Schibsted A

Schibsted is engaged in the media industry and has four segments: Online classifieds, which include the Norwegian online marketplace and operations outside Norway; Schibsted Norge media house, which includes the media houses VG, Aftenposten, Bergens Tidende, Stavanger Aftenblad and Faedrelandsvennen, printing and distribution operations, and the publishing house Schibsted Forlag; Schibsted Sverige media house, which includes media houses Aftonbladet and Svenska Dagbladet and a portfolio of internet-based growth companies; and Media Houses International, which includes of free newspapers 20 Minutes in Spain and France and Eesti Meedia Group comprising of operations in the Baltic States.
  • TickerSCH
  • ISINNO0003028904
  • ExchangeOslo Bors
  • SectorMedia
  • CountryNorway

Analysts

Ole Martin Westgaard

Schibsted (Hold, TP: NOK230.00) - Adios Adevinta

We have upgraded Schibsted from SELL to HOLD, but cut our target price to NOK230 (270) to reflect the spin-off of Adevinta. We believe the continued positive outlook in Nordic Marketplaces and the revaluation of Adevinta has made the implied EV/EBITDA look more reasonable. At our target price of NOK230, Schibsted would be trading at an EV/EBITDA of 10x and a c10% discount to our SOTP.

Ole Martin Westgaard

Schibsted (Sell, TP: NOK270.00) - Soft Q1 We consider this a slightly negative report, despite a strong performance from finn.no, and reiterated guidance. We expect consensus EBITDA for Schibsted excluding Adevinta and IFRS16 to come down 2%, and believe

Schibsted (SCHA NO, Sell) - Soft Q1 We consider this a slightly negative report, despite a strong performance from finn.no, and reiterated guidance. We expect consensus EBITDA for Schibsted excluding Adevinta and IFRS16 to come down 2%, and believe a comparable share price reaction is warranted. Soft Q1… Revenues (excluding Adevinta) of NOK3,089m (we forecast NOK3,092m, consensus: NOK3,111m) and EBITDA (excluding Adevinta and IFRS16) of NOK334m (we forecast NOK378m, consensus: NOK369m). Q1 net profit was NOK320m (we forecast NOK348m, consensus: NOK371m). …but strong performance from finn.n...

Ole Martin Westgaard

Schibsted (Sell, TP: NOK270.00) - Mixed report from Adevinta

We consider this a mixed report for Schibsted, with the overall results for Adevinta slightly ahead but weaker than expected figures from France and a reiteration of the guidance. We expect no significant estimate revisions to consensus for Schibsted on the back of the report. A neutral to slightly negative share price reaction is warranted in our view.

Alexander Korda

Historic Split of Scandinavia’s Largest Media Group, Parent Retains Stake in Spinoff

The fast-growing online classifieds space gained a new player on Wednesday with Adevinta ASA (ADEB NO) hitting the European market following its distribution from Parent Schibsted ASA (SCHB NO). In a positive move to participate in the new company's growth prospects, SCHB plans to retain a ~60% stake in ADEB with the opportunity to monetize that stake later on. Meanwhile, both companies will benefit from industry veterans at the helm. The Edge View... Schibsted Media Group ASA (SCHB) announced the separation of its international marketplaces business on September 18, 2018, which directly resu...

Ole Martin Westgaard

Schibsted (Sell, TP: NOK270.00) - All eyes on spin-off

All eyes on spin-off Near-term focus remains on the Adevinta spin-off, which is set for 10 April. We continue to find Schibsted’s implicit valuation based on the proposed valuation range rich relative to its growth prospects, and we reiterate our SELL and NOK270 target price. For Q1 (results due at 07:00 CET on 15 May) we expect EBITDA of NOK800m (NOK421m Adevinta, NOK378m Schibsted). Q1 preview. We forecast Q1 EBITDA (excluding JVs) of NOK800m (consensus NOK836m), comprising NOK378m for ‘new’ Schibsted and NOK421m for Adevinta (EUR43m). For Adevinta, we forecast EBITDA including a proportion...

1 director sold

A director at Schibsted Asa sold 10,000 shares at 216.071NOK and the significance rating of the trade was 61/100. 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 showing Close periods where trading activity is restricted under listing rules. The names of board...

Mattias Holmberg ...
  • Ole Martin Westgaard
  • Ole-Andreas Krohn
  • Simen Mortensen

Northern Lights

Alexander Aukner ...
  • Helene Kvilhaug Brøndbo
  • Jon Masdal
  • Marius Knudssøn
  • Martin Huseby Karlsen
  • Nicolay Dyvik
  • Ole Martin Westgaard
  • Ole-Andreas Krohn
  • Simen Mortensen

Northern Lights

Christer Magnergård ...
  • Christoffer Wang Bjørnsen
  • Joachim Gunell
  • Mattias Holmberg
  • Nicolas McBeath
  • Nicolay Dyvik
  • Ole Martin Westgaard
  • Ole-Andreas Krohn
  • Rune Majlund Dahl
  • Tomi Railo

Northern Lights

Martin Arnell ...
  • Ole Martin Westgaard
  • Ole-Andreas Krohn

Northern Lights

Alexander Aukner ...
  • Ole Martin Westgaard
  • Ole-Andreas Krohn
  • Tomi Railo

Northern Lights

SCHIBSTED A reduced its risk exposure resulting in an upgrade to Slightly Positive

SCHIBSTED A (NO), a company active in the Publishing industry, reduced its market risk and raised its general evaluation. The independent financial analyst theScreener awarded an improved star rating to the company, which now shows 1 out of 4 possible stars; its market behaviour has improved and can be considered as defensive. theScreener believes that this new assessment merits an overall rating upgrade to Slightly Positive. As of the analysis date May 24, 2019, the closing price was NOK 227.90 and its potential was estimated at NOK 270.59.

Expert Corporate Governance Service (ECGS)

Schibsted - AGM 03 May 2019

In general, Schibsted is in compliance with the Norwegian regulations relating to the organisation and procedures of the AGM. Under ITEM 6, the board of directors seeks approval of the auditor's remuneration. In view of the substantial amount of non-audit fees, ECGS recommends to vote OPPOSE. Under ITEM 8b, the board of directors seeks approval to establish a LT incentive plan. ECGS notes that, under the Plan, members of the executive management will be entitled to performance in the event of below median peer group performance. In ECGS' view, the conditional grant of performance shares shou...

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

Add exposure to Technology, Communications We view weakness over the past week as correcting a significant amount of the excess optimism that was baked-in to global equities. As a result, we recommend taking advantage of the pullback by adding exposure to our favorite areas - namely Technology. Our overall outlook on global equities (both the MSCI ACWI and ACWI ex-US) remains positive and we continue to expect higher equity prices going forward. • Index overviews: MSCI ACWI ex-US, MSCI EM, STOXX Europe 50, and the TOPIX indexes are analyzed from both a price and RS perspective... see page 2...

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

Opportunity in EM countries Our cautious outlook and expectation for continued downward pressure on global equities remains intact. Broad global indexes (MSCI ACWI, ACWI ex-U.S., EAFE, and EM) are all trading within patterns of lower highs and lower lows, leading us to believe the most likely scenario is that this near-term bounce is likely nothing more than a countertrend rally before longer-term downtrends reassert themselves. • Opportunity in EM. Both a top-down and bottoms-up analysis point to opportunity in EM countries despite the intact downtrend for the MSCI EM index. Additionally, t...

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

Bottoms-up view on developed int'l, part two Big Picture: Our outlook remains neutral on the MSCI ACWI ex-U.S. index (when priced in local currency) while horizontal consolidation continues. On the other hand, we are negative on broad global ex-U.S. markets when priced in USD... see charts below. In today's report we take a bottoms-up approach to developed ex-U.S. equities, highlighting stocks that present attractive buy opportunities at current levels. Specifically we present actionable stocks within the Communications, Health Care, Manufacturing, Materials, Technology, Transportation, and U...

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