Schibsted falls after 'soft' ads revenue, weaker Norway disappoint

Adevinta ASA

10/02/2023 11:08

** Shares in Schibsted  SCHA.OL  fall around 4% after "soft"
advertising revenue, weaker Norwegian marketplace and a decline
in Jobs business overshadow a Q4 EBITDA beat
    ** UBS points to "soft" advertising revenue that fell 14% in
Nordic Marketplaces and 6% in News Media
    ** Danske Bank analyst Mads Ek Strøm notes a "turnaround in
EBITDA" but says Schibsted's Norwegian marketplace Finn was
"somewhat weaker"
    ** UBS says "there was a significant increase in opex within
Norway Marketplaces, up 27% yoy, which meant Finn's EBITDA
margin fell from 51% in Q3 to 44% in Q4"
    ** Sparebank 1 Markets analyst Øyvind Mossige highlights a
decline in the Jobs verticals that he expects to continue and
hit margins in what he calls a "high-margin business" for
Schibsted
    ** Shares of online classifieds group Adevinta  ADEA.OL ,
where Schibsted is a major shareholder, also fall 2.7% in
morning trade
    ** "Schibsted tend to follow Adevinta on the back of a
strong start to the year," Danske Bank's Ek Strøm says
    ** The Schibsted stock is on track for its worst day since
September if losses hold
 (Reporting by Greta Rosen Fondahn)
 ((Greta.RosenFondahn@tr.com))