Analyysi

North Media (One-pager): SDR write downs halt dividend as integration continues

Read the latest North Media One-pager, which includes a brief description of North Media, an update on the company's development in FY2024, the latest financials, valuation perspectives relative to a peer group, and several key investment risks and key investment reasons.

While cash flows from FK Distribution remained strong in 2024, overall it was a challenging year with a DKK 155m SDR write-down, Bekey losses, a halted dividend, and the Ofir sale (DKK 20m). Guidance for 2025 suggests it will also be somewhat of a turnaround year as North Media aims to further automate SDR aiming for a positive EBIT in the acquired business unit from 2026 onwards. However, North Media still trades at a very low valuation with cash and securities roughly in line with the market capitalization.

To learn more about North Media, its performance in 2024, and the outlook for 2025 and beyond, catch up on the latest FY2024 presentation with North Media CEO Lasse Brodt and Group CDO Martin Tobberup. Link: https://www.inderes.dk/videos/north-media-praesentation-af-arsregnskabet-2024

Disclaimer: HC Andersen Capital receives payment from North Media for a DigitalIR/corporate visibility subscription agreement. / Philip Coombes 14:08 18.03.2025

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North Media A/S develops and operates platforms for transactions that bring businesses and consumers together. The platforms help customers find the right products, whether they are looking for groceries, rental housing or digital access management solutions. North Media is a market leader and has been listed on OMX Nasdaq Copenhagen since 1996. North Media’s focus is long-term value creation and stable return on capital and has a policy to pay out dividend based on the financial performance. North Media is organised into two business areas: 1) Last Mile comprises FK Distribution and SDR Svensk Direktreklam and both companies are among the leading distributors of leaflets and local newspapers in Denmark and Sweden, respectively. Last Mile is a mature business area with solid earnings and cash flows. 2) Digital Services consists of BoligPortal, Dayli and Bekey, all with the potential for growth, rising profitability, and scalability. BoligPortal is Denmark’s leading home rental platform, offering services to both landlords and tenants. Dayli (MineTilbud) is a leading digital offer platform. Bekey provides digital access solutions for secured stairwells and private homes for the use of homecare services and companies delivering parcels, groceries, meal services, etc. North Media has a strong focus on sustainability and ESG reporting, including the group’s impact, risks and opportunities within climate, environment, social matters and governance. North Media is committed to the Science Based Target initiative with the aim to reduce total CO2 emissions by 50% nominally by 2030 compared to 2018, and to achieve net-zero emissions by 2050.

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