SCH Schibsted Asa Class A

Schibsted ASA (SCHA/SCHB) – Contemplated bond issue

Schibsted ASA (SCHA/SCHB) – Contemplated bond issue

Schibsted ASA has mandated SEB to investigate the opportunity to issue one or more NOK senior unsecured bond issues with tenors in the 2-5 years range, subject to market conditions.

For further information, please contact:

Jann-Boje Meinecke, Head of IR



E-mail:

Catharina Thorenfeldt, Group Treasurer



E-mail:



Oslo, 15 April 2020

SCHIBSTED ASA



This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act

EN
15/04/2020

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Reports on Schibsted Asa Class A

Ole Martin Westgaard
  • Ole Martin Westgaard

Schibsted (Sell, TP: NOK290.00) - Muted growth continues

The Q1 results were above expectations on lower-than-expected costs, while growth continued to be muted. We reiterate our SELL as we continue to find the valuation high relative to growth prospects, but have raised our target price to NOK290 (280) on increased estimates.

ABGSC Media Research ... (+3)
  • ABGSC Media Research
  • Henrik Bartnes
  • Petter Nystrøm
ABGSC Media Research ... (+3)
  • ABGSC Media Research
  • Henrik Bartnes
  • Petter Nystrøm

~20% better on lower cost

Q1: Group EBITDA +17% vs cons on 9% lower cost. Confidence in targets. Cons '25 EBITDA +5%, stock up 5-10%

Ole Martin Westgaard
  • Ole Martin Westgaard

Schibsted (Sell, TP: NOK280.00) - Prisjakt sold at low price

Schibsted has signed an agreement to sell Prisjakt to eEquity for SEK500m. We find the price low, at c40% of our SOTP value, but find it positive that the company continues to simplify its portfolio to focus on Nordic Marketplaces. We expect a slightly negative share price reaction.

ABGSC Media Research ... (+3)
  • ABGSC Media Research
  • Henrik Bartnes
  • Petter Nystrøm

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