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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).

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 1348 1353
Sales growth (%) -4,6 42 0,4
EBITDA 177 200 231
EBITDA margin (%) 18,6 14,8 17
EBIT adj. 150 136 173
EBIT adj. margin (%) 15,8 10,1 12,8
Pretax profit 340 255 219
EPS 13,99 10,53 9,05
EPS growth (%) 12423,9 -24,7 -14,1
EPS adj. 6,2 5,44 7,08
DPS 4 4 5
EV/EBITDA (x) 3,8 2,5 1,7
EV/EBIT adj. (x) 4,5 3,6 2,2
P/E (x) 5 6,6 7,7
P/E adj. (x) 11,2 12,8 9,8
EV/sales (x) 0,7 0,36 0,28
FCF yield (%) -2,5 9,7 10,2
Le. adj. FCF yld. (%) -2,5 9,7 10,2
Dividend yield (%) 5,7 5,7 7,2
Net IB debt/EBITDA (x) -3,6 -4,1 -4
Le. adj. ND/EBITDA (x) -3,9 -4,3 -4,2
DKKm 2023 2024e 2025e
Sales 949 1348 1353
COGS -411 -658 -648
Gross profit 538 690 705
Other operating items -361 -490 -474
EBITDA 177 200 231
Depreciation and amortisation -27 -63 -58
of which leasing depreciation 0 0 0
EBITA 150 136 173
EO Items 0 0 0
Impairment and PPA amortisation 0 0 0
EBIT 150 136 173
Net financial items -2 -7 -5
Pretax profit 340 255 219
Tax -76 -55 -48
Net profit 264 199 171
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 264 199 171
EPS 13,99 10,53 9,05
EPS adj. 6,2 5,44 7,08
Total extraordinary items after tax 147 96 37
Leasing payments 0 0 0
Tax rate (%) 22,3 21,8 21,8
Gross margin (%) 56,7 51,2 52,1
EBITDA margin (%) 18,6 14,8 17
EBITA margin (%) 15,8 10,1 12,8
EBIT margin (%) 15,8 10,1 12,8
Pre-tax margin (%) 35,8 18,9 16,2
Net margin (%) 27,9 14,8 12,6
Sales growth (%) -4,6 42 0,4
EBITDA growth (%) -19,3 12,9 15,4
EBITA growth (%) -21,7 -9 26,8
EBIT growth (%) -21,7 -9 26,8
Net profit growth (%) 12490,5 -24,7 -14,1
EPS growth (%) 12423,9 -24,7 -14,1
Profitability N/A N/A N/A
ROE (%) 24,6 16,3 12,9
ROE adj. (%) 10,9 8,4 10,1
ROCE (%) 28,1 18,8 15
ROCE adj. (%) 12,7 10 11,8
ROIC (%) 26,9 21,5 29,1
ROIC adj. (%) 26,9 21,5 29,1
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 177 200 231
EBITDA adj. margin (%) 18,6 14,8 17
EBITDA lease adj. 177 200 231
EBITDA lease adj. margin (%) 18,6 14,8 17
EBITA adj. 150 136 173
EBITA adj. margin (%) 15,8 10,1 12,8
EBIT adj. 150 136 173
EBIT adj. margin (%) 15,8 10,1 12,8
Pretax profit Adj. 151 131 171
Net profit Adj. 117 103 134
Net profit to shareholders adj. 117 103 134
Net adj. margin (%) 12,4 7,6 9,9
DKKm 2023 2024e 2025e
EBITDA 177 200 231
Goodwill 146 146 146
Net financial items -2 -7 -5
Other intangible assets 187 183 180
Paid tax -45 -55 -48
Tangible fixed assets 322 298 279
Non-cash items -78 0 0
Right-of-use asset 0 0 0
Cash flow before change in WC 52 137 178
Total other fixed assets 18 20 21
Change in working capital 74 25 -9
Fixed assets 674 647 626
Operating cash flow 126 162 169
Inventories 6 9 9
Capex tangible fixed assets -11 -33 -33
Receivables 120 171 171
Capex intangible fixed assets -1 -2 -2
Other current assets 0 0 0
Acquisitions and Disposals -148 0 0
Cash and liquid assets 813 981 1082
Free cash flow -33 127 134
Total assets 1613 1808 1888
Dividend paid -74 -74 -74
Shareholders equity 1156 1281 1378
Share issues and buybacks -29 0 0
Minority 0 0 0
Total equity 1156 1281 1378
Leasing liability amortisation 0 0 0
Long-term debt 124 116 107
Other non-cash items 84 124 49
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 55 55 55
Total other long-term liabilities 37 37 37
Short-term debt 5 5 5
Accounts payable 66 94 94
Other current liabilities 169 219 211
Total liabilities and equity 1613 1808 1888
Net IB debt -634 -811 -920
Net IB debt excl. pension debt -634 -811 -920
Net IB debt excl. leasing -690 -867 -975
Capital employed 1341 1457 1546
Capital invested 522 470 458
Working capital -109 -134 -125
Market cap. diluted (m) 1315 1315 1315
Net IB debt adj. -634 -811 -920
Market value of minority 0 0 0
Reversal of shares and participations -12 -13 -15
Reversal of conv. debt assumed equity N/A N/A N/A
EV 669 491 381
Total assets turnover (%) 67,2 78,8 73,2
Working capital/sales (%) -6,7 -9 -9,6
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) -54,9 -63,3 -66,7
Net debt / market cap (%) -49,3 -63 -71,5
Equity ratio (%) 71,7 70,9 73
Net IB debt adj. / equity (%) -54,9 -63,3 -66,7
Current ratio 3,92 3,65 4,08
EBITDA/net interest 33,4 22,1 34,6
Net IB debt/EBITDA (x) -3,6 -4,1 -4
Net IB debt/EBITDA lease adj. (x) -3,9 -4,3 -4,2
Interest coverage 28,3 15 25,6
DKKm 2023 2024e 2025e
Shares outstanding adj. 19 19 19
Diluted shares adj. 19 19 19
EPS 13,99 10,53 9,05
Dividend per share 4 4 5
EPS adj. 6,2 5,44 7,08
BVPS 61,19 67,8 72,94
BVPS adj. 43,54 50,36 55,67
Net IB debt/share -33,56 -42,93 -48,68
Share price 69,6 69,6 69,6
Market cap. (m) 1288 1288 1288
P/E (x) 5 6,6 7,7
EV/sales (x) 0,7 0,36 0,28
EV/EBITDA (x) 3,8 2,5 1,7
EV/EBITA (x) 4,5 3,6 2,2
EV/EBIT (x) 4,5 3,6 2,2
Dividend yield (%) 5,7 5,7 7,2
FCF yield (%) -2,5 9,7 10,2
Le. adj. FCF yld. (%) -2,5 9,7 10,2
P/BVPS (x) 1,14 1,03 0,95
P/BVPS adj. (x) 1,3 1,15 1,06
P/E adj. (x) 11,2 12,8 9,8
EV/EBITDA adj. (x) 3,8 2,5 1,7
EV/EBITA adj. (x) 4,5 3,6 2,2
EV/EBIT adj. (x) 4,5 3,6 2,2
EV/CE (x) 0,5 0,3 0,2
Investment ratios N/A N/A N/A
Capex/sales (%) 1,2 2,6 2,6
Capex/depreciation 0,4 0,6 0,6
Capex tangibles / tangible fixed assets 3,4 11,1 11,9
Capex intangibles / definite intangibles 4,6 16 18,5
Depreciation on intang / def. intang 15 41 43
Depreciation on tangibles / tangibles 7,54 19,16 18,62

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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 Dec 2023
eQ Asset Management Oy 1.5 % 1.5 % 31 Mar 2024
Gudme Raaschou Asset Management 1.4 % 1.4 % 31 Dec 2023
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 % 29 Mar 2024
Source: Holdings by Modular Finance AB