We have updated our estimates to reflect Schibsted Q1 PW and outlook statements from the CMD, leaving our ’23/24/25e Cash-EBIT down 16/5/4%, driven by News Media and Finn in ’23e, and the latter for ’24-25e. Other than this, we have nothing new to our investment case and thus reiterate our HOLD rec.. In our view, the low visibility, both for analysts and management, complex structure and questionable capital allocation combined with a valuation of 16x/23x ’23e Cash-EBIT/earnings is not attractiv ....
