Adevinta : Improved visibility and areas of uncertainty that should decline with each quarter – Outperform recommendation maintained

>Outperform maintained – target price adjusted to NOK 140 (vs NOK 175) - Despite a disappointing sequence since Q3, the recent decline in the stock is exaggerated. We think that the group is undervalued at 14.5x 2023e EBITDA due to: 1/ its position of European leader (giving it pricing power); 2/ its growth profile (2022e-2026e EBITDA CAGR of 20%); 3/ its capacity for cash generation (FCF/EBITDA of ~90%). With better visibility on the investment roadmap (the first tim...