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North Media

North Media

Leading print ad distributor

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 (84% of ’22 revenues) is its cash cow, but it is operating in an industry with structurally declining volumes. Its Digital Services segments (16% of ’22 revenues) consists of BoligPortal (home rentals platform), Ofir (job portal), and BeKey (digital access solutions).

Sustainability information

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.

DKKm 2023 2024e 2025e
Sales 949 1333 1353
Sales growth (%) -4,6 40,5 1,5
EBITDA 177 190 222
EBITDA margin (%) 18,6 14,3 16,4
EBIT adj. 150 115 165
EBIT adj. margin (%) 15,8 8,6 12,2
Pretax profit 340 301 214
EPS 13,99 12,5 8,86
EPS growth (%) 12423,9 -10,6 -29,1
EPS adj. 6,2 4,54 6,75
DPS 4 4 5
EV/EBITDA (x) 2,6 1 0,4
EV/EBIT adj. (x) 3,1 1,7 0,5
P/E (x) 4,2 4,7 6,6
P/E adj. (x) 9,4 12,9 8,7
EV/sales (x) 0,49 0,14 0,06
FCF yield (%) -3 7,1 11,7
Le. adj. FCF yld. (%) -3 7,1 11,7
Dividend yield (%) 6,8 6,8 8,5
Net IB debt/EBITDA (x) -3,6 -4,7 -4,5
Le. adj. ND/EBITDA (x) -3,9 -5 -4,8
DKKm 2023 2024e 2025e
Sales 949 1333 1353
COGS -411 -672 -671
Gross profit 538 661 682
Other operating items -361 -471 -459
EBITDA 177 190 222
Depreciation and amortisation -27 -76 -57
of which leasing depreciation 0 0 0
EBITA 150 115 165
EO Items 0 0 0
Impairment and PPA amortisation 0 0 0
EBIT 150 115 165
Net financial items -2 -7 -5
Pretax profit 340 301 214
Tax -76 -65 -47
Net profit 264 236 168
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 264 236 168
EPS 13,99 12,5 8,86
EPS adj. 6,2 4,54 6,75
Total extraordinary items after tax 147 151 40
Leasing payments 0 0 0
Tax rate (%) 22,3 21,6 21,8
Gross margin (%) 56,7 49,6 50,4
EBITDA margin (%) 18,6 14,3 16,4
EBITA margin (%) 15,8 8,6 12,2
EBIT margin (%) 15,8 8,6 12,2
Pre-tax margin (%) 35,8 22,6 15,8
Net margin (%) 27,9 17,7 12,4
Sales growth (%) -4,6 40,5 1,5
EBITDA growth (%) -19,3 7,6 16,8
EBITA growth (%) -21,7 -23,5 44
EBIT growth (%) -21,7 -23,5 44
Net profit growth (%) 12490,5 -10,6 -29,1
EPS growth (%) 12423,9 -10,6 -29,1
Profitability N/A N/A N/A
ROE (%) 24,6 18,5 11,6
ROE adj. (%) 10,9 6,7 8,9
ROCE (%) 28,1 21,3 13,7
ROCE adj. (%) 12,7 8,1 10,5
ROIC (%) 26,9 17,8 26,8
ROIC adj. (%) 26,9 17,8 26,8
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 177 190 222
EBITDA adj. margin (%) 18,6 14,3 16,4
EBITDA lease adj. 177 190 222
EBITDA lease adj. margin (%) 18,6 14,3 16,4
EBITA adj. 150 115 165
EBITA adj. margin (%) 15,8 8,6 12,2
EBIT adj. 150 115 165
EBIT adj. margin (%) 15,8 8,6 12,2
Pretax profit Adj. 151 109 163
Net profit Adj. 117 86 128
Net profit to shareholders adj. 117 86 128
Net adj. margin (%) 12,4 6,4 9,4
DKKm 2023 2024e 2025e
EBITDA 177 190 222
Goodwill 146 147 147
Net financial items -2 -7 -5
Other intangible assets 187 171 168
Paid tax -45 -44 -47
Tangible fixed assets 322 306 287
Non-cash items -78 -1 0
Right-of-use asset 0 0 0
Cash flow before change in WC 52 139 171
Total other fixed assets 18 18 20
Change in working capital 74 -17 -6
Fixed assets 674 643 622
Operating cash flow 126 122 165
Inventories 6 9 9
Capex tangible fixed assets -11 -41 -33
Receivables 120 170 173
Capex intangible fixed assets -1 -3 -2
Other current assets 0 3 3
Acquisitions and Disposals -148 1 0
Cash and liquid assets 813 1077 1176
Free cash flow -33 79 129
Total assets 1613 1901 1983
Dividend paid -74 0 -74
Shareholders equity 1156 1393 1487
Share issues and buybacks -29 2 0
Minority 0 0 0
Total equity 1156 1393 1487
Leasing liability amortisation 0 0 0
Long-term debt 124 116 107
Other non-cash items 84 189 52
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 55 48 48
Total other long-term liabilities 37 37 37
Short-term debt 5 15 15
Accounts payable 66 94 95
Other current liabilities 169 199 194
Total liabilities and equity 1613 1901 1983
Net IB debt -634 -904 -1012
Net IB debt excl. pension debt -634 -904 -1012
Net IB debt excl. leasing -690 -952 -1060
Capital employed 1341 1572 1657
Capital invested 522 489 475
Working capital -109 -111 -105
Market cap. diluted (m) 1108 1108 1108
Net IB debt adj. -634 -904 -1012
Market value of minority 0 0 0
Reversal of shares and participations -12 -13 -14
Reversal of conv. debt assumed equity N/A N/A N/A
EV 461 191 82
Total assets turnover (%) 67,2 75,9 69,7
Working capital/sales (%) -6,7 -8,3 -8
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) -54,9 -64,9 -68
Net debt / market cap (%) -58,5 -83,4 -93,3
Equity ratio (%) 71,7 73,3 75
Net IB debt adj. / equity (%) -54,9 -64,9 -68
Current ratio 3,92 4,1 4,48
EBITDA/net interest 33,4 20,6 33,1
Net IB debt/EBITDA (x) -3,6 -4,7 -4,5
Net IB debt/EBITDA lease adj. (x) -3,9 -5 -4,8
Interest coverage 28,3 12,3 24,1
DKKm 2023 2024e 2025e
Shares outstanding adj. 19 19 19
Diluted shares adj. 19 19 19
EPS 13,99 12,5 8,86
Dividend per share 4 4 5
EPS adj. 6,2 4,54 6,75
BVPS 61,19 73,72 78,67
BVPS adj. 43,54 56,87 61,99
Net IB debt/share -33,56 -47,83 -53,52
Share price 58,6 58,6 58,6
Market cap. (m) 1084 1084 1084
P/E (x) 4,2 4,7 6,6
EV/sales (x) 0,49 0,14 0,06
EV/EBITDA (x) 2,6 1 0,4
EV/EBITA (x) 3,1 1,7 0,5
EV/EBIT (x) 3,1 1,7 0,5
Dividend yield (%) 6,8 6,8 8,5
FCF yield (%) -3 7,1 11,7
Le. adj. FCF yld. (%) -3 7,1 11,7
P/BVPS (x) 0,96 0,79 0,74
P/BVPS adj. (x) 1,09 0,88 0,81
P/E adj. (x) 9,4 12,9 8,7
EV/EBITDA adj. (x) 2,6 1 0,4
EV/EBITA adj. (x) 3,1 1,7 0,5
EV/EBIT adj. (x) 3,1 1,7 0,5
EV/CE (x) 0,3 0,1 0
Investment ratios N/A N/A N/A
Capex/sales (%) 1,2 3,3 2,6
Capex/depreciation 0,4 0,6 0,6
Capex tangibles / tangible fixed assets 3,4 13,3 11,5
Capex intangibles / definite intangibles 4,6 34,1 35,7
Depreciation on intang / def. intang 15 84 82
Depreciation on tangibles / tangibles 7,54 22,3 17,96

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Main shareholders - North Media

Main shareholders Share capital % Voting shares % Verified
Richard Bunck 56.6 % 56.6 % 16 May 2023
North Media A/S 10.4 % 10.4 % 18 Oct 2023
Olav W. Hansen 5.0 % 5.0 % 18 Feb 2020
Lærernes Pension 3.2 % 3.2 % 30 Sep 2023
Fundamental Fondsmæglerselskab A/S 1.6 % 1.6 % 31 Jan 2024
eQ Asset Management Oy 1.5 % 1.5 % 30 Apr 2024
Gudme Raaschou Asset Management 1.1 % 1.1 % 31 Jan 2024
Herald Investment Management 0.9 % 0.9 % 31 Dec 2023
Investmentaktiengesellschaft für langfristige Investoren TGV 0.6 % 0.6 % 30 Jun 2023
Dimensional Fund Advisors 0.5 % 0.5 % 30 Apr 2024
Source: Holdings by Modular Finance AB