Alma Media: Costs remain under tight control
Alma Media's Q2 result was better than we expected, as the company's cost structure was more flexible than we predicted despite high inflation. This strengthens our confidence in the company's short-term profitability development, as with the fairly weak economic growth outlook, the operating environment offers no support for earnings development. We made no substantial estimate changes after the report and thus reiterate our Accumulate recommendation and EUR 10.0 target price for the moderately valued Alma Media. Our relatively recent extensive report on Alma Media is available here.
Alma Media
Alma Media operates in the media sector. Within the company, the main focus is on digital media, where the offer consists of news content that concerns lifestyle, career, and finances. The group has a number of brands, the more well-known of which include Kauppalehti. The customers are located in the Nordic countries, the Baltics, and Europe and consist of private consumers. The head office is located in Helsinki.
Read more on company pageKey Estimate Figures19.07.2023
2022 | 23e | 24e | |
---|---|---|---|
Revenue | 308.8 | 304.9 | 307.7 |
growth-% | 12.12 % | -1.26 % | 0.93 % |
EBIT (adj.) | 73.4 | 70.1 | 70.5 |
EBIT-% (adj.) | 23.75 % | 22.99 % | 22.90 % |
EPS (adj.) | 0.72 | 0.63 | 0.64 |
Dividend | 0.44 | 0.46 | 0.48 |
Dividend % | 4.68 % | 4.72 % | 4.93 % |
P/E (adj.) | 13.08 | 15.46 | 15.34 |
EV/EBITDA | 9.47 | 10.73 | 10.51 |