Aspiro: Tender offer might be raised

Apsiro’s Q4 trading update was slightly weaker than expected. Still, y-o-y growth amounted to 43 per cent, supported by Music’s growth of 135 per cent. Management has stated EBITDA will be negative in 2012, prioritizing growth over profitability. A growth target of at least 80 per cent for Music and 20 per cent for TV has been set. Financially strong and internet savvy Schibsted makes a good match for Aspiro. We still see a good chance that Schibsted’s bid of SEK 1,65 per share might be raised between 10 and 20 per cent.