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: NOK265.00) - Growth remains the key challenge

Schibsted reported a mixed Q3, with strong performance from Nordic Marketplaces offset by a tougher outlook for News Media, and restructuring costs. We have made only minor changes to our forecasts in light of the report, and reiterate our HOLD recommendation and NOK265 target price, as we find continue to find the valuation fair.

Ole Martin Westgaard

Schibsted (Hold, TP: NOK265.00) - Finn the only bright spot

Schibsted’s Q3 results are due at 07:00 CET on 25 October. We expect Q3 results to be more or less in line with consensus, driven by a continued positive trend in Finn, with all other key segments having a negative underlying EBITDA trend YOY. We reiterate our HOLD and have raised our target price to NOK265 (240) on the back of peer group multiples expansion.

Ole Martin Westgaard

Schibsted (Hold, TP: NOK240.00) - Time for buybacks as growth slows

Schibsted (SCHA NO, Hold) - Time for buybacks as growth slows (18 pages)

Ole Martin Westgaard

Schibsted (Hold, TP: NOK250.00) - Q2 a tad soft

We view this as a slightly negative report, with EBITDA in line but net profit slightly short, and the guidance reiterated. We see little change to consensus EBITDA, but EPS attributable to the owner to come down 5%. We view a slightly negative share price reaction warranted.

Ole Martin Westgaard

Schibsted (Hold, TP: NOK250.00) - The stub is increasingly appealing

Schibsted’s Q2 results are due at 07.00 CET on 16 July. We expect a mixed report, including results slightly above consensus, but with weak underlying EBITDA trends in several segments except for FINN. Thus we reiterate our HOLD recommendation, but have lifted our target price to NOK250 (230) on the revaluation of Adevinta, which makes the Schibsted stub increasingly appealing as a holding with the stock trading at an EV/EBITDA of 8x.

1 director sold

A director at Schibsted Asa sold 25,000 shares at 251.114NOK and the significance rating of the trade was 78/100. 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...

Christer Magnergård ...
  • Håkon Astrup
  • Jimi Lehtonen
  • Jon Masdal
  • Karl-Johan Bonnevier
  • Martin Arnell
  • Martin Hoang Nguyen
  • Mattias Holmberg
  • Niclas Gehin
  • Nicolas McBeath
  • Niklas Wetterling
  • Ole Martin Westgaard
  • Ole-Andreas Krohn
  • Olof Larshammar
  • Rune Majlund Dahl
  • Simen Mortensen
  • Tomi Railo

Northern Lights

Niklas Wetterling ...
  • Ole Martin Westgaard
  • Ole-Andreas Krohn
  • Rune Majlund Dahl
  • Simen Mortensen

Northern Lights

Christer Magnergård ...
  • Christoffer Wang Bjørnsen
  • Eivind Sars Veddeng
  • Frank Maaø
  • Joachim Gunell
  • Jon Masdal
  • Marius Knudssøn
  • Martin Huseby Karlsen
  • Ole Martin Westgaard
  • Ole-Andreas Krohn
  • Olof Larshammar
  • Patrik Ling
  • Rune Majlund Dahl
  • Simen Mortensen

Northern Lights

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

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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