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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


Q4e: -3.5% y-o-y revenue growth, 16.7% EBIT margin

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.
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