Copyright © Inderes 2011 - present. All rights reserved.
  • Latest
  • Markets
    • Morning Review
    • Stock Comparison
    • Financial Calendar
    • Dividends Calendar
    • Research
    • Articles
    • Insider Transactions
  • inderesTV
  • Portfolio
  • Forum
  • Premium
  • Femme
  • Nora AI
  • Learn
    • Investing School
    • Q&A
    • Analysis School
  • About Us
    • Our Coverage
    • Team
Third party research

Gentoo Media: Q1 set-back, but speedy actions - ABG

Gentoo Media

This is a third party research report and does not necessarily reflect our views or values

Download report (PDF)
Weak Q1 top line, rapid actions taken
We cut '25e-'26e adj. EBITDA by 23-15% on lower sales
Trading below peers on 5.5x '25e EV/EBITDA


Q1 broke the strong top-line trend

After multiple years of sequential sales growth, G2M reported a soft Q1 with sales down 11% y-o-y and down 27% q-o-q. Brazil, which we only believed would have a small impact on G2M, appears significant (>EUR 2m headwind), and the company also sunset low-margin activities, which hurt the top line. Still, the underlying development seems softer than we expected even though we believe the Q1 weakness was partly temporary. On a lower base, we cut '25e sales by 16%, raise growth in '26e by 4pp assuming temporary soft H1'25 revenue, but lower '27e growth by 2pp on more cautious assumptions considering the soft underlying trends. We arrive at -6% sales growth in '25e, compared to G2M's guidance of sales 'broadly in line with 2024', with a slow Q2 followed by incremental improvements in H2'25e, partly supported by an increasing Brazil contribution.
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
  • 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.