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North Media

North Media

DKKm 2021 2022e 2023e
Sales 1034 1001 998
Sales growth (%) -1,1 -3,2 -0,2
EBITDA 292 217 210
EBITDA margin (%) 28,3 21,7 21,1
EBIT adj 244 189 182
EBIT adj margin (%) 23,6 18,9 18,2
Pretax profit 347 -54 202
EPS rep 14,71 -2,2 9,15
EPS growth (%) -11,7 -114,9 516,1
EPS adj 10,33 7,84 7,39
DPS 5 5 5
EV/EBITDA (x) 4,2 2,6 2,4
EV/EBIT adj (x) 5,1 3 2,7
P/E (x) 7,3 -28,5 6,8
P/E adj (x) 10,5 8 8,5
EV/sales (x) 1,2 0,6 0,5
FCF yield (%) 6,5 14,2 10,7
Dividend yield (%) 4,6 8 8
Net IB debt/EBITDA -2,6 -2,8 -3,2
Lease adj. FCF yield (%) 6,5 14,2 10,7
Lease adj. ND/EBITDA -2,6 -2,8 -3,2
DKKm 2021 2022e 2023e
Sales 1034 1001 998
COGS -413 -436 -432
Gross profit 621 565 566
Other operating items -328 -348 -355
EBITDA 292 217 210
Depreciation on tangibles -29 -28 -29
Depreciation on intangibles -2 -2 -2
EBITA 244 189 182
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 244 189 182
Other financial items 0 0 0
Net financial items -5 -2 -4
Associated income -1 -1 -1
Other EO items 154 40 43
Pretax profit 347 -54 202
Tax -73 13 -51
Net profit 274 -41 151
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 274 -41 151
EPS 14,71 -2,2 9,15
EPS Adj 10,33 7,84 7,39
Total extraordinary items after tax 103,2 -245,4 21,2
Tax rate (%) -21,2 -23,3 -25,3
Gross margin (%) 60 56,5 56,7
EBITDA margin (%) 28,3 21,7 21,1
EBITA margin (%) 23,6 18,9 18,2
EBIT margin (%) 23,6 18,9 18,2
Pretax margin (%) 33,2 -5,8 19,9
Net margin (%) 26,1 -4,6 14,8
Growth rates Y/Y 2021 2022 2023
Sales growth (%) -1,1 -3,2 -0,2
EBITDA growth (%) 8,1 -25,7 -3
EBIT growth (%) 1,7 -22,5 -4
Net profit growth (%) -9,7 -115,1 466,5
EPS growth (%) -11,7 -114,9 516,1
Profitability 2021 2022 2023
ROE (%) 27,9 -4,1 15,3
ROE Adj (%) 17,4 20,1 13,1
ROCE (%) 31,7 -4,5 18,7
ROCE Adj(%) 22,4 17,1 16,8
ROIC (%) 64 42,8 37,8
ROIC Adj (%) 64 42,8 37,8
Adj earnings numbers 2021 2022 2023
EBITDA Adj 292 217 210
EBITDA Adj margin (%) 28,3 21,7 21,1
EBITA Adj 244 189 182
EBITA Adj margin (%) 23,6 18,9 18,2
EBIT Adj 244 189 182
EBIT Adj margin (%) 23,6 18,9 18,2
Pretax profit Adj 244 192 181
Net profit Adj 170 204 130
Net profit to shareholders Adj 170 204 130
Net Adj margin (%) 16,1 19,9 12,7
Depreciation and amortisation -48 -28 -29
Of which leasing depreciation 0 0 0
EO items 0 0 0
Impairment and PPA amortisation 0 0 0
EBITDA lease Adj 292 217 210
EBITDA lease Adj margin (%) 28,3 21,7 21,1
Leasing payments 0 0 0
DKKm 2021 2022e 2023e
EBITDA 292 217 210
Net financial items -5 -2 -4
Paid tax -90 -14 -51
Non-cash items 2 0 0
Cash flow before change in WC 199 201 155
Change in WC -43 -3 0
Operating cash flow 156 198 155
CAPEX tangible fixed assets -19 -19 -21
CAPEX intangible fixed assets -6 -7 -8
Acquisitions and disposals -1 -5 0
Free cash flow 130 168 126
Dividend paid -91 -92 -93
Share issues and buybacks 7 10 -9
Other non cash items 9 0 0
Decrease in net IB debt 262 236 245
Balance Sheet (DKKm) 2021 2022 2023
Goodwill 39 40 40
Indefinite intangible assets 7 0 0
Definite intangible assets 10 8 7
Tangible fixed assets 290 285 280
Other fixed assets 78 77 76
Fixed assets 351 359 360
Inventories 6 5 5
Receivables 75 70 70
Other current assets 6 36 36
Cash and liquid assets 883 717 781
Total assets 1321 1187 1252
Shareholders equity 1080 953 1024
Minority 0 0 0
Total equity 1080 953 1024
Long-term debt 113 108 102
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 11 11 11
Other long-term liabilities 6 6 6
Short-term debt 5 5 5
Accounts payable 45 41 41
Other current liabilities 71 66 66
Total liabilities and equity 1321 1187 1252
Net IB debt -760 -602 -672
Net IB debt excl. pension debt -760 -602 -672
Capital invested 320 359 361
Working capital -29 4 4
EV breakdown 2021 2022 2023
Market cap. diluted (m) 2009 1183 1183
Net IB debt Adj -760 -602 -672
Market value of minority 0 0 0
Reversal of shares and participations -8 -13 -14
Reversal of conv. debt assumed equity 0 0 0
EV 1241 569 497
Capital efficiency (%) 2021 2022 2023
Total assets turnover (%) 82,4 79,8 81,8
Capital invested turnover (%) 335,4 368,7 400
Capital employed turnover (%) 115,5 91,4 78,1
Inventories / sales (%) 0,4 0,4 0,4
Customer advances / sales (%) 0,9 0,9 0,9
Payables / sales (%) 4,1 4,2 4
Working capital / sales (%) -5,6 -1,2 0,4
Financial risk and debt service 2021 2022 2023
Net debt / equity (%) -70,4 -63,2 -65,6
Net debt / market cap (%) -38,3 -52 -58
Equity ratio (%) 81,8 80,3 81,8
Net IB debt adj. / equity (%) -70,4 -63,2 -65,6
Current ratio (%) 782,3 718,3 772,9
EBITDA / net interest (%) 6352,2 7918 5232,8
Net IB debt / EBITDA (%) -260,2 -277,4 -319,1
Interest cover (%) 5202,1 6852,6 4411,7
Lease liability amortisation 0 0 0
Other intangible assets 10 16 21
Right-of-use asset 0 0 0
Total other fixed assets 12 17 19
Leasing liability 7 6 6
Total other long-term liabilities 0 8 8
Net IB debt excl. leasing -767 -608 -677
Net IB debt / EBITDA lease Adj (%) -262,5 -280 -321,7
DKKm 2021 2022e 2023e
Shares outstanding adj. 18 19 19
Fully diluted shares Adj 19 19 19
EPS 14,71 -2,2 9,15
Dividend per share Adj 5 5 5
EPS Adj 10,33 7,84 7,39
BVPS 59,34 51,52 55,38
BVPS Adj 57,12 48,91 52,42
Net IB debt / share -41,8 -32,5 -36,3
Share price 108,97 62,6 62,6
Market cap. (m) 1983 1158 1158
Valuation 2021 2022 2023
P/E 7,3 -28,5 6,8
EV/sales 1,2 0,57 0,5
EV/EBITDA 4,2 2,6 2,4
EV/EBITA 5,1 3 2,7
EV/EBIT 5,1 3 2,7
Dividend yield (%) 4,6 8 8
FCF yield (%) 6,5 14,2 10,7
P/BVPS 1,82 1,22 1,13
P/BVPS Adj 1,89 1,28 1,19
P/E Adj 10,5 8 8,5
EV/EBITDA Adj 4,2 2,6 2,4
EV/EBITA Adj 5,1 3 2,7
EV/EBIT Adj 5,1 3 2,7
EV/cap. employed 1 0,5 0,4
Investment ratios 2021 2022 2023
Capex / sales 2,4 2,5 2,9
Capex / depreciation 52,3 91 101
Capex tangibles / tangible fixed assets 6,5 6,5 7,4
Capex intangibles / definite intangibles 446,4 79,8 55
Depreciation on intangibles / definite intangibles 957,1 33,4 19,5
Depreciation on tangibles / tangibles 11,9 8,7 9,2
Lease adj. FCF yield (%) 6,5 14,2 10,7

Key Figure Counter

It is not always easy to generate comparative valuations. Therefore, in order to make it easier for you as an investor, we have created this key figure calculator. Enter share price in the field below and then select the year in which you want to retrieve the financial data.

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P/E

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A common valuation multiple, the share price is divided by earnings per share.

P/E ratio stands for Price and Earnings. By dividing a company's market cap to its earnings, investors get a key ratio which they are able to compare between different companies. The ratio can either be calculated on historical or forward-looking numbers. 

It is important to notice that earnings are calculated after taxes, which mean that they can vary between companies due to different accounting standards.

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EV/EBIT

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EV stands for Enterprise Value and is calculated as a company's markets cap in addition to its net debt. The net debt itself is computed through the company's interest-bearing debt minus total cash and cash equivalents. 

EBIT is the Earnings Before Interest and Taxes which is the operating income. This result, in comparison to the P/E ratio, is not affected by any financial items.

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2,8

EV/Sales

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EV stands for Enterprise Value and is calculated as a company's market cap adjusted for its net debt. The net debt itself is computed through the company's interest-bearing debt minus total cash and cash equivalents. S is the company's total sales.

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0,5

P/BVPS

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P/B stands for Price to Book, which is used to compare a share's market cap to its book value. A P/B ratio that is below one is considered to be valued below its assets.

Companies with high return on equity are usually associated with high P/B ratios, and vice versa. 

 

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