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.
25 Mar 2020
Negative near-term impact from COVID-19
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Negative near-term impact from COVID-19
Schibsted Asa Class A (XPG:FRA) | 0 0 0.0%
- Published:
25 Mar 2020 -
Author:
Henriette Trondsen -
Pages:
16
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.