North Media: Still many unknowns, but looks like a good deal - ABG
Q4e: 3.5% y-o-y revenue decline, 16.7% EBITDA margin Updating estimates after close of SDR acquisition '24e-'25e revenues +50-51%, EBIT +10-17%; clarity in February
We forecast Q4 revenues of DKK 250m (for -3.5% y-o-y growth), with the decline driven by our forecast of a 5.6% decline in FK Distribution. Q4e EBIT of DKK 42m corresponds to a 16.7% margin. We continue to expect North Media to achieve its FY'23 guidance.
