News reports indicate that Adevinta is preparing for an IPO of Mobile.de valued at around EUR 10bn. When Adevinta was taken private, Mobile.de accounted for approximately 37% of group EBITDA (EUR 239m in 2023). Although visibility remains limited, we estimate the remaining part of Adevinta to generate EBITDA of around EUR ~750m in 2027e. Applying a 20x EV/EBITDA multiple implies a fair equity value of NOK ~35bn for VEND’s Adevinta stake - compared to VEND’s current valuation of NOK 20bn and our ....
