Digital Services receiving higher attention
Mgmt. reaffirms confidence in FY’22 guidance
Today we had the pleasure of hosting North Media’s CFO, Kåre Stausø Wigh, at our Danish small/mid-cap seminar. Having narrowed the FY’22 guidance in connection with the Q2’22 report in August, the CFO showed high conviction in the company’s ability to reach its FY’22 guidance. Targets for ’23-’24 were unchanged.
No questions from investors about the risk of JaTak
We were left surprised by the absence of questions relating to a potential shift to JaTak, which we consider the key risk to the company. We consider this supportive for our expectation of the Last Mile segment to continue as a cash cow. Instead, the CFO emphasized the adaptability of the segment, which will continue to be important ahead, particularly in light of the challenging macro environment. He also placed emphasis on ESG, calling attention to the segment’s two solar parks at its locations in Taastrup and Tilst.
Higher emphasis on the Digital Services segments
Instead, higher emphasis was placed on the three Digital Services segments (BoligPortal, Ofir, and Bekey), which may seem surprising in light of the three combined segments merely contributing 14% to ’21 revenues. Interestingly, in our view, are the subscription-based business models, which will span across the three digital segments. In BoligPortal, the income streams from advertising and references will be the short-term top line drivers, while the Data Insights platform and the services enabled by the acquisition of Boligmanager should drive growth beyond ’22. For Ofir, the CFO emphasized how the segment differentiates itself by using data much more actively than competitors. For Bekey, the CFO acknowledged that the Property and Distributor segments develop too slowly and that the company has not yet figured out how to play these segments in terms of ...
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