Schibsted announced yesterday that it is cancelling its previously announced DPS for 2019, and that COVID-19 is having a negative impact on classifieds (80% value stub ex Adevinta) and newspapers (8% of value stub). We cut our target price to NOK 227 following estimate cuts (- NOK 10/share) and a lower current valuation for Adevinta (- NOK 66/share). We maintain our Buy rating and view the current weakness as temporary as seen in previous downturns.
