Baltic Classifieds Group: still structurally attractive (stays BUY)

We maintain our BUY on Baltic Classifieds Group (BCG), with a revised 12-month price target (PT) of GBp 351 (from GBp 386), representing upside potential of 17% from the current price. The Estonian market is proving to be tougher than expected. The new car tax continues to hold back demand, and the early signs of a recovery have stalled, which has had a negative impact on Auto 24’s revenues. Following this development, we have lowered our revenues and EBITDA estimates, but argue that the long-term structural story remains attractive. We believe that this development represents a case of postpo...

ODDO : Warsaw visit notes – confidence about growth in an increasingly uncertain environment

Baltic Classifieds Group: still structurally attractive (stays BUY)

We maintain our BUY on Baltic Classifieds Group (BCG), with a revised 12-month price target (PT) of GBp 351 (from GBp 386), representing upside potential of 17% from the current price. The Estonian market is proving to be tougher than expected. The new car tax continues to hold back demand, and the early signs of a recovery have stalled, which has had a negative impact on Auto 24’s revenues. Following this development, we have lowered our revenues and EBITDA estimates, but argue that the long-term structural story remains attractive. We believe that this development represents a case of postpo...

EME Macro/Strategy: macro all-in-one – taking stock of the global picture

This week, we focus on how we see the data evolving in the Eurozone and the US. The September economic sentiment indices for the EU brought some positive tentative signs of a revival in the industrial sector, especially in central Europe. Outside of that, sentiment was rather unchanged relative to the earlier parts of the summer. Consumers are worried about the outlook for the economy, but it is not changing their willingness to plan large purchases in the near term, according to the survey results.