North Media targets a dividend of DKK 5/share for 2021-24 if it achieves its strategic ambitions. We believe this is low, given that the company plans to increase its earnings by at least 3% per year during this period and has only earmarked DKK 200m of the DKK 800m net cash position (which is invested in a diversified portfolio of equities). The DKK 200m selected for M&A will target companies that complement the current market offering of high-volume digital services in the Nordic area, although it appears there are no companies on the immediate horizon.
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