Oct. 3 (Bloomberg) -- Schibsted ASA rose to a record in Oslo after a Goldman Sachs Group Inc. analyst advised investors to buy shares in Norway’s biggest media company as it shifts toward online classifieds from traditional print.
The stock gained as much as 4.4 percent, the most since July 19, and traded 4.3 percent higher at 330 kroner as of 10:43 a.m. in the Norwegian capital. That made Schibsted the biggest gainer on the 26-member Stoxx Europe 600 Media Index.
“The company is quickly shifting focus to online classifieds, which offer much higher and more stable growth prospects,” Markus Iwar, the analyst, said in an e-mailed note today. He added the stock to the brokerage’s conviction list.
Schibsted, which traces its roots back to 1839, said earlier this week it established two ventures with Telenor ASA, the Nordic region’s biggest phone company, aimed at expanding into emerging markets in Asia and South America.
The company, which owns Aftenposten, Norway’s largest newspaper, and Swedish tabloid Aftonbladet, is increasing spending as it seeks to replicate the success of its Finn.no, Blocket.se and Leboncoin.fr websites in nations including Malaysia and Brazil.
Iwar estimated online classifieds will have a compound annual growth rate for earnings before interest, tax, depreciation and amortization of 14 percent through 2030.
Schibsted has gained 46 percent during the last year, making it the third-best performer on the Oslo stock exchange’s OBX index of 25 most-traded stocks.
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