Schibsted ASA: 1 director

A director at Schibsted ASA sold 2,533 shares at 342.200NOK and the significance rating of the trade was 55/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly s...

Schibsted (Sell, TP: NOK300.00) - Less talk - show acceleration

We believe the Schibsted CMD revealed that its future success is more dependent upon its ability to create revenue growth than pursue low-hanging cost cuts. We reiterate our SELL and NOK300 target price, as we continue to find the valuation rich relative to its peer group and growth prospects.

Curtains up: '27 EBITDA in -line

Target: '27 EBITDA for NMP NOK 3.9bn, in -line with cons

Targets in reach, but tissue looks tough

Schibsted (Sell, TP: NOK300.00) - All eyes on Barcelona CMD

Schibsted is due to host its CMD in Barcelona on 19 November. With the stock up c70% YTD and Nordic Marketplaces trading at an implied 2024e EV/sales of c11x, we are concerned underlying market expectations on revenues and cost cuts could prove optimistic. We reiterate our SELL and NOK300 target price.

Lights up, stage set - showtime

We expect a positive CMD 19 Nov — BUY ahead of event. '27 / '28 targets most likely to us as the “transformation” takes time. SCH should surprise on cost, lifting EBITDA ~15% vs cons in '27e

Essity Aktiebolag (publ): 1 director

A director at Essity Aktiebolag (publ) bought 700,000 shares at 294.783SEK and the significance rating of the trade was 77/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two ...

XXL ASA (No_rec, TP: NOK) - Recommendation and target price withdrawn

XXL reported weak Q3 results and announced a contemplated NOK600m fully underwritten rights issue. Given DNB Markets’ role in the contemplated rights issue, we have withdrawn our recommendation and target price.

September: Pulp shipments -10% y-o-y

Prices Raised to Match Value

Disclosed prices on new Mobility packages: Up 16-71%. Could lift EBITDA 7% in 2025

Time to kick things off

Schibsted (Sell, TP: NOK300.00) - Growth down, valuation up

The Q3 report was strong, including results above consensus and a significant rise in Adevinta’s valuation. We reiterate our SELL, as we still find the valuation rich at 10x EV/sales for Nordic marketplaces, but have raised our target price to NOK300 (270) on positive estimate revisions and the revaluation of Adevinta.

Core +8% better, ADE value lifted

Q3: Group EBITDA 23% vs cons: NP 8.5% better on lower cost. Targets disclosed at upcoming CMD. ADE now at NOK +20bn

Standing firm against headwinds

Clean EBITA 1% above

Clean EBITA SEK 5.1bn vs. cons SEK 5.06bn — 1% above. Margin 14.1% (vs. 14.7% in Q2) — target is >15%. Pulp prices moving down, while tissue has seen price hikes.

100% Marketplace next

Selling all non-core. Probably mean asset sales for ~NOK +4bn (NOK 17/ share). Likely to be paid out as extra dividends

The new journey has started

Dive in before the show

Wood is up and Pulp is down

Q3 preview