Privacy preferences
Inderes uses cookies to provide a better user experience and a personalised service. By consenting to the use of cookies, we can develop an even better service and will be able to provide content that is interesting to you.
  • Forum
  • Premium
  • Stock Markets
    • MarketsLive prices, indices, and market performance
    • Morning ReviewDaily market recap and key overnight highlights
    • Stock CalendarUpcoming earnings, listings, and corporate events
    • Dividends CalendarFuture and past dividends
  • Companies
    • CompaniesBrowse and filter the full list of listed companies
    • DiscoveryInspiration for your next investment
    • IPOsNew listings and upcoming public offerings
    • AGM InvitationsAnnual general meeting dates and shareholder info
  • Stock Research
    • ResearchExpert stock analysis and recommendations
    • ArticlesNews, insights, and market commentary
    • PortfolioInderes model portfolio
    • FemmeBreaking barriers and building confidence in investing
  • Learn about investing
    • Analysis SchoolLearn how to read and understand stock analysis
    • Investing SchoolGuides and lessons to grow your investing knowledge
    • Portfolio buildersInvesting knowledge for every level, from first steps to advanced portfolio strategies.
    • inderesTVVideo hub for stock research, analysis, and expert commentary
    • TranscriptsFull text records of earnings calls and investor meetings
    • Stock ComparisonCompare financials and performance across multiple stocks
    • Earnings SeasonCompare EPS estimates to reported results
    • Insider TransactionsTrack buying and selling activity by company insiders
    • Short SellingSee which listed companies have disclosed short interest
    • Virtual Analyst ChatAsk questions and get instant AI-powered investment insights
    • Compound Interest CalculatorSee how your savings grow with the power of compound interest.
Find us on social media
  • Inderes Forum
  • Youtube
  • Facebook
  • Instagram
  • X (Twitter)
  • Tiktok
  • Linkedin
Get in touch
  • info@inderes.fi
  • +358 10 219 4690
  • Porkkalankatu 5
    00180 Helsinki
Inderes
  • About us
  • Our team
  • Careers
  • Inderes as an investment
  • Services for listed companies
Our platform
  • FAQ
  • Q&A
  • Terms of service
  • Privacy policy
  • Disclaimer

Inderes’ Disclaimer can be found here. Detailed information about each share actively monitored by Inderes is available on the company-specific pages on Inderes’ website. © Inderes Oyj. All rights reserved.

Sanoma: Turbulence on the learning path

SANOMAExtensive research02.05.2023 klo 17.56
Inderes
Discuss
Download report (PDF)

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.

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 page

Key Estimate Figures11.02.2023

202223e24e
Revenue1,298.41,388.11,440.0
growth-%3.7 %6.9 %3.7 %
EBIT (adj.)149.9129.2150.5
EBIT-% (adj.)11.5 %9.3 %10.5 %
EPS (adj.)0.710.470.57
Dividend0.370.350.40
Dividend %3.8 %3.3 %3.8 %
P/E (adj.)13.922.818.9
EV/EBITDA7.47.87.0

Forum discussions

Here are Petri’s preview comments as Sanoma reports its Q3 results on Wednesday The quarter is particularly interesting, as the extensive efficiency...
15 hours ago
by Sijoittaja-alokas
6
A few could be these: You guide Learning “clearly above 23%” and a significant group-level EBIT improvement, but H1 margins were roughly flat...
10/22/2026, 9:33 AM
by Tonyfran
6
If management can speculate on this, what kind of “surprise potential” is there either way regarding the opening up of the betting market, such...
10/21/2026, 10:27 AM
by kaurismaki
4
Perhaps a poor question to ask the operational management, but I am a bit concerned about the future of the industry. Age cohorts are shrinking...
10/21/2026, 9:58 AM
by ozkuz
4
Personally, I’d be interested to know how Sanoma sees the future of digital vs. paper-based learning materials. Especially from the perspective...
10/21/2026, 7:21 AM
by Karhunvatukka
6
I’m putting together questions for the Q3 management interview. If there’s anything on your mind, there’s still time to get it added to the ...
10/21/2026, 6:43 AM
by Petri Gostowski
2
There has been quite a lot of talk in the industry about the impact of AI, so I’ll share this recent launch from Sanoma here. This is also an...
10/1/2026, 10:44 AM
by Petri Gostowski
14