Weaker Q3 a result of a tough macro and cost inflation
North Media reported Q3 revenue of DKK 228m (-3% vs. ABGSCe at DKK 236m) and EBIT of DKK 29m (-35% vs. ABGSCe at DKK 45m). The loss of DKK 19m on the investment portfolio was significantly lower than our estimated loss of DKK 94m in the quarter, causing pre-tax profit to land in positive territory at DKK 12m (vs. ABGSCe at DKK -50m) for the first time since Q4’21, resulting in diluted EPS of DKK ~0.5 (vs. ABGSC at DKK -2.0). From talking to the company, we gathered that the goal of paying a DPS of DKK 5.00/share p.a. for ’22e-24e was reiterated, but there were no indications of share buybacks in the short-term.
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