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1. Company Snapshot

1.a. Company Description

Schibsted ASA, together with its subsidiaries, operates as a media company.The company operates through Nordic Marketplaces, News Media, eCommerce & Distribution, and Financial Services & Ventures segments.It operates online classified operations that provide technology-based services to connect buyers and sellers and facilitate transactions from job offers to real estate, cars, travel, consumer goods, and others.


The company also offers news brands, such as VG, Aftenposten, Bergens Tidende, Aftonbladet, and Svenska Dagbladet in paper and digital formats, as well as operates printing plant.In addition, the company distributes newspapers and parcels for businesses and consumers under the Helthjem and Morgenlevering brands.Further, it has a portfolio of digital companies, which include Lendo that offers digital marketplaces for consumer lending; and Prisjakt, which offers price comparison for consumers.


The company operates in Norway, Sweden, Finland, Denmark, other European countries, and internationally.Schibsted ASA was founded in 1839 and is headquartered in Oslo, Norway.

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1.b. Last Insights on SCHB

Unfortunately there is no news available at this time to explain the performance of SCHB.OL

1.c. Company Highlights

2. Vend's Q3 Earnings: Mixed Results and Strategic Progress

Vend reported Q3 revenues of NOK 1,595 million, a 1% year-on-year decline, driven by a reduction in the other HQ segment, discontinued revenue streams in Recommerce and Jobs, and a soft advertising area. However, group EBITDA increased by 24% to NOK 640 million, driven by reduced operating expenses across the group, including lower personnel costs, marketing costs, and costs related to the phaseout of TSA agreements with Schibsted Media. The EPS came out at '-9.63' relative to estimates at '0.78', indicating a significant deviation from expectations. With a P/S Ratio of 9.03, the market seems to be pricing in a certain level of growth, which is expected to be around 8.1% next year according to analysts' estimates.

Publication Date: Nov -03

📋 Highlights
  • ...: ...
  • Revenue Decline and EBITDA Growth:: Q3 revenues fell 1% YoY to NOK 1,595M, while EBITDA surged 24% to NOK 640M due to cost reductions, including NOK 300M reduced losses in Other HQ.
  • Vertical Performance:: Mobility and Real Estate saw revenue growth (8% and 9% respectively), driven by 17% ARPA growth in Norway and 29% transactional model growth.
  • Cost Optimization and Buybacks:: Operating expenses dropped, enabling a NOK 2B share buyback program post-AMB structure removal, alongside divesting Lendo and initiating Delivery sale.
  • 2026 EBITDA Outlook:: Anticipates a NOK 100M EBITDA headwind in 2026 but projects full recovery by 2027, maintaining medium-term targets despite volume uncertainty.
  • Liquidity and Strategic Shifts:: Holds NOK 1.6B in short-term liquidity, BBB+ rating with positive outlook, and focuses on platform consolidation and pricing optimization in Norway.

Segmental Performance

The company's verticals showed mixed results: Mobility revenues increased 8%, driven by 13% growth in classifieds revenues and 18% growth in transactional revenues, with ARPA growth across all markets and segments. Real Estate classifieds revenues grew 9%, driven by 17% ARPA growth in Norway, while transactional models showed 29% revenue growth. Jobs delivered 1% underlying revenue growth in Norway, driven by 17% ARPA growth. Recommerce revenues declined 2%, with a 20% year-on-year increase in transactional revenue.

Strategic Initiatives

The company also announced a new share buyback program, approved by the Board, and the appointment of Yale Varty as the new Chief Commercial Officer. Additionally, Vend signed an agreement to sell Lendo and started the sales process for Delivery, with a focus on exiting its venture portfolio. The company is finalizing the removal of the dual share class. As the company continues to simplify its operations, it expects to continue to reduce costs, although not necessarily at the same pace as revenue decline.

Outlook and Valuation

The company expects continued solid ARPA momentum across all verticals in Q4, but volume trends remain difficult to predict. The simplification agenda will continue to affect results in Q4, reflecting the final effects of the phaseout and deconsolidation of revenue streams. With an EV/EBITDA ratio of 8.4, the market is pricing in a certain level of profitability, which the company is expected to achieve through its cost-saving initiatives. For 2026, the company expects a temporary EBITDA headwind of up to NOK 100 million compared to 2025, which it expects to mitigate fully in 2027.

Growth Prospects

The company remains confident in its ability to deliver on medium-term targets, with multiple divestments made during the first 9 months of 2025, including the sale of Prisjakt and Lendo. The exit processes for skilled trade marketplaces are progressing as planned, and a process to sell delivery has been initiated. The company will launch another NOK 2 billion share buyback program after the collapse of the AMB share structure is completed. With an ROE of 22.64%, the company is generating strong returns on equity, indicating a healthy financial position.

3. NewsRoom

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Schibsted ASA (SBBTF) Q1 2025 Earnings Call Highlights: Revenue Growth and Strategic ...

May -08

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Schibsted ASA (SBSNF) Q4 2024 Earnings Call Highlights: Revenue Growth Amid Advertising Challenges

Feb -08

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Schibsted ASA (SBBTF) Q3 2024 Earnings Call Highlights: Strong Revenue Growth Amid Strategic ...

Oct -26

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Schibsted ASA (SBBTF) Q2 2024 Earnings Call Highlights: Navigating Growth Amidst Market Challenges

Oct -09

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Jan -16

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UPDATE 5-Sweden's Viaplay to raise cash, restructure debt, shares plunge 82%

Dec -01

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (6.53%)

6. Segments

News Media

Expected Growth: 2.73%

Schibsted ASA's News Media segment growth of 2.73% is driven by increasing online advertising revenue, driven by a rise in digital media consumption and a shift towards online news sources. Additionally, the company's focus on digital transformation, cost savings initiatives, and strategic acquisitions have contributed to the growth.

Nordic Marketplaces

Expected Growth: 10.02%

Nordic Marketplaces from Schibsted ASA's 10.02% growth is driven by increasing online classifieds adoption, strong demand for e-commerce and digital services, strategic acquisitions, and investments in product development and marketing. Additionally, the company's diversified revenue streams, including real estate, automotive, and general merchandise, contribute to its growth momentum.

Eliminations

Expected Growth: 4.83%

Schibsted ASA's 4.83% growth is driven by increasing online classifieds revenue, expansion into new markets, and strategic acquisitions. Additionally, the company's focus on digital transformation, cost savings initiatives, and strong cash flow generation have contributed to its growth momentum.

Growth & Investments

Expected Growth: 9.9%

Schibsted ASA's 9.9% growth is driven by its diversified revenue streams, strong online classifieds business, and strategic investments in digital marketplaces. The company's focus on innovation, expansion into new markets, and increasing monetization of its online platforms also contribute to its growth momentum.

Delivery

Expected Growth: 9.27%

Schibsted ASA's 9.27% growth is driven by increasing online classifieds revenue, expansion into new markets, and strategic acquisitions. Additionally, the company's focus on digital transformation, cost savings initiatives, and strong operational efficiency have contributed to its growth momentum.

Other/Headquarters

Expected Growth: 8.27%

Schibsted ASA's Other/Headquarters segment growth of 8.27% is driven by strategic investments in digital transformation, cost savings initiatives, and a strong focus on innovation. Additionally, the company's diversified revenue streams, including online classifieds and marketplaces, contribute to its growth momentum.

7. Detailed Products

Marketplaces

Online marketplaces for buying and selling goods and services

Digital Market Services

Digital marketing and advertising services for businesses

Online Classifieds

Online platforms for buying and selling goods and services, including real estate, jobs, and cars

Media Houses

News media outlets and publishing companies

Financial Services

Financial services, including payment solutions and consumer finance

Data and Tech

Data analytics and technology services for businesses

8. Schibsted ASA's Porter Forces

Forces Ranking

Threat Of Substitutes

Schibsted ASA operates in the online classifieds and media industry, where substitutes are readily available. However, the company's strong brand recognition and diversified portfolio of services mitigate the threat of substitutes.

Bargaining Power Of Customers

Schibsted ASA's customers have limited bargaining power due to the company's dominant market position and the lack of alternative options for online classifieds and media services.

Bargaining Power Of Suppliers

Schibsted ASA relies on a diverse range of suppliers for its operations, including technology providers and content creators. While suppliers have some bargaining power, the company's scale and diversification mitigate this threat.

Threat Of New Entrants

The online classifieds and media industry is highly competitive, and new entrants can easily disrupt the market. Schibsted ASA must continually innovate and adapt to stay ahead of new competitors.

Intensity Of Rivalry

The online classifieds and media industry is highly competitive, with many established players vying for market share. Schibsted ASA must continually innovate and differentiate itself to maintain its market position.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 11.93%
Debt Cost 5.92%
Equity Weight 88.07%
Equity Cost 8.80%
WACC 8.46%
Leverage 13.54%

11. Quality Control: Schibsted ASA passed 3 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
RCS MediaGroup

A-Score: 7.5/10

Value: 8.5

Growth: 3.7

Quality: 6.9

Yield: 9.4

Momentum: 8.5

Volatility: 8.0

1-Year Total Return ->

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Stock-Card
Telenor

A-Score: 6.9/10

Value: 4.8

Growth: 3.3

Quality: 5.7

Yield: 8.8

Momentum: 9.0

Volatility: 10.0

1-Year Total Return ->

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Orange Polska

A-Score: 6.5/10

Value: 7.3

Growth: 4.1

Quality: 4.5

Yield: 8.1

Momentum: 7.0

Volatility: 8.0

1-Year Total Return ->

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Pearson

A-Score: 6.2/10

Value: 6.4

Growth: 5.1

Quality: 7.2

Yield: 4.4

Momentum: 5.5

Volatility: 8.7

1-Year Total Return ->

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Informa

A-Score: 5.1/10

Value: 2.4

Growth: 6.2

Quality: 4.2

Yield: 2.5

Momentum: 6.5

Volatility: 9.0

1-Year Total Return ->

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Stock-Card
Schibsted

A-Score: 4.3/10

Value: 4.1

Growth: 3.0

Quality: 7.3

Yield: 1.9

Momentum: 5.5

Volatility: 4.0

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

321.8$

Current Price

321.8$

Potential

-0.00%

Expected Cash-Flows