Sanoma: Turbulence on the learning path
Sanoma’s normally stable and predictable performance is in the short term hit by cost inflation that bruises earnings. We expect the company to be able to compensate for this with its strong market position, especially in the Learning business, but in our estimates it takes several years for margins to recover. With our estimates the expected return for the next few years is based on dividend yield and a slight upside in the valuation and is slightly above the required return.
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Sanoma is an innovative and agile learning and media company with two business segments: Learning and Media Finland. Learning's educational products and services reach 25 million students in K-12 education in 12 European countries. Media Finland has Finland's leading multichannel media offering (digital and print newspapers, magazines, TV and streaming services, and radio and audio services), through which it reaches 97% of Finns every week, enabling effective marketing solutions for corporate clients. The company's operations have a positive impact on the lives of millions of people every day.
Read more on company pageKey Estimate Figures11.02.2023
| 2022 | 23e | 24e | |
|---|---|---|---|
| Revenue | 1,298.4 | 1,388.1 | 1,440.0 |
| growth-% | 3.7 % | 6.9 % | 3.7 % |
| EBIT (adj.) | 149.9 | 129.2 | 150.5 |
| EBIT-% (adj.) | 11.5 % | 9.3 % | 10.5 % |
| EPS (adj.) | 0.71 | 0.47 | 0.57 |
| Dividend | 0.37 | 0.35 | 0.40 |
| Dividend % | 3.8 % | 4.0 % | 4.6 % |
| P/E (adj.) | 13.9 | 18.8 | 15.5 |
| EV/EBITDA | 7.3 | 6.8 | 6.1 |
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