Microvast Holdings announces departure of chief financial officer
Investing.com - UBS initiated coverage on Swedish property advertising platform Hemnet Group AB (STO:HEM) with a Sell rating and a price target of SEK225.00 on Friday.
The leading property advertising platform in Sweden has shown strong historical growth, with EBITDA increasing at a 33% CAGR during 2019-24, outpacing other European classifieds which averaged 8% growth excluding Vend, according to UBS.
Despite this past performance, UBS analyst Yulia Kazakovtseva noted the company "has been facing cyclical pressure" recently, adding that "we believe the medium-term monetisation potential is now more limited."
The stock has already declined 16% year-to-date, and currently trades at a 1.7x EBITDA ’PEG-style’ ratio, which is comparable to Buy-rated Rightmove (OTC:RTMVY)’s 1.7x multiple.
UBS believes a discount for Hemnet is justified "given higher potential risks to earnings," projecting that at their price target, Hemnet would trade at 1.4x compared to Rightmove at 2.0x.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.