contentSlug

type

ContentSlug_ContentQuery

slug

ContentPageContentQuery

content

trendingContent

query ContentSlug_ContentQuery(
  $contentSlug: String!
  $type: [ContentType!]
) {
  ...ContentPageContentQuery_13QmVO
}

fragment CompanyDetails_Content on Content {
  __isContent: __typename
  companies {
    name
    description
    pageUrl
    id
  }
}

fragment ContentBasicInfo on Content {
  __isContent: __typename
  id
  type
  title
  lang
  companies {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  tags {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  ...PublishingDetails
  ...Reactions
}

fragment ContentMetadata on Content {
  __isContent: __typename
  type
  title
  lang
  pageUrl
  alternatePageUrls: translations {
    __typename
    pageUrl
    lang
  }
  imgUrl
  description
  createdAt
  changedAt
  isPremium
  authors {
    __typename
    name
    pageUrl
    id
  }
  companies {
    name
    id
  }
  tags {
    name
    id
  }
  ... on Video {
    liveTime
    videoUrl
  }
  ... on Webcast {
    liveTime
    videoUrl
  }
}

fragment ContentPageContentQuery_13QmVO on Query {
  content(slug: $contentSlug, type: $type) {
    __typename
    id
    type
    title
    isPremium
    lang
    htmlBody
    summary
    companies {
      forum {
        latestPosts {
          ...ForumPosts
        }
      }
      name
      id
      viewerIsFollowing
      pageUrl
      defaultInstrument {
        isin
        id
        marketOpen
        marketClose
        marketplace {
          region
        }
        returns {
          total
        }
      }
    }
    tags {
      viewerIsFollowing
      id
      name
      pageUrl
    }
    createdAt
    ... on Video {
      liveTime
    }
    ... on Webcast {
      liveTime
    }
    slug
    ... on CompanyReport {
      reportUrl
      researchContentUrl
    }
    ... on ThirdPartyCompanyReport {
      reportUrl
    }
    ... on StockExchangeRelease {
      reportUrl
    }
    ...ContentBasicInfo
    ...ContentMetadata
    ...PriceAndRecommendation_Content
    ...CompanyDetails_Content
    ...ReportLink_Content
    ...KeyFigures_Content
  }
  ...TrendingContent_1jQ2Cn
}

fragment ForumPosts on ForumPost {
  text
  likesCount
  url
  author
  postedAt
  authorImgUrl
}

fragment KeyFigures_Content on Content {
  __isContent: __typename
  companies {
    defaultInstrument {
      estimateData {
        modelType
        reportingCurrency
      }
      snapshot {
        transaction {
          date
          actualized {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
            nav
            navPerShare
            opexOfNav
            quarterlySharePrice
          }
          estimates {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
            nav
            navPerShare
            opexOfNav
            quarterlySharePrice
          }
        }
      }
      id
    }
    id
  }
}

fragment PriceAndRecommendation_Content on Content {
  __isContent: __typename
  createdAt
  companies {
    name
    pageUrl
    defaultInstrument {
      priceData {
        tradeCurrency
      }
      snapshot {
        priceData {
          date
          lastPrice
          tradeCurrency
        }
        transaction {
          date
          recommendation
          targetPrice
        }
        prevTransaction {
          recommendation
        }
      }
      id
    }
    id
  }
}

fragment PublishingDetails on Content {
  __isContent: __typename
  createdAt
  publishers {
    name
    imgUrl
  }
  authors {
    __typename
    id
    name
    slug
    imgUrl
    jobTitle
  }
  ... on Video {
    liveTime
  }
  ... on Webcast {
    liveTime
  }
}

fragment Reactions on Content {
  __isContent: __typename
  id
  reactionGroups {
    reactionType
    reactionsCount
    viewerReacted
  }
}

fragment ReportLink_Content on Content {
  __isContent: __typename
  type
  isPremium
  ... on CompanyReport {
    reportUrl
  }
  ... on ThirdPartyCompanyReport {
    reportUrl
  }
  ... on StockExchangeRelease {
    reportUrl
  }
}

fragment TrendingContent_1jQ2Cn on Query {
  trendingContent(type: ARTICLE) {
    __typename
    id
    title
    lang
    pageUrl
    createdAt
    type
    imgUrl
    companies {
      squareLogoUrl
      name
      id
    }
    authors {
      __typename
      imgUrl
      id
    }
    publishers {
      imgUrl
    }
  }
}


seeking-a-new-direction-with-an-efficiency-program

__typename

title

isPremium

lang

htmlBody

summary

companies

createdAt

publishers

authors

reactionGroups

pageUrl

translations

imgUrl

description

changedAt

Co. Head of Research

Petri Gostowski

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.

Petri has released a new comprehensive report on Sanoma, and like other extensive reports, it is available for everyone to read.  Sanoma’s earnings growth outlook for the coming years is very good, as curriculum reforms are being implemented in the major operating countries of the learning business, which has a strong market position in the European educational materials market, and the segment’s efficiency has increased through operational streamlining. Relative to our estimated earnings growth, the stock is valued quite moderately, which, combined with Sanoma’s moderate risk level, creates a very attractive risk-reward ratio. Thus, we reiterate our Buy recommendation for Sanoma and our target price of 11.5 euros.                   Inderes              Sanoma laaja raportti: Tuloskasvu kiihtyy seuraavalla lukukaudella - Inderes    Sanoman lähivuosien tuloskasvunäkymä on erittäin hyvä, kun vankan markkina-aseman Euroopan oppimateriaalimarkkinalla omaavan oppimisliiketoiminnan isoissa toimintamaissa tehdään opetussuunnitelmauudistuksia ja segmentin tehokkuus on noussut toiminnan...                             Quoted from the report: Long-term earnings forecasts In our forecasts, Sanoma’s long-term revenue growth is set at 2%. This reflects a 2-5% growing learning business and a stably developing media business. After the profitability improvement in the coming years, we expect a somewhat stable profitability development in the long term in both segments.

GlobeNewswire News Room – 10 Mar 26              Sanoma ostaa Mr. Chaddin, hollantilaisen tutorointialustan    Sanoma ostaa Mr. Chaddin, hollantilaisen tutorointialustan....                             Sanoma has acquired Mr. Chadd, a Dutch tutoring platform, from its founder and other shareholders. Mr. Chadd complements Sanoma’s personalized learning offering for schools beyond its core of printed and digital learning materials by providing integrated digital learning support in line with the Dutch primary and secondary education curriculum. Mr. Chadd’s platform combines AI-based guidance with academically trained coaches, thereby strengthening the link between homework support and classroom work. The acquisition supports Sanoma’s strategy to grow its K12 (primary and secondary education) learning business by, among other things, expanding the product portfolio in existing operating countries and shaping the development of K12 education towards personalized learning. Mr. Chadd’s net sales were approximately EUR 1 million in 2025. The platform has already been used by more than 140,000 secondary and vocational education students. Mr. Chadd’s founder will continue to work for Sanoma Learning following the acquisition.

Petri and Mikael chatted about the state of the media industry.                    Inderes              Kasvua perinteisen median ulkopuolelta – Mediayhtiöt - Inderes    Aika: 05.03.2026 klo 14.30 Media-alan pitkään jatkunut murros on ajanut mediayhtiöitä eri suuntiin. Yhtiöiden vahvistuneet taseet mahdollistavat yritysostojen tekemisen tulevaisuudessa.                             Topics: 00:00 Introduction  00:11 Q4 earnings season for media companies  01:08 Differences in companies’ revenue structures  02:53 Situation and drivers of the Finnish media market  05:03 Deregulation of the gambling market in Finland  06:26 Efficiency gains enabled by AI  08:36 Companies ready for acquisitions  12:51 Otava has increased its stake in Alma Media  14:57 The situation with the unlocking of value in Ilkka  16:27 Valuation outlook for media companies  20:11 Why is Sanoma’s share not pricing in the forecasted earnings growth?

@m_jylha:n tentissä oli Sanoman Rob Kolkman.  Sanoma Powers Growth with Learning – In Conversation with CEO Rob Kolkman Sanoma held a CMD at the end of last year and announced its new financial targets. During the 2026–2030 strategy period, the company aims for growth driven by its Learning business. The opening of Finland’s gambling market to competition will expand the advertising market, and Sanoma aims to capture its share. What does gambling advertising look like from a responsibility perspective? President and CEO Rob Kolkman is interviewed by Mikko Jylhä.                   Miltton              Pörssipodi – puhetta sijoittamisesta - Miltton    Kuuntele Milttonin uutta Mikko Jylhän juontamaa sijoitus-podcastia. Uuden Pörssipodin jaksot löydät aina täältä, Spotifysta ja Apple Podcastista.

Here is Juho Torati’s analysis of Sanoma after the Q4 results.  Sanoma’s growth drivers through 2026 remain unchanged, however. Sales of Learning’s educational materials are expected to grow in its largest market areas—Poland, Spain, and the Netherlands—driven by curriculum reforms. In Media Finland, digital subscription sales are expected to continue growing faster than the decline in print media, and advertising sales are expected to remain stable. Sanoma also enters the year in a very stable financial position, having successfully improved its profitability and strengthened its balance sheet in 2025, in line with its strategy.  Note: IR Monitoring is a channel for the corporate partners of SalkunRakentaja and Sijoittaja.fi for background and analytical articles, as well as other interesting investor information. The article is part of a commercial collaboration with the company. The article does not contain investment recommendations.                   Sijoittaja.fi – 12 Feb 26              Analyysi: Sanoma ennustaa selvää tulosparannusta vuodelle 2026    Sanoman Q4-tulos oli tuloksen osalta hieman odotettua parempi, mutta kasvun osalta heikompi. Vuodelle 2026 yhtiö ohjeistaa merkittävää tulosparannusta.

Petri has released a new company report following the Q4 results.  Sanoma’s operating result was well in line with our estimates in Q4, and the dividend proposal also matched our forecast. The earnings guidance provided for the current year also fell exactly within our expected range. The company’s earnings growth outlook for the coming years is very good, in relation to which the stock’s valuation is moderate. Thus, we reiterate our Buy rating for the stock. Reflecting minor forecast changes, we revise our target price to EUR 11.5 (prev. EUR 11.3). Sanoma’s CEO’s Q4 interview (Eng.) can be viewed at this link. Quoted from the report: Free cash flow has strengthened Sanoma’s cash flow from operations strengthened to EUR 199 million in 2025, which, after normal capital expenditures, lease liability payments, and hybrid loan interest, corresponds to a free cash flow of EUR 117 million. As a result, the company’s net debt settled at EUR 486 million, which corresponds to 1.8x the adjusted EBITDA for the previous 12 months. Thus, within its financial position, the company is well-positioned for the proposed dividend increase to EUR 0.42 and the refinancing of the hybrid loan taking place in March. Even after these actions, and thanks to the accumulation of cash flow that continues to strengthen with earnings growth, the company estimates it has approximately EUR 300 million in headroom for acquisitions. The financial position already enables the company to make even a large acquisition.                   Inderes              Sanoma Q4'25: Tuloskasvun hintalappu on matala - Inderes    Sanoman operatiivinen tulos oli hyvin linjassa ennusteidemme kanssa Q4:llä ja myös voitonjakoehdotus vastasi ennustettamme. Kuluvalle vuodelle annettu tulosohjeistus asettui myös tismalleen ennakoimaamme haarukkaan.

Petri managed to interview Sanoma’s CEO Rob Kolkman right after the Q4 results “appeared”                    Inderes              Sanoma Q4'25: Tähtäimessä vahvaa kasvua (eng.) - Inderes    Aika: 11.02.2026 klo 13.03 Sanoman ohjeistus viitoittaa kuluvalle vuodelle vahvaa tuloskasvua. Lisää kasvumahdollisuuksia aukenee myös vuonna 2027 muuttuvan rahapelilain myötä. Sanoman toimitusjohtaja Rob Kolkman kommentoi analyytikko Petri...                             Topics: 00:00 Introduction  00:12 Key highlights for 2025  00:45 Development of the Learning business  01:54 M&A  03:10 Weakness in the advertising market  04:31 Changes in gambling legislation open up growth opportunities  05:55 Drivers behind the guidance

Sanoma

Sanoma’s normally stable and predictable earnings development has weakened especially as a result of cost inflation and contraction in advertising. With a substantial efficiency improvement program in the Learning business, we expect the segment’s profitability to increase clearly in the coming years, which, together with the gradually recovering Media business result, will boost earnings growth to a good level in the coming years. 

<p>Sanoma&rsquo;s normally stable and predictable earnings development has weakened especially as a result of cost inflation and contraction in advertising. With a substantial efficiency improvement program in the Learning business, we expect the segment&rsquo;s profitability to increase clearly in the coming years, which, together with the gradually recovering Media business result, will boost earnings growth to a good level in the coming years. We believe the expected return consisting of this and the highish dividend yield in the coming years turns the risk/reward ratio attractive.</p>

	2023	24e	25e
Revenue	1,392.9	1,330.0	1,346.2
growth-%	7.3 %	-4.5 %	1.2 %
EBIT (adj.)	133.8	133.5	150.9
EBIT-% (adj.)	9.6 %	10.0 %	11.2 %
EPS (adj.)	0.39	0.41	0.53
Dividend	0.37	0.37	0.39
Dividend %	5.3 %	4.0 %	4.3 %
P/E (adj.)	17.7	22.6	17.4
EV/EBITDA	6.7	7.2	6.3

Seeking a new direction with an efficiency program

Login required

Key Estimate Figures02.05.2024

Forum discussions