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North Media

North Media

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North Media is the only media company listed on the OMX Copenhagen Stock Exchange. While the company started as a distributor of unaddressed printed advertisements and newspapers in 1965, the company is today considered both a value and a growth company. The company’s Last Mile segment (83% of ’23 revenues) is its cash cow, but it is operating in an industry with structurally declining volumes. Its Digital Services segments (17% of ’23 revenues) consists of BoligPortal (home rentals platform) and BeKey (digital access solutions).

There are three main risks to the company: 1) the implementation of regulations or bans against physical advertisements and newspapers on the back of environmental concerns, which in the worst case could put the Last Mile segment almost completely out of business, 2) stiff competition facing the Digital Services segments, and 3) difficulties in finding new growth opportunities in the Digital Services segments.

Financials

DKKm 2024 2025e 2026e
Sales 1301 1310 1284
Sales growth (%) 37,1 0,7 -2
EBITDA 154 113 156
EBITDA margin (%) 11,8 8,6 12,1
EBIT adj. 80 57 106
EBIT adj. margin (%) 6,2 4,4 8,2
Pretax profit 136 -116 147
EPS 3,34 -5,03 6,34
EPS growth (%) -76,2 -250,7 -226,2
EPS adj. 1,53 2,29 4,52
DPS 0 3 4
EV/EBITDA (x) -0,7 -0,1 -0,5
EV/EBIT adj. (x) -1,4 -0,3 -0,8
P/E (x) 10,6 N/A 5,6
P/E adj. (x) 22,9 15,4 7,8
EV/sales (x) -0,09 -0,01 -0,06
FCF yield (%) -7,1 9,7 12
Le. adj. FCF yld. (%) -7,1 9,7 12
Dividend yield (%) 0 8,5 11,4
Net IB debt/EBITDA (x) -4,9 -5,6 -4,5
Le. adj. ND/EBITDA (x) -5,2 -6,1 -4,9
DKKm 2024 2025e 2026e
Sales 1301 1310 1284
COGS -677 -689 -663
Gross profit 625 622 621
Other operating items -471 -508 -465
EBITDA 154 113 156
Depreciation and amortisation -73 -56 -50
of which leasing depreciation 0 0 0
EBITA 80 57 106
EO Items 0 0 0
Impairment and PPA amortisation -155 0 0
EBIT -75 57 106
Net financial items -6 -6 -4
Pretax profit 136 -116 147
Tax -63 25 -32
Net profit 73 -91 115
Minority interest 0 0 0
Net profit discontinued -11 0 0
Net profit to shareholders 62 -91 115
EPS 3,34 -5,03 6,34
EPS adj. 1,53 2,29 4,52
Total extraordinary items after tax 116 -132 33
Leasing payments 0 0 0
Tax rate (%) 46,6 21,8 21,8
Gross margin (%) 48 47,4 48,4
EBITDA margin (%) 11,8 8,6 12,1
EBITA margin (%) 6,2 4,4 8,2
EBIT margin (%) -5,8 4,4 8,2
Pre-tax margin (%) 10,4 -8,9 11,4
Net margin (%) 5,6 -6,9 8,9
Growth Rates y-o-y N/A N/A N/A
Sales growth (%) 37,1 0,7 -2
EBITDA growth (%) -13,2 -26,2 37,7
EBITA growth (%) -46,6 -28,2 83,8
EBIT growth (%) -150 -176,7 83,8
Net profit growth (%) -72,6 -225,5 -226,2
EPS growth (%) -76,2 -250,7 -226,2
Profitability N/A N/A N/A
ROE (%) 5,4 -8,4 10,9
ROE adj. (%) 8,7 3,8 7,8
ROCE (%) 10,9 -8,8 12,8
ROCE adj. (%) 6,1 4,9 9,3
ROIC (%) 9,3 11,5 21,9
ROIC adj. (%) 9,3 11,5 21,9
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 154 113 156
EBITDA adj. margin (%) 11,8 8,6 12,1
EBITDA lease adj. 154 113 156
EBITDA lease adj. margin (%) 11,8 8,6 12,1
EBITA adj. 80 57 106
EBITA adj. margin (%) 6,2 4,4 8,2
EBIT adj. 80 57 106
EBIT adj. margin (%) 6,2 4,4 8,2
Pretax profit Adj. 73 53 105
Net profit Adj. 111 41 82
Net profit to shareholders adj. 101 41 82
Net adj. margin (%) 8,6 3,2 6,4
DKKm 2024 2025e 2026e
EBITDA 154 113 156
Goodwill 41 41 41
Net financial items -6 -6 -4
Other intangible assets 114 114 112
Paid tax -83 -11 -32
Tangible fixed assets 342 316 305
Non-cash items -32 0 0
Right-of-use asset 0 0 0
Cash flow before change in WC 32 96 120
Total other fixed assets 21 22 23
Change in working capital -16 -5 -5
Fixed assets 518 492 482
Operating cash flow 16 91 115
Inventories 9 8 8
Capex tangible fixed assets -46 -44 -35
Receivables 119 117 115
Capex intangible fixed assets -3 -5 -4
Other current assets 1 1 1
Acquisitions and Disposals -13 20 0
Cash and liquid assets 893 778 835
Free cash flow -47 62 76
Total assets 1540 1397 1441
Dividend paid -72 0 -54
Shareholders equity 1146 1019 1079
Share issues and buybacks 2 0 0
Minority 0 0 0
Total equity 1146 1019 1079
Leasing liability amortisation 0 0 0
Long-term debt 99 90 82
Other non-cash items 235 -169 43
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 53 53 53
Total other long-term liabilities 31 31 31
Short-term debt 5 5 5
Accounts payable 97 96 94
Other current liabilities 110 104 98
Total liabilities and equity 1540 1397 1441
Net IB debt -746 -639 -705
Net IB debt excl. pension debt -746 -639 -705
Net IB debt excl. leasing -799 -692 -758
Capital employed 1303 1166 1218
Capital invested 400 379 374
Working capital -79 -73 -68
EV breakdown N/A N/A N/A
Market cap. diluted (m) 644 637 637
Net IB debt adj. -746 -639 -705
Market value of minority 0 0 0
Reversal of shares and participations -12 -12 -14
Reversal of conv. debt assumed equity N/A N/A N/A
EV -113 -15 -81
Total assets turnover (%) 82,6 89,2 90,5
Working capital/sales (%) -7,2 -5,8 -5,5
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) -65,1 -62,8 -65,3
Net debt / market cap (%) -117,1 -100,4 -110,6
Equity ratio (%) 74,5 72,9 74,9
Net IB debt adj. / equity (%) -65,1 -62,8 -65,3
Current ratio 4,83 4,42 4,87
EBITDA/net interest 20,2 14,8 27,8
Net IB debt/EBITDA (x) -4,9 -5,6 -4,5
Net IB debt/EBITDA lease adj. (x) -5,2 -6,1 -4,9
Interest coverage 10,5 7,5 18,7
DKKm 2024 2025e 2026e
Shares outstanding adj. 18 18 18
Diluted shares adj. 18 18 18
EPS 3,34 -5,03 6,34
Dividend per share 0 3 4
EPS adj. 1,53 2,29 4,52
BVPS 61,96 56,29 59,63
BVPS adj. 53,57 47,75 51,15
Net IB debt/share -40,32 -35,33 -38,95
Share price 35,2 35,2 35,2
Market cap. (m) 637 637 637
Valuation N/A N/A N/A
P/E (x) 10,6 N/A 5,6
EV/sales (x) -0,09 -0,01 -0,06
EV/EBITDA (x) -0,7 -0,1 -0,5
EV/EBITA (x) -1,4 -0,3 -0,8
EV/EBIT (x) 1,5 -0,3 -0,8
Dividend yield (%) 0 8,5 11,4
FCF yield (%) -7,1 9,7 12
Le. adj. FCF yld. (%) -7,1 9,7 12
P/BVPS (x) 0,57 0,63 0,59
P/BVPS adj. (x) 0,58 0,66 0,62
P/E adj. (x) 22,9 15,4 7,8
EV/EBITDA adj. (x) -0,7 -0,1 -0,5
EV/EBITA adj. (x) -1,4 -0,3 -0,8
EV/EBIT adj. (x) -1,4 -0,3 -0,8
EV/CE (x) -0,1 0 -0,1
Investment ratios N/A N/A N/A
Capex/sales (%) 3,8 3,8 3
Capex/depreciation 0,7 0,9 0,8
Capex tangibles / tangible fixed assets 13,3 14 11,4
Capex intangibles / definite intangibles 27,1 37,2 29,1
Depreciation on intang / def. intang 180 42 38
Depreciation on tangibles / tangibles 14,78 15,89 14,82

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Main shareholders - North Media

Main shareholders Share capital % Voting shares % Verified
Richard Bunck 56.6 % 56.6 % 31 Dec 2024
North Media A/S 10.1 % 10.1 % 31 Dec 2024
Olav W. Hansen 5.0 % 5.0 % 18 Feb 2020
Fundamental Fondsmæglerselskab A/S 1.8 % 1.8 % 31 Jan 2025
eQ Asset Management Oy 1.1 % 1.1 % 31 Mar 2025
Herald Investment Management 0.9 % 0.9 % 30 Sep 2024
Gudme Raaschou Asset Management 0.8 % 0.8 % 31 Jan 2025
Investmentaktiengesellschaft für langfristige Investoren TGV 0.6 % 0.6 % 31 Dec 2023
Kåre Stausø Wigh 0.5 % 0.5 % 31 Dec 2024
Dimensional Fund Advisors 0.3 % 0.3 % 31 Mar 2025
Source: Holdings by Modular Finance AB