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

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

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

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

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