On 16 August, FK distribution signed an agreement with Salling Group to continue the distribution of leaflets for the largest retail chains in Denmark, a contract that will run until YE’24 and does not impact the company’s medium-term 2022-23 financial ambitions. FK Distribution also sees the potential to expand its collaboration with Deutsche Post (in early ‘22e) where it now delivers to ~500k households. Driven by the momentum in FK Distribution, we lift our sales estimate by 2%; due to product mix, we lift our gross margin by 0.4pp for 2021-22e, which raises our EBIT by ~3% and EPS by ~2% due to lower net financial items.
We raise our FVR to DKK 106-159 (103-156), a mid-point increase of 2% driven by the estimate changes in this report. North Media will host a public management call tomorrow, 19 August at CET 15:30-16:30 in English, and we will host a management conference call for investors on Friday, 20 August at CET 11:00-12:00. Sign-up is required for both calls.
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