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Adevinta Q4 & FY In Line, Credit Metrics Stronger, Targets Confirmed

TECHNOLOGY

Rated: Ba2/BB-/BB+[S]


  • Q4 Op Rev and adj-EBITDA in-line at +9.5% YoY and +9.7% YoY with all segments pretty much as expected.
  • FY results look in line with targets; core market revenue growth of 14% vs. “double-digit” target, EBITDA of EUR 651 vs. “high-end of EUR 620-650mn”. MT targets confirmed.
  • FY bottom line look like a big miss though we note EUR 146mn impairment in Q4.
  • Leverage at 2.5x from 2.7x in Q3 against the 2x target; FY FCF of EUR 491mn was +12% YoY.

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