North Media: Focus on business, but slow markets in Q3

North Media: Focus on business, but slow markets in Q3 - ABG

Slow Q3 with rev. -4% and EBIT -15% vs. ABGSCe
… however, FK Distributions is set for a strong Q4’21e
As expected, guidance narrowed to the high end for ‘21e

North Media reports Q3 revenue of DKK 246m (-4% vs. ABGSC at DKK 257m), EBIT (bsi.) of DKK 56m (-15% vs. ABGSC at DKK 65m), return on securities of DKK 15m (Pos% vs. ABGSC at DKK 0m) and EBT of DKK 71m (10% vs. ABGSC at DKK 65m). In FK Distribution, the company delivered an EBIT margin of 24% (-2pp vs. ABGSC), as it has continued negatively impacted by smaller customer's cutting back (4-5% of sales impact) and steady sales among large customers on physical leaflet distribution. FK faces higher labor cost increases due to the tight labor market but limited material impact so far. BoligPortal sees a sharp drop-in activity (biggest y-o-y in 10 years) for rental properties along with delays in the upgrade of the new portal persisting, however says that demand traction for their new products is increasing. In addition, FK Distribution will install Rolls-Royce Solutions’ solar panels (DKK 15m in CAPEX) on its Taastrup facility reducing power consumption by 39%, a similar solution in Tilst will be announced as the company prepares to include an ESG report with objectives in its FY’21 report.

Our estimates are in the high end of the now narrowed guidance.

North Media: Focus on business, but slow markets in Q3 - ABG

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Börsläget den 10 december, 2024

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North Media: Focus on business, but slow markets in Q3 - ABG

Agnes Michanek pekar ut vägen framåt

Börsläget den 10 december, 2024

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