Schibsted (Sell, TP: NOK300.00) - High valuation meets low growth
We are below consensus on Q4e EBITDA, due to soft growth and higher costs. We reiterate our SELL as we find the valuation rich, but keep our NOK300 target price as estimate cuts are offset by a peer group revaluation.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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