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North Media

North Media

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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 (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.

Financials

DKKm 2022 2023e 2024e
Sales 995 955 954
Sales growth (%) -3,7 -4 -0,1
EBITDA 219 178 202
EBITDA margin (%) 22 18,6 21,2
EBIT adj. 192 150 176
EBIT adj. margin (%) 19,2 15,7 18,4
Pretax profit 1 182 211
EPS 0,11 7,44 8,62
EPS growth (%) -99,2 6561,5 15,9
EPS adj. 15,61 5,99 7,08
DPS 4 4 4
EV/EBITDA (x) 2,3 2,5 1,7
EV/EBIT adj. (x) 2,6 2,9 2
P/E (x) 548,8 8,2 7,1
P/E adj. (x) 3,9 10,2 8,7
EV/sales (x) 0,5 0,46 0,36
FCF yield (%) 14,1 7,7 10,6
Le. adj. FCF yld. (%) 14,1 7,7 10,6
Dividend yield (%) 6,5 6,5 6,5
Net IB debt/EBITDA (x) -3 -4 -3,9
Le. adj. ND/EBITDA (x) 3 4 3,9
DKKm 2022 2023e 2024e
Sales 995 955 954
COGS -432 -423 -399
Gross profit 563 532 555
Other operating items -344 -354 -353
EBITDA 219 178 202
Depreciation and amortisation -28 -27 -27
of which leasing depreciation 0 0 0
EBITA 192 150 176
EO Items 0 0 0
Impairment and PPA amortisation 0 0 0
EBIT 192 150 176
Net financial items -4 -9 -9
Pretax profit 1 182 211
Tax 1 -42 -48
Net profit 2 141 163
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 2 141 163
EPS 0,11 7,44 8,62
EPS adj. 15,61 5,99 7,08
Total extraordinary items after tax -342 27 29
Leasing payments 0 0 0
Tax rate (%) -76,2 22,8 22,8
Gross margin (%) 56,6 55,7 58,2
EBITDA margin (%) 22 18,6 21,2
EBITA margin (%) 19,2 15,7 18,4
EBIT margin (%) 19,2 15,7 18,4
Pre-tax margin (%) 0,1 19,1 22,1
Net margin (%) 0,2 14,7 17,1
Sales growth (%) -3,7 -4 -0,1
EBITDA growth (%) -25 -18,9 13,8
EBITA growth (%) -21,6 -21,4 16,8
EBIT growth (%) -21,6 -21,4 16,8
Net profit growth (%) -99,4 8587 15,9
EPS growth (%) -99,2 6561,5 15,9
Profitability N/A N/A N/A
ROE (%) 0,2 13,7 14,7
ROE adj. (%) 33,1 11 12,1
ROCE (%) 0,4 16,7 18,1
ROCE adj. (%) 17,2 13,6 15
ROIC (%) 101,4 33 37,9
ROIC adj. (%) 101,4 33 37,9
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 219 178 202
EBITDA adj. margin (%) 22 18,6 21,2
EBITDA lease adj. 219 178 202
EBITDA lease adj. margin (%) 22 18,6 21,2
EBITA adj. 192 150 176
EBITA adj. margin (%) 19,2 15,7 18,4
EBIT adj. 192 150 176
EBIT adj. margin (%) 19,2 15,7 18,4
Pretax profit Adj. 195 147 174
Net profit Adj. 344 113 134
Net profit to shareholders adj. 344 113 134
Net adj. margin (%) 34,5 11,9 14
DKKm 2022 2023e 2024e
EBITDA 219 178 202
Goodwill 40 40 40
Net financial items -4 -9 -9
Other intangible assets 12 14 15
Paid tax 1 -42 -48
Tangible fixed assets 287 294 290
Non-cash items 0 0 0
Right-of-use asset 0 0 0
Cash flow before change in WC 217 127 146
Total other fixed assets 30 33 36
Change in working capital -26 0 0
Fixed assets 369 382 381
Operating cash flow 191 127 146
Inventories 6 6 6
Capex tangible fixed assets -22 -32 -20
Receivables 72 69 69
Capex intangible fixed assets -1 -5 -3
Other current assets 0 0 0
Acquisitions and Disposals -6 0 0
Cash and liquid assets 764 812 896
Free cash flow 163 90 123
Total assets 1211 1269 1351
Dividend paid -92 -74 -74
Shareholders equity 995 1062 1151
Share issues and buybacks 10 0 0
Minority 0 0 0
Leasing liability amortisation 0 0 0
Total equity 995 1062 1151
Other non-cash items -191 38 41
Long-term debt 109 103 97
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 5 5 5
Total other long-term liabilities 0 0 0
Short-term debt 5 5 5
Accounts payable 31 30 30
Other current liabilities 66 64 64
Total liabilities and equity 1211 1269 1351
Net IB debt -650 -704 -793
Net IB debt excl. pension debt -650 -704 -793
Net IB debt excl. leasing -655 -709 -798
Capital employed 1114 1175 1258
Capital invested 346 358 358
Working capital -19 -19 -19
Market cap. diluted (m) 1159 1159 1159
Net IB debt adj. -650 -704 -793
Market value of minority 0 0 0
Reversal of shares and participations -15 -17 -21
Reversal of conv. debt assumed equity N/A N/A N/A
EV 494 438 345
Total assets turnover (%) 78,6 77 72,8
Working capital/sales (%) -2,4 -2 -2
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) -65,3 -66,2 -68,9
Net debt / market cap (%) -57,3 -62 -69,9
Equity ratio (%) 82,2 83,7 85,2
Net IB debt adj. / equity (%) -65,3 -66,2 -68,9
Current ratio 8,26 8,99 9,84
EBITDA/net interest 53,7 19,3 23,3
Net IB debt/EBITDA (x) -3 -4 -3,9
Net IB debt/EBITDA lease adj. (x) -3 -4 -3,9
Interest coverage 46,7 16,2 19,9
DKKm 2022 2023e 2024e
Shares outstanding adj. 18 19 19
Diluted shares adj. 19 19 19
EPS 0,11 7,44 8,62
Dividend per share 4 4 4
EPS adj. 15,61 5,99 7,08
BVPS 52,95 56,19 60,9
BVPS adj. 50,2 53,33 58
Net IB debt/share -34,56 -37,23 -41,97
Share price 61,3 61,3 61,3
Market cap. (m) 1134 1134 1134
P/E (x) 548,8 8,2 7,1
EV/sales (x) 0,5 0,46 0,36
EV/EBITDA (x) 2,3 2,5 1,7
EV/EBITA (x) 2,6 2,9 2
EV/EBIT (x) 2,6 2,9 2
Dividend yield (%) 6,5 6,5 6,5
FCF yield (%) 14,1 7,7 10,6
Le. adj. FCF yld. (%) 14,1 7,7 10,6
P/BVPS (x) 1,16 1,09 1,01
P/BVPS adj. (x) 1,19 1,12 1,03
P/E adj. (x) 3,9 10,2 8,7
EV/EBITDA adj. (x) 2,3 2,5 1,7
EV/EBITA adj. (x) 2,6 2,9 2
EV/EBIT adj. (x) 2,6 2,9 2
EV/CE (x) 0,4 0,4 0,3
Investment ratios N/A N/A N/A
Capex/sales (%) 2,3 3,9 2,4
Capex/depreciation 0,8 1,4 0,9
Capex tangibles / tangible fixed assets 7,7 10,9 6,8
Capex intangibles / definite intangibles 15 67,9 34,1
Depreciation on intang / def. intang 69 36 29
Depreciation on tangibles / tangibles 8,69 8,39 8,33

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Main shareholders - North Media

Main shareholders Share capital % Voting shares % Verified
Richard Bunck 55.7 % 55.7 % 31 Dec 2021
North Media A/S 8.1 % 8.1 % 31 Dec 2022
Olav W. Hansen 5.0 % 5.0 % 18 Feb 2020
Lærernes Pension 3.2 % 3.2 % 31 Dec 2022
eQ Asset Management Oy 2.2 % 2.2 % 28 Feb 2023
Fundamental Fondsmæglerselskab A/S 1.6 % 1.6 % 31 Oct 2022
Gudme Raaschou Asset Management 1.4 % 1.4 % 31 Oct 2022
Herald Investment Management 0.9 % 0.9 % 31 Dec 2021
Kåre Stausø Wigh 0.6 % 0.6 % 21 Feb 2022
Dimensional Fund Advisors 0.5 % 0.5 % 28 Feb 2023
Source: Holdings by Modular Finance AB