Schibsted (Sell, TP: NOK290.00) - Muted growth continues

The Q1 results were above expectations on lower-than-expected costs, while growth continued to be muted. We reiterate our SELL as we continue to find the valuation high relative to growth prospects, but have raised our target price to NOK290 (280) on increased estimates.

Trim the cost, be the boss

~20% better on lower cost

Q1: Group EBITDA +17% vs cons on 9% lower cost. Confidence in targets. Cons '25 EBITDA +5%, stock up 5-10%

Schibsted (Sell, TP: NOK280.00) - Prisjakt sold at low price

Schibsted has signed an agreement to sell Prisjakt to eEquity for SEK500m. We find the price low, at c40% of our SOTP value, but find it positive that the company continues to simplify its portfolio to focus on Nordic Marketplaces. We expect a slightly negative share price reaction.

Prisjakt sold - closer to a pure marketplace

Prisjakt sold for SEK 500 / NOK ~2 per share

Valmet (Buy, TP: EUR32.00) - Solid beats in ‘stable businesses’

We have made only minor estimate changes following the Q1 results, and reiterate our BUY and EUR32 target price. We continue to find the valuation attractive at a 2026e EV/EBIT of below 9x.

Heads-up for report 7 May

Valmet (Buy, TP: EUR32.00) - Focus on orders

Valmet (VALMT FH, Buy) - Focus on orders (18 pages)

Confidence hit

Schibsted (Sell, TP: NOK280.00) - Falling short early, high hopes late...

We are significantly below consensus for Q1e EBITDA, expecting underperformance in all segments and verticals, except for Real Estate. We reiterate our SELL and have lowered our target price to NOK280 (290) on our estimate revisions. At our new target price, Schibsted would be trading at a c10% discount to our SOTP.

Earnings quality kick continues

Finnish Industrials (, ) - Earnings quality kick continues (32 pages)

Norway: Best ideas Q1'25

Buy the dip, ride the flip

Online classifieds: Q4 wrap

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Valmet (Buy, TP: EUR32.00) - Mixed Q4, with Services shining

We have cut our 2025–2026e clean EPS by c3% on average due to the Q4 earnings miss, our lower capital profitability forecast, and our higher financial cost estimates. We continue to believe the valuation is attractive, and reiterate our BUY and EUR32 target price.

Schibsted (Sell, TP: NOK290.00) - Uninspiring growth

The Q4 report was weak, with EBITDA 14% below consensus, reflecting soft growth in Nordic Marketplaces and higher costs than expected. We reiterate our SELL and on lowered estimates have cut our target price to NOK290 (300) – at which the stock would be trading at a 10% discount to SOTP and in line with peers on 2026e EV/EBITDA.

Tripped at the first hurdle; Q1 to improve

Core 9% below, targets kept

Q4: Group EBITDA -13% vs cons: NMP, core, EBITDA 9% below on higher cost.Targets kept. Short term headwind on ad rev (and Jobs)

Schibsted (Sell, TP: NOK300.00) - Time to Re(think)commerce

Recommerce’s transactional service is a key growth driver for Schibsted, despite its significant historical EBITDA losses. In this note, we have taken a closer look at what is needed to reach profitability in volumes and improved unit economics. We believe the 2027 CMD EBITDA target and consensus for the segment are optimistic, and that Schibsted should reconsider its strategic options to reduce losses and crystalise value. We reiterate our SELL and NOK300 target price.

Quality rise warrants multiples uplift

Our analysis shows that Finnish industrials have improved their earnings quality over the past 10 years, supported by expanding Service profitability and shares of total sales and earnings. We believe this together with improved stability, visibility and financials should be better rewarded in the valuations. We have a positive sector stance and highlight Konecranes, Metso and Valmet on potential multiples expansion.