.

Huhtamaki (Buy, TP: EUR47.00) - Steady execution in Q3e

We believe Huhtamaki needs more growth to ignite its operating leverage, cost efficiencies, and smoother Blueloop roll-out, to continue achieving solid EBIT and ROIC expansion. For Q3e, we do not see much that would meaningfully support this trend, but find several strong arguments to maintain a positive stance on the stock. We reiterate our BUY and EUR47 target price, following small estimate cuts (results due on 24 October).

Nokian Tyres (Hold, TP: EUR9.00) - All eyes on crucial winter season

Despite low comparable figures and improved winter-tyre channels YOY, we are cautious ahead of the Q3 report as: 1) consensus is for c17% organic growth for H2, while peers have reported low-to-mid-single-digit sales trends; 2) we believe weak new car sales in Europe could hit winter-tyre demand (often sold as add-ons); and 3) consumers may have continued to favour budget over premium tyres. However, we have raised our target price to EUR9.0 (8.5) on good progress in ramping up new capacity, and reiterate our HOLD.