Schibsted (Sell, TP: NOK270.00) - Margins declining

We are slightly below consensus on Q3e EBITDA, as we expect somewhat lower growth in Nordic Marketplaces. We reiterate our SELL and NOK270 target price, as we continue to find implied market expectations for cost cuts too optimistic.

Norway: Best ideas Q3'24

The new rival won't fly

Our findings suggests that Real estate agents remain sceptical about Hjem.no. Key issue; quality, ownership, costs, and limited market participation

Schibsted ASA: 1 director

A director at Schibsted ASA bought 2,500 shares at 283.200NOK and the significance rating of the trade was 52/100. 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...

Online classifieds: Summer wrap

Time to roll up its sleeves

NMP 2% above on EBITDA , outlook unchanged. Increased pressure from Hjem.no, but well-positioned to defend. BUY, TP of NOK 380.

Schibsted (Sell, TP: NOK270.00) - Soft Q2, cautious outlook and cuts i...

Slightly weak Q2 results included EBITDA 2% below consensus, driven by HQ costs. We reiterate our SELL (as we continue to find implied market expectations for cost cuts too bullish) and our NOK270 target price, after trimming our 2024–2026e EBITDA.

Schibsted (Sell, TP: NOK270.00) - Mixed Q2

We consider this a mixed report for Schibsted, including group figures below consensus due to high HQ and restructuring costs, Nordic Marketplaces EBITDA slightly above and no new guidance. We expect consensus 2024e EBITDA to be revised down 1–3% and believe a slightly negative share price reaction is warranted.

As expected

Q2: Group EBITDA -1.6% vs cons: NP 2% better. Outlook unchanged

Changing its DNA

We are in line for Q2e, but 6% and 15% ahead for '25e & '26e. Changing its structure and culture — a 3-year journey. Yes, it can double; BUY, TP NOK 380 (440)

And we’re live

Cost cuts started: 250 workers set to leave as a first step (NOK 350m). SCH says: "This is only a start". In our view, more to come

Schibsted (Sell, TP: NOK270.00) - Priced for perfection

We have downgraded Schibsted to SELL (HOLD) and cut our target price to NOK270 (330) as positive estimate revisions are offset by the recent DPS. With the stock trading at a significant premium to peers on near-term multiples, we are concerned that the implied cost-cutting potential needed to justify the valuation is excessive.

Game on

Higher prices and cost cuts to accelerate growth. Doubling of NMP EBITDA in 3 years, 27% CAGR. +8% and 18% vs . cons . in '25/26. BUY, TP NOK 440 (350).

Just a delay

NMP 3% below, weak outlook and cost-cut delays. Buying the remainder of Finn at a ~28% discount to our SOTP. Still solid value support: SOTP NOK 350/sh. BUY, TP NOK 350 (355).

Schibsted (Hold, TP: NOK320.00) - Whetting the blade

Schibsted delivered a weak Q1 report, including figures below expectations adjusted for News Media due to higher costs YOY and the withdrawal of the 2024 guidance for Nordic Marketplaces. We reiterate our HOLD and NOK320 target price, with negative estimate revisions offset by peer group multiples expansion.

NP 3% below, cost cuts paused

Q1: Group EBITDA 0% vs cons: NP 3% below. Cost cuts paused until Media separation. Targets paused.

Schibsted (Hold, TP: NOK320.00) - Cautious distribution

Schibsted has announced a final agreement for the sale of News Media to the Tinius Trust and an intention to return NOK24bn to shareholders. We find the proposed distribution slightly on the low side as it will leave Schibsted debt free. Furthermore, we continue to find the proposed selling price for News Media low.

Schibsted (Hold, TP: NOK320.00) - All key segments set to disappoint

We are cautious ahead of Schibsted’s Q1 results (due at 07.00 CET on 26 April), expecting all the key segments to miss consensus on a combination of lower sales and higher costs. We reiterate our HOLD and NOK320 target price.

Schibsted (Hold, TP: NOK320.00) - News Media disguises softness

The Q4 report was soft, as the slight earnings beat was driven by news Media, which is set up for sale, while the outlook for Jobs and Lendo has led us to make slight reductions to our 2024e EBITDA. We reiterate our HOLD and NOK320 target price as we continue to see valuation support, with the stock trading in line with our SOTP.

Schibsted (Hold, TP: NOK320.00) - Time for reflection

Our Q4e EBITDA is 7% below consensus, driven by Nordic Marketplaces, as we see softer volume trends across the main verticals. We have raised our target price to NOK320 (290) but downgraded to HOLD (BUY), as the stock is trading in line with our SOTP adjusted for the potential selling price for Adevinta and News Media.