Adevinta (Hold, TP: NOK140.00) - Growth set to accelerate

Adevinta reported a better-than-expected Q1, with signals that growth is set to accelerate in Q2, supported by easy comparables and an improved market outlook. We reiterate our HOLD as we continue to find the valuation fair, but have raised our target price to NOK140 (130) on positive estimate revisions.

Adevinta (Hold, TP: NOK130.00) - France strikes back

We consider this a positive report, with figures above expectations, no change to guidance, and positive outlook comments. We expect 2–3% revisions to consensus 2021 EBITDA on the back of the results, and believe a positive share price reaction is warranted.

Adevinta (Sell, TP: NOK120.00) - Planning to divest UK assets

Adevinta and eBay have proposed to divest Shpock, Gumtree and Motors.co.uk, to ease concerns raised by the UK Competition and Market Authorities (CMA). We find this value-neutral for Adevinta, as we consider the assets to be non-core, and the selling proceeds will be entitled to Adevinta shareholders.

Adevinta - Investing for growth in 2021

Q4 flat y-o-y as ADE was heavily impacted by lockdown Growth initiatives likely to depress margins in ‘21e Reiterate BUY, TP of NOK 155 (175), ‘21e EBITDA -5%

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Adevinta (Sell, TP: NOK120.00) - Nothing to move the needle

Q4 was mixed, with revenue and EBITDA largely in line, net profit significantly below, and a soft 2021 margin outlook. We reiterate our SELL and NOK120 target price, with the cuts to our Adevinta estimates offset by eBay Classifieds’ better than expected Q4.

Adevinta (Sell, TP: NOK120.00) - Q4 mixed and soft margin outlook

We consider this a mixed report, with slightly weaker revenues, offset by better underlying margins, masked at the net profit level by a write-down. We expect 2–5% negative revisions to consensus 2021e EBITDA on the soft near-term margin outlook, and see a slight negative share price reaction as warranted.

Adevinta - Slightly soft on Q4 and margin outlook for 21e

Numbers slightly on the soft side in challenging market Says revenue mix will affect EBITDA margin neg in 21 Share expected down today

Adevinta (Sell, TP: NOK120.00) - Recovery loses momentum in Q4e

We remain cautious ahead of the Q4 report (due at 07:00 CET on 11 February), expecting EBITDA slightly below consensus. We reiterate our SELL and NOK120 target price as we continue to find the valuation rich and the market outlook mixed.

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Adevinta (Sell, TP: NOK120.00) - Subdued outlook for 2021

Adevinta’s Q3 results were just above the guided level, but included soft guidance for Q4 and a subdued market outlook for 2021 due to rising Covid-19 cases. We reiterate our SELL and NOK120 target price despite small negative estimate revisions. We still find the valuation rich; the stock is trading at a 2020e EV/sales of 13x including eBay Classifieds.

Talking Points - Swedish Match: Stellar Q3 numbers across the board

SKF (Buy) Post-results: Impressive pricing and savings ‘21e and ‘22e EBIT raised by 1% Valuation remains stretched, reiterate HOLD

Adevinta - Manoeuvring well in a rough sea

Q3 largely as expected Limited underlying revisions to estimates Long-term case stands: BUY, TP NOK 175

Adevinta (Sell, TP: NOK120.00) - Strong Q3 with cautious outlook

We consider this a neutral report for Adevinta, including figures slightly ahead of our expectations post the trading update, but with a cautious outlook for Q4. We expect 2% positive revisions to consensus 2020e EBITDA, in line with our comments at the Q3 trading update, and believe a neutral share price reaction is warranted.

Adevinta - Largely as expected

Q3: EBITDA beat on low marketing and other opex Limited estimate revisions expected Positive KPIs, but macro remains uncertain into Q4

Adevinta (Sell, TP: NOK120.00) - France back to growth

We expect a solid Q3 EBITDA 6% above consensus, driven by a positive trend in underlying revenues in France and Brazil partly offset by soft trends in Spain, Global Markets and in display advertising. The Q3 results are due at 07:00 CET on 27 October. We reiterate our SELL and NOK120 target price as we continue to find the valuation rich, given the still-high Covid-19 uncertainty and subdued market outlook.

Northern Lights

Adevinta (Sell, TP: NOK120.00) - Big and bold, but expensive

We have lifted our target price to NOK120 (85) following the acquisition of eBay Classifieds, which we find positive. Nevertheless, we reiterate our SELL as we still find the valuation rich relative to peers, given the stock is trading at the highest EV/EBITDA in its broader peer group despite lower growth prospects.