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    ADE   NO0010844038

ADEVINTA ASA

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Adevinta Q3 growth lags as car ads take a hit

11/25/2021 | 01:49am EST

OSLO, Nov 25 (Reuters) - Norway's Adevinta, the world's largest classified ads company, posted on Thursday a smaller-than-expected rise in its third-quarter revenue, hampered by weakness in the autos segment, which it said will continue into next year.

Adevinta's July-September revenue rose 6% year-on-year to 386 million euros ($432.74 million), lagging analysts' average forecast of 406 million euros, according to Refinitiv data.

A shortage of semiconductors has constrained global car production this year, hampering sales and, in turn, advertising. Adevinta's German unit Mobile.de saw a 3% revenue decline in the third quarter, compared to last year.

Adevinta's earnings before interest, tax, depreciation and amortization (EBITDA) declined 7% year-on-year to 127 million euros in the third quarter, lagging the 136 million euros expected by analysts, according to Refinitiv.

The company on Thursday set a goal of growing by 15% in the mid-to-long term following its recent $13 billion takeover https://www.reuters.com/business/adevinta-ebay-clear-final-hurdle-13-bln-advertising-tie-up-2021-06-18 of eBay's classified ads unit, but this would not be met next year.

"In 2022, assuming a gradual recovery in the motors market in the second half, we expect core markets revenue growth to be low double-digit," Adevinta said in its earnings report.

The company also announced it plans to divest its operations in Australia and South Africa next year. ($1 = 0.8920 euros) (Reporting by Terje Solsvik; editing by Uttaresh.V)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
ADEVINTA ASA -1.75% 101.1 Real-time Quote.-13.81%
EBAY INC. -1.93% 59.54 Delayed Quote.-10.47%
SCHIBSTED ASA -1.83% 285 Real-time Quote.-16.20%
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Analyst Recommendations on ADEVINTA ASA
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Financials
Sales 2021 1 250 M 1 417 M 1 417 M
Net income 2021 49,4 M 56,0 M 56,0 M
Net Debt 2021 2 284 M 2 590 M 2 590 M
P/E ratio 2021 832x
Yield 2021 0,04%
Capitalization 12 244 M 13 949 M 13 884 M
EV / Sales 2021 11,6x
EV / Sales 2022 8,10x
Nbr of Employees 3 917
Free-Float -
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Mean consensus OUTPERFORM
Number of Analysts 20
Last Close Price 101,10 NOK
Average target price 155,36 NOK
Spread / Average Target 53,7%
EPS Revisions
Managers and Directors
Rolv Erik Ryssdal Chief Executive Officer
Uvashni Raman Chief Financial Officer
Orla Noonan Chairman
Renaud Franck Bruyeron Senior Vice President-Product & Technology
Sophie Constance Javary Independent Director
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