Axel Springer: UBS turns a buyer; says sell-off is overdone
(CercleFinance.com) - UBS upgrades Germany's Axel Springer from "neutral" to "buy," citing a sell-off that is "overdone".
The broker is maintaining its target price for the share at 58 euros.
"Market is valuing Classifieds at 10.5x EBITDA vs peers on 17-20x, which seems an excessive discount particularly given recent M&A," the broker says in a note.
However, Axel Springer shares were not reacting much to this news: they are currently down 0.1% at 54.2 euros in Frankfurt.
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The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
The broker is maintaining its target price for the share at 58 euros.
"Market is valuing Classifieds at 10.5x EBITDA vs peers on 17-20x, which seems an excessive discount particularly given recent M&A," the broker says in a note.
However, Axel Springer shares were not reacting much to this news: they are currently down 0.1% at 54.2 euros in Frankfurt.
Copyright (c) 2019 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.