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Schibsted: Visualisation Update

  • BUY @ NOK --

Investment Thesis

  • Market leader in online classifieds globally.
  • Valuation of Media Houses and four key established markets (Norway, Sweden, France and Spain) of NOK 52bn exceeds the EV of Schibsted of NOK 49bn.
  • Significant upside of NOK 31bn including central costs from other established markets and emerging markets where monetisation levels are low and recent corporate actions show reduced competitive intensity.
  • 61% upside to our NOK 336 price target based on a SOTP valuation.

Exhibit 1

 

 

 

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