Schibsted ASA: 1 director

A director at Schibsted ASA bought 1,750 shares at 277.800NOK and the significance rating of the trade was 51/100. 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...

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.

Norway: Best ideas Q1'25

Buy the dip, ride the flip

Online classifieds: Q4 wrap

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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.

Schibsted (Sell, TP: NOK300.00) - Car dealer package selections suppor...

Our tracking of car ads in Norway shows that a significant share of the dealers traded up from the Basis package despite significant price increases. We believe this supports consensus of double-digit revenue growth for Mobility in 2025.

Big growth, bigger discounts

Schibsted (Sell, TP: NOK300.00) - Real estate package downgrades conti...

Our tracking and checks with industry sources show that the downgrading of packages from ‘Large’ to ‘Medium’ looks to have accelerated following the new pricing model in Real Estate. If the current trend continues, we believe there is downside risk to consensus and Schibsted growth targets presented at the CMD 2024.

Online classifieds: Q3 wrap

Peers' Q3 show resilience, overall confident for '25. SCH showing better ARPA momentum: Set to continue

Schibsted (Sell, TP: NOK300.00) - High valuation meets low growth

We are below consensus on Q4e EBITDA, due to soft growth and higher costs. We reiterate our SELL as we find the valuation rich, but keep our NOK300 target price as estimate cuts are offset by a peer group revaluation.

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