Adevinta asset sales to shape 2025 for European classifieds, Jefferies says
21/01/2025 13:09
** "The great redistribution begins in 2025," Jefferies says in a note on European online
classifieds, referring to the expected break-up of Adevinta
** It expects Adevinta, which was acquired by a consortium and delisted last year, to sell
assets in 2025
** Schibsted SCHA.OL , which holds 14% in Adevinta, is among Jefferies' top picks for 2025
thanks to its exposure to the break-up
** It sees a break-up equity value of EUR 19-24 billion for the consortium, at the midpoint
NOK 133 per Schibsted share
** In property classifieds, Jefferies expects to see "the CoStar bandwagon build steam",
with U.S.-based CoStar CSGP.O possibly considering buying some Adevinta assets as it
continues to expand in Europe; it notes CoStar has not commented on a possible interest
** CoStar's momentum in the UK is negative for Rightmove RMV.L , Jefferies' least
preferred stock that it downgrades to "underperform"
** Its other top picks are Hemnet HEM.ST and Auto Trader AUTOA.L , "the two highest
quality structural growth stories in the sector"
COMPANY RATING OLD RATING PT OLD PT
Schibsted buy - NOK 395 NOK 325
Rightmove underperform hold GBp 495 GBp 720
Scout24 G24n.DE hold - EUR 80 EUR 74
Hemnet buy - SEK 435 SEK 430
Auto Trader buy - GBp 965 GBp 885
Baltic Classifieds Group BCG.L hold - GBp 300 GBp 225
(Reporting by Marta Frackowiak)
((marta.frackowiak@thomsonreuters.com))