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Daniel Vårdal Haugland
  • Daniel Vårdal Haugland

Schibsted - Q3 was no game-changer

Q3: low-quality beat, guidance cut, weaker FCF Core segments softer Near-term repricing unlikely, but big underlying value

Daniel Vårdal Haugland
  • Daniel Vårdal Haugland

Schibsted - Q3 first take: mixed bag

EBITDA of NOK 655m, +4% vs cons Low quality beat: mainly FS&V and group/HQ Guidance cut, but limited est chgs – cons already lower

Daniel Vårdal Haugland
  • Daniel Vårdal Haugland

Schibsted - No relief in Q3

Q3e: FINN Jobs weaker, News Media not better Low stub valuation, but no relief with a report below cons. Waiting game until assets are divested

Daniel Vårdal Haugland
  • Daniel Vårdal Haugland

Schibsted - Q2 not a trigger for repricing

Q2 below on higher costs and weak eCom momentum Stub excl. ADE stake priced at historically low levels Waiting game until ADE stake is liquidated – BUY

Daniel Vårdal Haugland
  • Daniel Vårdal Haugland

Schibsted - Q2 below on higher costs

EBITDA* of NOK 620m, -5% vs cons Marketplaces still strong, costs higher in News & HQ ‘22 EBITDA target lowered, cons est likely down 2-7%

Daniel Vårdal Haugland
  • Daniel Vårdal Haugland

Schibsted - Some headwinds in Q2e

Q2e: weaker momentum in e&D and FS&V segments Stub excl. ADE stake priced at historical low levels Stay patient – BUY

Daniel Vårdal Haugland
  • Daniel Vårdal Haugland

Schibsted - Mixed report, but still good value

Q1 weaker than expected, but no large estimate changes Roughly half of EBITDA priced to zero Stay patient – BUY

Daniel Vårdal Haugland
  • Daniel Vårdal Haugland

Schibsted - Q1 below, FY likely unchanged

EBITDA* of NOK 480m, -8% vs cons Margins below in News Media and Financial Services ‘22 EBITDA target in line with cons, smaller cons est chgs

Daniel Vårdal Haugland
  • Daniel Vårdal Haugland

Schibsted - Too cheap to ignore

Costs set to follow after ~30% EBITDA* growth in 2021 However, half of EBITDA is priced at zero Lacking short-term triggers, but patience will pay off: BUY

Aksel Øverland Engebakken
  • Aksel Øverland Engebakken

Schibsted - Q4 showed signs of what is to come in ‘21

Solid across the board, News Media shows strength Positive revisions in News Media boost EBITDA Several catalysts in 2021- reiterate BUY, TP NOK 397

Aksel Øverland Engebakken
  • Aksel Øverland Engebakken

Schibsted - News Media drives solid EBITDA beat

Strong ~12% EBITDA beat driven by News Media Underlying flat growth and margin in Marketplaces Small positive estimate revisions and share reaction

Aksel Øverland Engebakken
  • Aksel Øverland Engebakken

Schibsted - News Media outperforms Marketplaces in Q3

Strong quarter driven by solid News Media margin 21/22e adj. EBITDA +11 and 7% on better News Media BUY: TP NOK 389 (291)

Aksel Øverland Engebakken
  • Aksel Øverland Engebakken

Schibsted - Q3 shows that people need the ”News Media”

Strong EBITDA driven by massive beat in News Media Nordic Marketplaces broadly in line Hikes long term target for margin in News Media by 2pp

Aksel Øverland Engebakken
  • Aksel Øverland Engebakken

Schibsted - Classifieds and media showed resilience

Better than feared in Q2 across business units Nordic Marketplaces revised EBITDA up 3% recurring Reiterate BUY, TP NOK 291

Aksel Øverland Engebakken
  • Aksel Øverland Engebakken

Schibsted - Resiliant margins amidst revenue shortfall in Q2

Q2 EBITDA ex. ADE + ~87% vs. consensus Acquires classified in Finland: Makes sense but not cheap Small positive underlying earnings revisions expected

Aksel Øverland Engebakken
  • Aksel Øverland Engebakken

Schibsted - Hit by COVID-19 but looks set to ride the storm

Some Marketplaces resilience amid COVID-19 headwind Estimates down but positive indicators in Classifieds Reiterate BUY, TP cut to NOK 230

Aksel Øverland Engebakken
  • Aksel Øverland Engebakken

Schibsted - Weak in “Growth” and News, but in line on Classifieds

Slightly weak Q1 driven by weak News and Growth division Classifieds in line on EBITDA with FactSet consensus Highlights Q2 will get worse but this is also expected

Expert Corporate Governance Service (ECGS)
  • Expert Corporate Governance Service (ECGS)

Schibsted – AGM 6 May 2020

ECGS notes that as a result of the Covid-19 pandemic the AGM will be held as an electronic meeting only. Consequently, it will not be possible to attend the AGM in person.   In general, Schibsted is in compliance with the Norwegian regulations relating to the organisation and procedures of the AGM.   Under ITEM 5 approval is sought of the auditor's remuneration. In view of the substantial amount of non-audit fees, ECGS recommends to vote OPPOSE.   Under ITEM 6a the board of directors...

Aksel Øverland Engebakken
  • Aksel Øverland Engebakken

Schibsted - Q4 spurs caution rather than confidence

Passable in Classifieds, weak in Media Negative changes in Media related to Aftonbladet Reiterate HOLD, TP up to 268 (240)

Aksel Øverland Engebakken
  • Aksel Øverland Engebakken

Schibsted - ESG profile

Looking at SCH’s efforts within CSR, it seems like the company puts efforts into improving diversity and aiming for gender equality. One example is its new recruitment policy wherein all candidates meet one female and one male interviewer during the hiring process. SCH also works to improve human capital and aims for all employees to complete performance reviews with their managers during the year. In 2018, 59% of employees completed reviews, leaving SCH short of its own goal. Overall, we find...

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