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Schibsted (Sell, TP: NOK260.00) - Publishing weighs on estimates

The strong Q2 results were supported by an overall continued positive trend within Market places. Despite the stock trading up c10%+ on the back of the results, we have lowered our forecasts due to the soft guidance for Publishing. With the stock now trading at premium to our SOTP based on online classified peers, we have downgraded our recommendation to SELL (HOLD) but maintain our target price of NOK260.

Schibsted (Hold, TP: NOK260.00) - Mixed report

We consider this a mixed report for Schibsted, including better than expected results from online classifieds but soft H2 EBITDA guidance for publishing. We expect the latter to trigger slightly negative estimate revisions to consensus EBITDA in the range of 1-3%. We believe a neutral to slightly negative share price reaction is warranted.

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Schibsted (Hold, TP: NOK260.00) - Expecting soft Q2 results

We see Schibsted disappointing consensus in Q2 (results due at 07.00 CET on 17 July), but expect the full-year investment phase guidance to be reiterated. Despite lowering our estimates, we have raised our target price to NOK260 (230) to reflect our updated SOTP amid recent sector multiples expansion. We reiterate HOLD.

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Schibsted (Hold, TP: NOK230.00) - Spanish sun versus Swedish rain

Schibsted reported a slightly weak Q1 report including figures slightly below expectations, a soft mix in online classifieds, weaker than expected results from publishing and a reiteration of guidance for lower investment-phase spending. We reiterate our HOLD recommendation as we continue to find valuation fair, but have hiked our target price to NOK230 (220) as negative estimate revisions are offset by recent sector multiples expansion.

Schibsted (Hold, TP: NOK220.00) - Q1 a tad soft

We consider this a neutral to slightly negative report, including results slightly below expectations and a reiteration of the guidance. We expect negative revisions to consensus EBTIDA and EPS of c1% and c5%, respectively, and a slightly negative to neutral share price reaction today.

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Schibsted (Hold, TP: NOK220.00) - Expecting soft Q1 in new format

Schibsted is set to report its Q1 figures on 3 May (due at 07.00 CET). We are cautious ahead of the results as we are slightly below consensus and expect no change to guidance. We reiterate our HOLD recommendation, but have lowered our target price to NOK220 (240) to reflect our updated SOTP, reflecting recent sector multiple contraction and the new reporting format.

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Schibsted (Hold, TP: NOK240.00) - Close, but no cigar

Schibsted’s Q4 results were more or less in line with expectations, but with a weak mix, as the key classified sites were slightly soft. We maintain HOLD, but have lowered our target price to NOK240 (260) reflecting negative estimate revisions.

Schibsted (Hold, TP: NOK260.00) - Neutral results with no spice

We believe the Q4 report was neutral to slightly negative for Schibsted, including underlying figures more or less in line with expectations, but with a mixed performance from key classified sites, reiteration of the guidance and outlook of lower investment phase spending next year. We expect no significant estimate revisions to consensus on the back of the report and believe a neutral share price reaction is warranted.

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Schibsted (Hold, TP: NOK260.00) - Focus on investment spending

We expect the Q4 results (due at 07:00 CET on 8 February) to be in line with consensus and the company to reiterate its guidance of lower investment phase spending. We keep our HOLD recommendation, but have raised our target price to NOK260 (250), reflecting positive estimate revisions on the back of FX effects and a slight reduction in investment phase spending for 2018.

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Schibsted (Hold, TP: NOK250.00) - Valuation is the only issue

Schibsted reported a convincing Q3, with all segments and key classified sites significantly above our estimates and consensus. We reiterate our HOLD recommendation as we continue to find the valuation less appealing, but we have raised our target price to NOK250 (200) on the back of positive earnings revision.

Schibsted (Hold, TP: NOK200.00) -

We believe this was a positive report for Schibsted, including figures above expectations with better than expected figures from all key segments. We expect consensus 2017 EBITDA to come up 5–8% on the back of the results and believe a positive share price reaction in the range of 5–10% is warranted.

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Upgraded to HOLD

Schibsted is set to report its Q3 results at 07:00 CET on 3 November. We expect figures marginally below consensus and a reiteration of the investment phase spending guidance. However, with the stock now trading more or less in line with our SOTP we have upgraded our recommendation from SELL to HOLD.