Aankondiging • May 14
North Media A/S Lowers Earnings Guidance for Full Year 2026 North Media A/S Lowered Earnings Guidance for full Year 2026. For the year, the company expected revenue of DKK 1,267 million to DKK 1,320 million previously DKK 1,267 million to DKK 1,333 million, EBIT of DKK 75 million to DKK 103 million previously DKK 75 million to DKK 117 million. New Risk • May 13
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 24% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 28% per year over the past 5 years. High level of non-cash earnings (24% accrual ratio). Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Reported Earnings • May 13
First quarter 2026 earnings released: kr.1.70 loss per share (vs kr.6.87 loss in 1Q 2025) First quarter 2026 results: kr.1.70 loss per share (improved from kr.6.87 loss in 1Q 2025). Revenue: kr.293.7m (down 5.4% from 1Q 2025). Net loss: kr.31.2m (loss narrowed 75% from 1Q 2025). Over the last 3 years on average, earnings per share has fallen by 58% per year but the company’s share price has only fallen by 6% per year, which means it has not declined as severely as earnings. Aankondiging • Apr 25
North Media Announces Termination of Ask Illum Jessen as Group Chief Infrastructure and Commercial Optimisation Officer and Member of the Executive Board, Effective April 22, 2026 The Board of Directors of North Media has decided to terminate the position as Group Chief Infrastructure and Commercial Optimisation Officer (CICO) and anchor the work with the directors of the Group Executive Board. Ask Illum Jessen will step down from the position as Group Chief Infrastructure and Commercial Optimisation Officer and will resign as member of the Executive Board as of 22 April 2026. Ask will during his notice period work with a number of strategic tasks and projects within the North Media Group. Group Chief Infrastructure & Commercial Optimization Officer and Member of Executive Board. Aankondiging • Apr 11
North Media A/S Approves Board Elections North Media A/S at its Annual General Meeting held on April 10, 2026 approved the election of Lasse Ingemann Brodt as a new member of the Board of Directors. The company also approved election of Lasse Ingemann Brodt as Chairman of the Board of Directors. Upcoming Dividend • Apr 06
Upcoming dividend of kr.1.25 per share Eligible shareholders must have bought the stock before 13 April 2026. Payment date: 15 April 2026. Payout ratio is a comfortable 42% and the cash payout ratio is 92%. Trailing yield: 2.6%. Lower than top quartile of Danish dividend payers (4.6%). Lower than average of industry peers (5.4%). New Risk • Feb 26
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. Cash payout ratio: 92% Dividend yield: 2.5% This is considered a minor risk. Dividends are ultimately paid out of the company's available cash reserves. Companies that pay out too much of their cash flow are at risk of having to reduce or cut their dividend in future. If cash flow growth slows or cash flows fall, then there may not be enough cash reserves to maintain the same dividend. Or in extreme cases, companies may opt to take on debt to maintain the dividend. This risk is mitigated by the fact the dividend is covered by earnings, however, cash flows are generally more important. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 31% per year over the past 5 years. Minor Risk Dividend is not well covered by cash flows (92% cash payout ratio). Reported Earnings • Feb 26
Full year 2025 earnings released: EPS: kr.3.02 (vs kr.4.01 in FY 2024) Full year 2025 results: EPS: kr.3.02 (down from kr.4.01 in FY 2024). Revenue: kr.1.30b (flat on FY 2024). Net income: kr.54.1m (down 25% from FY 2024). Profit margin: 4.2% (down from 5.6% in FY 2024). Over the last 3 years on average, earnings per share has fallen by 54% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings. Aankondiging • Dec 20
North Media A/S, Annual General Meeting, Apr 10, 2026 North Media A/S, Annual General Meeting, Apr 10, 2026. Reported Earnings • Nov 06
Third quarter 2025 earnings released: EPS: kr.3.00 (vs kr.3.90 loss in 3Q 2024) Third quarter 2025 results: EPS: kr.3.00 (up from kr.3.90 loss in 3Q 2024). Revenue: kr.286.4m (down 6.6% from 3Q 2024). Net income: kr.52.9m (up kr.122.6m from 3Q 2024). Profit margin: 19% (up from net loss in 3Q 2024). Over the last 3 years on average, earnings per share has fallen by 44% per year but the company’s share price has only fallen by 9% per year, which means it has not declined as severely as earnings. Aankondiging • Sep 30
North Media Announces the Resignation of Kåre Stausø Wigh as Group CFO, Effective September 26, 2025 The Board of Directors of North Media announces that Kåre Stausø Wigh has stepped down from his position as Group CFO with effect from today. Kåre Stausø Wigh has been on sick leave since the spring of 2025. Reported Earnings • Aug 22
Second quarter 2025 earnings released: EPS: kr.5.30 (vs kr.7.70 in 2Q 2024) Second quarter 2025 results: EPS: kr.5.30 (down from kr.7.70 in 2Q 2024). Revenue: kr.342.3m (down 2.5% from 2Q 2024). Net income: kr.96.2m (down 31% from 2Q 2024). Profit margin: 28% (down from 40% in 2Q 2024). Over the last 3 years on average, earnings per share has fallen by 17% per year but the company’s share price has only fallen by 12% per year, which means it has not declined as severely as earnings. New Risk • Jun 02
New major risk - Revenue and earnings growth Earnings have declined by 13% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. This is currently the only risk that has been identified for the company. Reported Earnings • May 22
First quarter 2025 earnings released: kr.6.30 loss per share (vs kr.7.20 profit in 1Q 2024) First quarter 2025 results: kr.6.30 loss per share (down from kr.7.20 profit in 1Q 2024). Revenue: kr.310.5m (down 5.1% from 1Q 2024). Net loss: kr.125.3m (down 197% from profit in 1Q 2024). Revenue is expected to decline by 1.6% p.a. on average during the next 3 years, while revenues in the Media industry in Europe are expected to grow by 2.2%. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has fallen by 17% per year, which means it is significantly lagging earnings. Major Estimate Revision • Apr 23
Consensus EPS estimates fall by 662% The consensus outlook for fiscal year 2025 has been updated. 2025 expected loss increased from -kr.0.66 to -kr.5.03 per share. Revenue forecast unchanged at kr.1.31b. Media industry in Denmark expected to see average net income growth of 14% next year. Consensus price target down from kr.51.00 to kr.48.50. Share price was steady at kr.35.20 over the past week. Reported Earnings • Mar 14
Full year 2024 earnings released: EPS: kr.3.40 (vs kr.14.29 in FY 2023) Full year 2024 results: EPS: kr.3.40 (down from kr.14.29 in FY 2023). Revenue: kr.1.30b (up 37% from FY 2023). Net income: kr.72.5m (down 73% from FY 2023). Profit margin: 5.6% (down from 28% in FY 2023). The decrease in margin was driven by higher expenses. Revenue is expected to decline by 1.4% p.a. on average during the next 3 years, while revenues in the Media industry in Europe are expected to grow by 2.9%. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has fallen by 25% per year, which means it is significantly lagging earnings. New Risk • Mar 13
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: kr.679.5m (US$99.2m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Earnings are forecast to decline by an average of 8.3% per year for the foreseeable future. High level of non-cash earnings (72% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (21% net profit margin). Market cap is less than US$100m (kr.679.5m market cap, or US$99.2m). Major Estimate Revision • Mar 11
Consensus EPS estimates fall by 62% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from kr.1.33b to kr.1.31b. EPS estimate also fell from kr.10.52 per share to kr.3.98 per share. Net income forecast to shrink 73% next year vs 9.1% growth forecast for Media industry in Denmark . Consensus price target down from kr.63.50 to kr.53.00. Share price fell 18% to kr.38.50 over the past week. Valuation Update With 7 Day Price Move • Mar 10
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to kr.39.40, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 11x in the Media industry in Europe. Total loss to shareholders of 43% over the past three years. Price Target Changed • Feb 28
Price target decreased by 11% to kr.63.50 Down from kr.71.50, the current price target is provided by 1 analyst. New target price is 33% above last closing price of kr.47.80. Stock is down 29% over the past year. The company is forecast to post earnings per share of kr.10.52 for next year compared to kr.14.29 last year. Aankondiging • Jan 07
Jobindex A/S entered into an agreement to acquire OFiR a-s from North Media A/S (CPSE:NORTHM) for DKK 30 million. Jobindex A/S entered into an agreement to acquire OFiR a-s from North Media A/S (CPSE:NORTHM) for DKK 30 million on January 6, 2025. Jobindex will continue to use Ofirs website, brand and logo during a transition period. Major Estimate Revision • Nov 12
Consensus EPS estimates fall by 11% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from kr.1.34b to kr.1.33b. EPS estimate also fell from kr.13.71 per share to kr.12.20 per share. Net income forecast to shrink 35% next year vs 13% growth forecast for Media industry in Denmark . Consensus price target down from kr.71.50 to kr.66.50. Share price fell 5.9% to kr.51.40 over the past week. Reported Earnings • Nov 07
Third quarter 2024 earnings released: kr.3.90 loss per share (vs kr.0.90 profit in 3Q 2023) Third quarter 2024 results: kr.3.90 loss per share (down from kr.0.90 profit in 3Q 2023). Revenue: kr.306.5m (up 38% from 3Q 2023). Net loss: kr.69.7m (down kr.86.7m from profit in 3Q 2023). Revenue is forecast to grow 1.3% p.a. on average during the next 3 years, compared to a 1.9% growth forecast for the Media industry in Europe. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has fallen by 24% per year, which means it is significantly lagging earnings. Price Target Changed • Nov 07
Price target decreased by 10% to kr.66.50 Down from kr.74.00, the current price target is provided by 1 analyst. New target price is 25% above last closing price of kr.53.00. Stock is down 4.8% over the past year. The company is forecast to post earnings per share of kr.12.20 for next year compared to kr.14.29 last year. Aankondiging • Nov 05
North Media A/S Revises Earnings Guidance for the Full-Year 2024 North Media A/S revised Earnings Guidance for the Full-Year 2024. For the year, the Group expected consolidated revenue to be in the range of DKK 1,315 million to DKK 1,340 million (previously DKK 1,320 million to DKK 1,365 million). EBIT is now expected to be in the DKK 65 million - DKK 85 million range (previous guidance: DKK 75 million - DKK 100 million). New Risk • Oct 23
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 26% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Earnings are forecast to decline by an average of 26% per year for the foreseeable future. High level of non-cash earnings (87% accrual ratio). Minor Risk Dividend is not well covered by cash flows (401% cash payout ratio). Major Estimate Revision • Oct 01
Consensus EPS estimates fall by 14% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate fell from kr.15.87 to kr.13.71 per share. Revenue forecast steady at kr.1.34b. Net income forecast to shrink 40% next year vs 14% growth forecast for Media industry in Denmark . Consensus price target down from kr.74.00 to kr.71.50. Share price was steady at kr.54.60 over the past week. Reported Earnings • Aug 19
Second quarter 2024 earnings released: EPS: kr.7.70 (vs kr.4.20 in 2Q 2023) Second quarter 2024 results: EPS: kr.7.70 (up from kr.4.20 in 2Q 2023). Revenue: kr.351.0m (up 47% from 2Q 2023). Net income: kr.139.3m (up 80% from 2Q 2023). Profit margin: 40% (up from 32% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 2.6% p.a. on average during the next 3 years, compared to a 2.4% growth forecast for the Media industry in Europe. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has fallen by 21% per year, which means it is significantly lagging earnings. Major Estimate Revision • Aug 18
Consensus EPS estimates fall by 12%, revenue upgraded The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast increased from kr.1.33b to kr.1.35b. EPS estimate fell from kr.18.00 to kr.15.87 per share. Net income forecast to shrink 6.7% next year vs 13% growth forecast for Media industry in Denmark . Consensus price target down from kr.77.50 to kr.74.00. Share price rose 4.0% to kr.57.00 over the past week. Aankondiging • Aug 14
North Media A/S Revises Earnings Guidance for the Full-Year 2024 North Media A/S revised earnings guidance for the full-year 2024. For the year, the Group expected consolidated revenue to be in the range of DKK 1,320 million to DKK 1,365 million (previously DKK 1,310 million to DKK 1,355 million). EBIT to be in the range of DKK 75 million to DKK 100 million range (previously DKK 95 million to DKK 125 million). Major Estimate Revision • Jul 17
Consensus EPS estimates increase by 41% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate increased from kr.12.77 to kr.18.00. Revenue forecast steady at kr.1.33b. Net income forecast to grow 5.7% next year vs 10% growth forecast for Media industry in Denmark. Consensus price target broadly unchanged at kr.77.50. Share price was steady at kr.57.40 over the past week. Aankondiging • May 18
North Media A/S Lowers Financial Guidance for the Year 2024 North Media A/S Lowered financial guidance for the year 2024. The Group narrows its revenue guidance. Revenue is now expected to be in the DKK 1,310-1,355 million range (previously DKK 1,310- DKK 1,375 million). The narrowing is mainly due to greater insight into SDR’s business, adjustment of projection models in the SDR business and slightly weaker growth in BoligPortal. Moreover, the EBIT guidance is adjusted to DKK 95-125m (previously DKK 110-150m), due to a DKK 13.7m non-cash one-off write-down of IT systems at SDR. Reported Earnings • May 17
First quarter 2024 earnings: EPS and revenues miss analyst expectations First quarter 2024 results: EPS: kr.7.20 (up from kr.6.30 in 1Q 2023). Revenue: kr.327.1m (up 36% from 1Q 2023). Net income: kr.129.6m (up 11% from 1Q 2023). Profit margin: 40% (down from 49% in 1Q 2023). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 3.5%. Earnings per share (EPS) also missed analyst estimates by 1.2%. Revenue is forecast to grow 4.4% p.a. on average during the next 3 years, compared to a 4.2% growth forecast for the Media industry in Europe. Over the last 3 years on average, earnings per share has fallen by 9% per year but the company’s share price has fallen by 20% per year, which means it is performing significantly worse than earnings. Major Estimate Revision • Apr 26
Consensus EPS estimates increase by 22% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate increased from kr.10.53 to kr.12.89. Revenue forecast unchanged at kr.1.35b. Net income forecast to shrink 7.7% next year vs 14% growth forecast for Media industry in Denmark . Consensus price target up from kr.77.50 to kr.80.00. Share price was steady at kr.60.00 over the past week. Upcoming Dividend • Apr 08
Upcoming dividend of kr.4.00 per share Eligible shareholders must have bought the stock before 15 April 2024. Payment date: 17 April 2024. Payout ratio is a comfortable 28% and this is well supported by cash flows. Trailing yield: 6.1%. Within top quartile of Danish dividend payers (5.6%). Higher than average of industry peers (3.9%). Board Change • Apr 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 2 highly experienced directors. Independent Director Ann-Sofie Bjergby was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Recent Insider Transactions • Mar 28
Group CEO recently sold kr.1.7m worth of stock On the 26th of March, Lasse Brodt sold around 26k shares on-market at roughly kr.64.08 per share. This transaction amounted to 100% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Lasse has been a net seller over the last 12 months, reducing personal holdings by kr.2.3m. Aankondiging • Mar 15
North Media A/S Proposes Dividend North Media A/S will propose dividend of DKK 4 per share of DKK 5 at its Annual General Meeting to be held on 12 April 2024. Major Estimate Revision • Mar 07
Consensus EPS estimates increase by 12%, revenue downgraded The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast fell from kr.1.39b to kr.1.35b. EPS estimate rose from kr.9.38 to kr.10.53. Net income forecast to shrink 25% next year vs 19% growth forecast for Media industry in Denmark . Consensus price target down from kr.81.00 to kr.77.50. Share price fell 9.8% to kr.65.70 over the past week. Reported Earnings • Mar 03
Full year 2023 earnings: EPS misses analyst expectations Full year 2023 results: EPS: kr.14.30 (up from kr.0.11 in FY 2022). Revenue: kr.949.1m (down 4.6% from FY 2022). Net income: kr.264.4m (up kr.262.3m from FY 2022). Profit margin: 28% (up from 0.2% in FY 2022). The increase in margin was driven by lower expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 7.6%. Revenue is forecast to grow 5.3% p.a. on average during the next 3 years, compared to a 5.2% growth forecast for the Media industry in Europe. Over the last 3 years on average, earnings per share has fallen by 20% per year but the company’s share price has only fallen by 10% per year, which means it has not declined as severely as earnings. Aankondiging • Feb 29
North Media A/S Provides Earnings Guidance for the Year 2024 North Media A/S provided earnings guidance for the year 2024. For the year, the company expected revenue to be DKK 1,310 million - DKK 1,375 million and EBIT to be DKK 110 million - DKK 150 million. Aankondiging • Nov 02
North Media Revises Group Earnings Guidance for the Full Year of 2023 North Media revised group earnings guidance for the full year of 2023. For the year, the group expects revenue to be in the range of DKK 940 million to DKK 960 million against previous guidance range of DKK 935 million to DKK 970 million. EBIT to be in the range of DKK 145 million to DKK 160 million against previous guidance range of DKK 135 million to DKK 160 million. Aankondiging • Oct 05
North Media A/S Appoints Martin Frandsen Tobberup as Chief Development Officer, Effective on October 4, 2023 North Media A/S appointed a fourth member to its Group Executive Board. The appointment is the next step in the process of strengthening the role of the Group Executive Board which commenced in April 2022. Martin Frandsen Tobberup will take up the position as Chief Development Officer (CDO), heading up the Group’s digital operations and development effective on 4 October 2023. Martin will, across the Group, be in charge of ensuring that all companies and functions continue to apply the best, most appropriate and – as far as possible – standardised digital tools and software solutions, which will contribute to enhancing revenue, productivity and profitability. Martin will also be charged with setting the direction for building the digital platform of the future for the companies within the Group. Martin has been with North Media since early 2020, most recently as CFO and a member of the executive board of BoligPortal A/S. Martin has also been in charge of collaboration and knowledge sharing within data & analytics and digital marketing across the North Media Group. Martin has previously been employed by Deloitte Management Consulting and LEGO and also served as CFO of eBay Classifieds Scandinavia. Effective from 4 October 2023, the Group Executive Board will therefore consist of the following members: Lasse Ingemann Brodt, CEO; Kåre Stausø Wigh, CFO; Lisbeth Britt Larsen, Group CHRO; Martin Frandsen Tobberup, CDO. Aankondiging • Aug 17
North Media A/S Narrows Earnings Guidance for the Full Year 2023 North Media A/S narrowed earnings guidance for the full year 2023 . For the year, company expected revenue in the range of DKK 935 Million to 970 Million range (previously DKK 920 million to 975 million). EBIT is expected in the range of DKK 135 million to 160 million (previously DKK 125 million to 160 million). New Risk • Aug 17
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 36% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risks Earnings are forecast to decline by an average of 14% per year for the foreseeable future. High level of non-cash earnings (36% accrual ratio). Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Reported Earnings • Aug 17
Second quarter 2023 earnings: EPS and revenues miss analyst expectations Second quarter 2023 results: EPS: kr.4.20 (up from kr.2.60 loss in 2Q 2022). Revenue: kr.238.4m (down 8.3% from 2Q 2022). Net income: kr.77.2m (up kr.125.2m from 2Q 2022). Profit margin: 32% (up from net loss in 2Q 2022). The move to profitability was driven by lower expenses. Revenue missed analyst estimates by 1.9%. Earnings per share (EPS) also missed analyst estimates by 4.4%. Revenue is expected to decline by 1.6% p.a. on average during the next 3 years, while revenues in the Media industry in Europe are expected to grow by 3.4%. Over the last 3 years on average, earnings per share has fallen by 35% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings. Aankondiging • May 04
North Media Provides Earnings Guidance for the Fiscal Year 2023 North Media provides earnings guidance for the fiscal year 2023. The Group’s fiscal year 2023 consolidated guidance is unchanged. Revenue in still expected to be in the DKK 920-975 million range, with EBIT of DKK 125-160 million and the EBIT margin at about 15%. Reported Earnings • May 03
First quarter 2023 earnings released: EPS: kr.6.30 (vs kr.1.90 loss in 1Q 2022) First quarter 2023 results: EPS: kr.6.30 (up from kr.1.90 loss in 1Q 2022). Revenue: kr.240.0m (down 3.3% from 1Q 2022). Net income: kr.116.3m (up kr.151.7m from 1Q 2022). Profit margin: 49% (up from net loss in 1Q 2022). Revenue is expected to decline by 1.9% p.a. on average during the next 3 years, while revenues in the Media industry in Europe are expected to grow by 3.7%. Over the last 3 years on average, earnings per share has fallen by 39% per year but the company’s share price has increased by 12% per year, which means it is well ahead of earnings. Upcoming Dividend • Mar 20
Upcoming dividend of kr.4.00 per share at 7.0% yield Eligible shareholders must have bought the stock before 27 March 2023. Payment date: 29 March 2023. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 7.0%. Within top quartile of Danish dividend payers (5.3%). Higher than average of industry peers (4.6%). Recent Insider Transactions Derivative • Feb 20
Independent Chairman of the Board exercised options to buy kr.938k worth of stock. On the 17th of February, Ole Borch exercised options to buy 15k shares at a strike price of around kr.36.30, costing a total of kr.545k. This transaction amounted to 75% of their direct individual holding at the time of the trade. Ole currently holds less than 1% of total shares outstanding. This was the only transaction from an insider over the last 12 months. Reported Earnings • Nov 03
Third quarter 2022 earnings: EPS exceeds analyst expectations while revenues lag behind Third quarter 2022 results: EPS: kr.0.50 (down from kr.3.10 in 3Q 2021). Revenue: kr.228.0m (down 7.5% from 3Q 2021). Net income: kr.9.90m (down 82% from 3Q 2021). Profit margin: 4.3% (down from 23% in 3Q 2021). Revenue missed analyst estimates by 3.4%. Earnings per share (EPS) exceeded analyst estimates. Revenue is forecast to stay flat during the next 3 years compared to a 5.1% growth forecast for the Media industry in Europe. Over the last 3 years on average, earnings per share has fallen by 14% per year but the company’s share price has increased by 16% per year, which means it is well ahead of earnings. Reported Earnings • May 05
First quarter 2022 earnings: EPS exceeds analyst expectations First quarter 2022 results: kr.1.90 loss per share (down from kr.2.90 profit in 1Q 2021). Revenue: kr.248.2m (up 2.3% from 1Q 2021). Net loss: kr.35.4m (down 167% from profit in 1Q 2021). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates. Over the next year, revenue is forecast to stay flat compared to a 710% growth forecast for the industry in Denmark. Over the last 3 years on average, earnings per share has increased by 27% per year whereas the company’s share price has increased by 29% per year. Upcoming Dividend • Mar 21
Upcoming dividend of kr.5.00 per share Eligible shareholders must have bought the stock before 28 March 2022. Payment date: 30 March 2022. Payout ratio is a comfortable 33% and this is well supported by cash flows. Trailing yield: 5.6%. Within top quartile of Danish dividend payers (5.2%). Higher than average of industry peers (3.6%). Reported Earnings • Feb 11
Full year 2021 earnings: EPS exceeds analyst expectations Full year 2021 results: EPS: kr.15.00 (down from kr.16.74 in FY 2020). Revenue: kr.1.03b (down 1.1% from FY 2020). Net income: kr.273.6m (down 9.7% from FY 2020). Profit margin: 27% (down from 29% in FY 2020). The decrease in margin was primarily driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 22%. Over the next year, revenue is forecast to stay flat compared to a 5.5% growth forecast for the industry in Denmark. Over the last 3 years on average, earnings per share has increased by 42% per year but the company’s share price has only increased by 34% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 05
Third quarter 2021 earnings released: EPS kr.3.10 (vs kr.4.50 in 3Q 2020) The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2021 results: Revenue: kr.246.4m (down 5.4% from 3Q 2020). Net income: kr.55.8m (down 31% from 3Q 2020). Profit margin: 23% (down from 31% in 3Q 2020). The decrease in margin was primarily driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 51% per year whereas the company’s share price has increased by 54% per year.