SELL: Analyst Ole Martin Westgaard expects price drop in Adevinta. Photo: Ivan Kverme
The headline company Adevinta presented quarterly figures on Tuesday which showed that revenues increased from 180.3 million euros in the third quarter of 2019 to 183.3 million euros in the third quarter of 2020. Operating profit before depreciation and amortization (EBITDA) came in at 57.1 million euros while profit before tax ended with a deficit of 12.7 million euros.
“We consider this a neutral report for Adevinta”, writes DNB Markets in an update.
The brokerage expects that the consensus EBITDA will be raised by two percent for 2020 and at the same time emphasizes that there is some uncertainty in the short term.
“According to Adevinta, the advertising market is still weak, and the impact on the group’s revenues is usually higher in the fourth quarter due to seasonal fluctuations,” writes analyst Ole Martin Westgaard.
DNB Markets recommends the sale of Adevinta and operates with a price target of NOK 120.
On Tuesday, the share is traded for NOK 152, down 2.3 percent, which gives the company a market value of NOK 104 billion. So far this year, the share has risen 46 percent.
| (EUR million) | 3. kv./20 | 3. kv./19 |
| Operating revenues | 183,3 | 180,3 |
| EBITDA | 57,1 | 54,1 |
| Result before taxes | −12,7 | 38,4 |
| Result after tax | −27,7 | 22,2 |
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- International classifieds company with a portfolio consisting of digital marketplaces and products.
- Has headquarters in Oslo, and Rolv Erik Ryssdal is CEO.
- Received the current company form after separation from the Schibsted Group and subsequent listing on the Oslo Stock Exchange in April 2019.
- The largest shareholder is Schibsted.
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