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North Media: Dissappointing '23e guidance and outlook - ABG

Q4 prelim. revenue 2% below ABGSCe, EBIT 3% below
'23e guidance entails 3-8% revenue decline...
...primarily driven by a higher leaflet volume decline


Q4 preliminary figures broadly in line with ABGSCe

North Media announced its preliminary figures for FY'22, with both revenues and EBIT landing in the lower end of the company's guidance. Revenues came in at DKK 995m for the full-year, implying Q4 revenues of DKK 259m (-2% vs. ABGSCe at 265m). EBIT came in at DKK 192m for the full-year (19% EBIT margin), implying a Q4 EBIT of DKK 63m (-3% vs. ABGSCe at DKK 65m).
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