External reports (aggregated public sources), Value Investors Club

Value Investors Club

External reports (aggregated public sources)

Equity Bottom-Up

<ul><li>Schibsted is simplifying its business to become a pure-play online classifieds company</li><li>The company's biggest driver is Norway, operating across four verticals and four geographies</li><li>Recent initiatives including asset sales and cost reduction plans have positioned Schibsted for improved operating performance and growth potential</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.</em></p>

Schibsted is simplifying its business to become a pure-play online classifieds companyThe company's biggest driver is Norway, operating across four verticals and four geographiesRecent initiatives including asset sales and cost reduction plans have positioned Schibsted for improved operating performance and growth potentialThis content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

Schibsted (SCHB NO) - Friday, Aug 2, 2024

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

iShares MSCI ACWI ETF / Technical Analysis

<ul>
<li>With the MSCI ACWI (ACWI-US) approaching the top-end of our expected 2023 trading range at $93, we see limited upside from here, and we believe caution is warranted.</li>
<li>We want to remain overweight Europe and the UK, but we prefer to buy only on pullbacks.</li>
<li>The Hang Seng and MSCI China (MCHI-US) are both getting rejected at their important resistances discussed last week, and we would expect to see a basing process develop below resistance.</li>
</ul>


With the MSCI ACWI (ACWI-US) approaching the top-end of our expected 2023 trading range at $93, we see limited upside from here, and we believe caution is warranted.
We want to remain overweight Europe and the UK, but we prefer to buy only on pullbacks.
The Hang Seng and MSCI China (MCHI-US) are both getting rejected at their important resistances discussed last week, and we would expect to see a basing process develop below resistance.


Caution Warranted; ACWI-US At $93 Resistance; Buys in Communications, Staples, Materials, Financials

European Event-Driven Analyst

Jesus Rodriguez Aguilar

Event-Driven

<ul>
<li>Permira and Blackstone announced a NOK 115.0/share offer, two months after their approach was unveiled. 3-month VWAP premium is 52.6%. The offer represents 18.3x EV/NTM Fwd EBITDA (vs. 14.6x comparables)</li>
<li>The three largest shareholders (c.72.3%) communicated at the outset their support, so it's a done deal. 90% condition can be waived. Board says price "financially fair", but cannot recommend it.</li>
<li>I set my TP at NOK 115. The consortium could achieve an IRR of 17.8% by year 8. Spread is 3.3%/6.65% (gross/annualised, assuming settlement by 31 May). Long.</li>
</ul>


Permira and Blackstone announced a NOK 115.0/share offer, two months after their approach was unveiled. 3-month VWAP premium is 52.6%. The offer represents 18.3x EV/NTM Fwd EBITDA (vs. 14.6x comparables)
The three largest shareholders (c.72.3%) communicated at the outset their support, so it's a done deal. 90% condition can be waived. Board says price "financially fair", but cannot recommend it.
I set my TP at NOK 115. The consortium could achieve an IRR of 17.8% by year 8. Spread is 3.3%/6.65% (gross/annualised, assuming settlement by 31 May). Long.


<ul>
<li>An investor consortium (including Blackstone and Permira) has made a non-binding bid for <a href="https://www.smartkarma.com/entities/adevinta-asa" target="_blank" data-smartkarma-citation="entities:35679:1" rel="noopener">Adevinta ASA (ADE NO)</a>, which says the talks are in an early phase.</li>
<li>By applying a 30% premium, the potential offer price would be NOK 111.5/share (18.6x EV/Fwd NTM EBITDA, IBES consensus). A leveraged buyer could obtain an 18% IRR by year 8.</li>
<li>Adevinta trades (COM 26 September) at 17.6x EV/Fwd NTM EBITDA (vs. 16.4x median of comparables), so we can say the shares look fairly valued. Downside looks limited. I'd be long.</li>
</ul>


An investor consortium (including Blackstone and Permira) has made a non-binding bid for Adevinta ASA (ADE NO), which says the talks are in an early phase.
By applying a 30% premium, the potential offer price would be NOK 111.5/share (18.6x EV/Fwd NTM EBITDA, IBES consensus). A leveraged buyer could obtain an 18% IRR by year 8.
Adevinta trades (COM 26 September) at 17.6x EV/Fwd NTM EBITDA (vs. 16.4x median of comparables), so we can say the shares look fairly valued. Downside looks limited. I'd be long.


Blackstone&Permira/Adevinta: Potential LBO

<ul>
<li>2023 gameplan remains unchanged; we see limited upside from here for ACWI-US, and we expect a rangebound year of trading on ACWI-US with $93 capping upside and $75-77 capping downside</li>
<li>We also remain overweight Europe/UK, we want to add exposure on pullbacks to China/Hong Kong/EM, and overweight non-U.S. equities (MSCI ACWI ex-US) relative to MSCI ACWI</li>
<li>We highlight buy ideas within Technology, Communications, and Consumer Discretionary. The UK/Europe and Hong Kong/China continue to make up the majority of our buy recommendations</li>
</ul>


2023 gameplan remains unchanged; we see limited upside from here for ACWI-US, and we expect a rangebound year of trading on ACWI-US with $93 capping upside and $75-77 capping downside
We also remain overweight Europe/UK, we want to add exposure on pullbacks to China/Hong Kong/EM, and overweight non-U.S. equities (MSCI ACWI ex-US) relative to MSCI ACWI
We highlight buy ideas within Technology, Communications, and Consumer Discretionary. The UK/Europe and Hong Kong/China continue to make up the majority of our buy recommendations


Major Top on U.S. Dollar; Overweight Non-U.S. And Europe/UK; Buys in Tech, Comm., Discretionary

Norway

Schibsted ASA, through its subsidiaries, owns and operates online classifieds services. The Company also owns and operates media houses with print and online positions. Schibsted operates in parts Europe and other international markets.

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Schibsted ASA (SCHA NO)

Schibsted (SCHB NO) - Friday, Aug 2, 2024

Schibsted is simplifying its business to become a pure-play online classifieds company. The company's biggest driver is Norway, operating across...

Value Investors Club

Caution Warranted; ACWI-US At $93 Resistance; Buys in Communications, Staples, Materials, Financials

With the MSCI $ACWI approaching the top-end of our expected 2023 trading range at $93, we see limited upside from here and believe caution is...

Vermilion Research

Blackstone&Permira/Adevinta: Firm Offer

Permira and Blackstone have made a NOK 115.0/share offer for a company, with the support of its three largest shareholders (72.3%). The board...

Jesus Rodriguez Aguilar

Blackstone&Permira/Adevinta: Potential LBO

An investor consortium (including Blackstone and Permira) has made a non-binding bid for Adevinta ASA (ADE NO), which says the talks are in an...

Jesus Rodriguez Aguilar

Major Top on U.S. Dollar; Overweight Non-U.S. And Europe/UK; Buys in Tech, Comm., Discretionary

The $DXY broke below 5-year support at $103, signaling a major top in place. This is bullish for risk assets, and is another sign suggesting the...

Vermilion Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Schibsted (SCHB NO) - Friday, Aug 2, 2024

Schibsted is simplifying its business to become a pure-play online classifieds company. The company's biggest driver is Norway, operating across...

Value Investors Club

Caution Warranted; ACWI-US At $93 Resistance; Buys in Communications, Staples, Materials, Financials

With the MSCI $ACWI approaching the top-end of our expected 2023 trading range at $93, we see limited upside from here and believe caution is...

Vermilion Research

Blackstone&Permira/Adevinta: Firm Offer

​Permira and Blackstone have made a NOK 115.0/share offer for a company, with the support of its three largest shareholders (72.3%). The board...

Jesus Rodriguez Aguilar

Blackstone&Permira/Adevinta: Potential LBO

An investor consortium (including Blackstone and Permira) has made a non-binding bid for Adevinta ASA (ADE NO), which says the talks are in an...

Jesus Rodriguez Aguilar

Major Top on U.S. Dollar; Overweight Non-U.S. And Europe/UK; Buys in Tech, Comm., Discretionary

The $DXY broke below 5-year support at $103, signaling a major top in place. This is bullish for risk assets, and is another sign suggesting the...

Vermilion Research

Permira and Blackstone have made a NOK 115.0/share offer for a company, with the support of its three largest shareholders (72.3%). The board...