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 (86% of ’21 sales) is its cash cow, but it is operating in an industry with structurally declining volumes. Its Digital Services segments (14% of ’21 sales) consists of BoligPortal (home rentals platform), Ofir (job portal), 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.