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Alma Media: Record high profitability boosted estimates

ALMAResearch22.10.2021 klo 10.00
Inderes
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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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Alma Media operates in the media sector. The company's main focus is on digital media, where the offering consists of news content that touches on lifestyle, career and finance. The group operates several brands, the better-known of which include Kauppalehti. The customers are found in the Nordic countries, the Baltics and Europe and consist of private users. The head office is located in Helsinki.

Read more on company page

Key Estimate Figures21.10.2021

202021e22e
Revenue230.2273.1290.6
growth-%-8.0 %18.7 %6.4 %
EBIT (adj.)45.564.970.9
EBIT-% (adj.)19.7 %23.8 %24.4 %
EPS (adj.)0.360.620.67
Dividend0.300.320.35
Dividend %3.4 %2.4 %2.6 %
P/E (adj.)24.622.020.2
EV/EBITDA12.817.214.7

Forum discussions

In recent years, I’ve noticed from several different data points the growing role of LinkedIn in recruiting specialist/expert employees, and...
10/21/2026, 8:26 AM
by Sijoittaja
3
Regarding the earlier post, if you have any questions in mind for the management interview, feel free to send them over.
10/21/2026, 6:43 AM
by Petri Gostowski
1
Exactly this, it’s already on the topic list. I’ll get back to this in more detail on my part soon as well.
10/16/2026, 4:03 PM
by Petri Gostowski
4
The discussion above serves as good background material for structuring the CEO’s Q3 interview. Wouldn’t you say, Petri?
10/16/2026, 3:58 PM
by Nokiotta
2
You have understood correctly. This is roughly the framework Nordea uses to assess the outlook for marketplace companies. Investment bank Arctic...
10/14/2026, 6:46 AM
by PörssiPatruuna
6
Maybe, at long last, as someone from the Stone Age, I’ve finally wrapped my moss-covered brain around the idea and brought it into modern times...
10/13/2026, 11:58 AM
by Latela
7
Nordea indeed slashed the target price of Vendi—a partial competitor and peer of Alma Media—in one fell swoop by nearly 60% (from NOK 315 to...
10/13/2026, 9:59 AM
by PörssiPatruuna
11