Adevinta : An excellent Q2, sign of a marked improvement in operational efficiency
>Outperform rating, 2024e EPS lifted by 5%, TP of NOK 110 (vs NOK 105) - Adevinta’s share price shed 4% yesterday despite an excellent Q2 (8% > expectations for EBITDA) and the upward revision to 2023 targets. We understand that the fall in the share price is mainly related to a comment from management during the call, indicating that growth in H2 would 'decelerate' vs H1. However, this deceleration is hardly abnormal given the comps (+7% in H1 2022 vs +9% in H2 2022)...
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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