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The Q3 report published by Alma Media yesterday was a little better than we expected as the higher-than-expected profitability pushed the Q3 result beyond our estimates. As a result, we made positive estimate changes to our result expectations for the next few years. Thanks to its excellent cash-flow performance, Alma Media's valuation will fall from its current high level to a justified level in the next few years, but in our view there is still no upside. 

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Trade. (Alma Media)

Alma Media is a media company focusing on the service business and journalistic content. The company’s best-known brands are Kauppalehti, Talouselämä, Affärsvärlden, Iltalehti, Aamulehti, Etuovi.com and Monster. Alma Media builds sustainable growth for its customers by utilising the opportunities of digitalisation, including information services, system and expert services and advertising solutions. Alma Media’s operations have expanded from Finland to the Nordic countries, the Baltics and Central Europe.