A soft Q1 coupled with a guidance downgrade
The first quarter with SDR consolidated was a soft one, reflected by EBIT of just DKK 10m. This equated to a margin of merely 3% (down 15pp y-o-y). However, we highlight that DKK ~14m of the DKK 23m deviation vs. our estimate was driven by a one-off write-down of SDR's IT system. Without it, the EBIT margin would have been a more satisfactory 7%, i.e. in the low end of the downgraded FY'24 EBIT guidance (which North Media says is a result of more visibility on SDR's business). The remaining deviation was driven by slower-than-expected revenue growth, at 36% y-o-y (but declining 3% if we exclude SDR). While growth seems set to continue its recovery in FK Distribution after a weak '23, it appears to be slowing in BoligPortal (after a very strong '23). Both Ofir and BeKey are also continuing their weak trends.
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