** "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))
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