North Media: All eyes on guidance - ABG
Bildkälla: Stockfoto

North Media: All eyes on guidance - ABG

Q4e: revenues of DKK 341m, EBIT of DKK 19m, 6% margin
At least two good reasons for earnings growth in '25e
FVR to DKK 44-83, net cash position of DKK 42/share


Q4e revenues of DKK 341m, EBIT of DKK 19m

We forecast Q4 group revenues of DKK 341m, flat y-o-y if we exclude SDR. We expect EBIT of DKK 19m in the seasonally-strong Q4, although translating to a margin of just 6%, down 10pp y-o-y (owing mostly to the margin-dilutive SDR). We estimate an unrealised loss of DKK 23m on the investment portfolio in Q4, with gains in NVIDIA and APPL more than offset by a loss in NOVO.
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