Adevinta : A defensive and undervalued profile - Outperform recommendation reiterated
>Outperform rating reiterated - Adevinta’s share price gained 12% yesterday following a very strong Q2 2022 results publication (9% above expectations). However, we believe it remains undervalued at 14x 12-mth fwd EBITDA and that it could rebound given 1/ its very solid prospects (EBITDA CAGR 2021-2026e of 18%); 2/ a 2022 guidance that now looks conservative (Q2 2022 adjusted EBITDA margin at 36.7% vs 35.5% expected for the full year); and 3/ its defensive profile, al...
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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