Adevinta tops STOXX after Q2 beats estimates

Adevinta ASA

30/08/2022 08:07

** Shares in Adevinta  ADEA.OL  rise 14% after the world's
largest classified ads company published quarterly results with
core markets revenues up 10% year-on-year  urn:newsml:reuters.com:*:nFWN3051B2
    ** Jefferies notes Q2 sales came in 1.5% ahead of estimates
and EBITDA was 9% ahead of the company-compiled consensus with
the improvement driven by positive top-line evolution, lower
marketing investment and strict cost management
    ** "EBITDA initiatives are clearly reaping benefits with a 
strong Q2 o/p and the hint of upwards pressure to the mid-point
of FY22 guidance,"
    ** Sparebank1 Markets says it considers increasing its
estimates on 2022 EBITDA by ~5% but remains cautious in the
mid-term reflecting the cyclically in Motors and advertising, as
well as the dilutive margin effect from increased Consumer Goods
transactions
    ** The stock is on track for its best day in five months and
tops pan-European STOXX 600 index  .STOXX  
    ** Shares of Adevinta's largest owner Schibsted  SCHA.OL 
rise 3% in morning trade    

 (Reporting by Marie Mannes)
 ((Marie.mannes@thomsonreuters.com))