Schibsted ASA (SCHA/SCHB)

Capital Markets Day 2019 - Two separate growth companies presented

Today, Schibsted and Adevinta host a joint Capital Markets Day in London. Adevinta is the name of Schibsted's international marketplaces operations, which will be spun off and listed separately.

The event starts at 09:00 UK time (10:00 CET). The presentation material and more information about the event is available on www.schibsted.com/ir. The presentation can be followed on a live webcast on the same URL, and a recording will be made available shortly after the end of the event, which is at 16:30 UK time, 17:30 CET.

At the event, CEO Kristin Skogen Lund presents the strategy for Schibsted after the demerger of Adevinta, with clear ambitions to be a Nordic digital front-runner, continuing to create shareholder value through long term growth in the company's three business areas Nordic Marketplaces, News Media and Next. The three areas will optimize their individual brands and business models, but at the same time they will increasingly reinforce each other by exchanging traffic, data, technology and competence.

Based on the new structure, Schibsted has set out the target to grow its revenue in the Nordic Marketplaces business area by 8-12 percent yearly in the medium to long term. The business area comprises leading online classifieds sites in Norway (Finn.no), Sweden (Blocket.se) and Finland (Tori.fi). For its News Media business area, Schibsted has the ambition to keep EBITDA margin stable, on the back of continued digital revenue growth curbed by decline in print related revenue. The company experiences strong growth in the fast developing financial services market, particularly driven by Lendo.

With regards to capital allocation, Schibsted will focus on targeted M&A activities aiming to strengthen market positions and bolt on adjacent businesses. Dividend will be stable to increasing over time, and the company will target a level of net interest bearing debt in the range of 1-3 times EBITDA, making it possible to lever up if a particularly attractive investment becomes available. Any over-capitalisation to be addressed through (extraordinary) dividend or share buyback.

CEO of Adevinta, Rolv Erik Ryssdal, presents Adevintas overall strategy and market position as a leading pure-play international marketplace operator. Adevinta operates in 16 markets, covering a population footprint of 800 million, generating 1.5 billion monthly visits. With an attractive business model, based on strong network effects and footprint in highly attractive geographies, Adevinta is in the position to exploit a significant global market opportunity.