ABG’s har mod betaling udarbejdet denne analyse af North Media:
- DKK 21m write-down on Bekey with no cash effect
- Preliminary forecast for ‘22e; we lower EBIT by ~13%
- We reduce our FVR to DKK 100-150 (110-165)
DKK 21m write-down on conservative approach to Bekey
This evening, North Media decided to write off DKK 21m of already-capitalised development costs from Bekey’s investments in its stairways segment. These are development and installation costs to install SmartRelays in multi-storey buildings in Copenhagen. The company has now installed SmartRelays in ~60% of all stairways in Copenhagen (vs. its 70% objective at the beginning of the year), but is seeing limited commercial momentum and breakthrough from new customers. As such, it is shifting to a more conservative outlook on the offering’s potential. Following conversations with the management, the strategy is intact with a continued belief that home deliveries of parcels, food and other packages have strong potential for growth. North Media reiterates its revenue guidance for ‘21e of DKK 1,020-1,035m, but lowers EBIT to DKK 235-245m (255-265m), an 8% mid-point decrease driven by the write-down being recognised as deprecations in Bekey; it now guides for EBIT of DKK -28m to -29m (-7m to -6m).
Generalt om Commissioned Research: Bemærk, at man bør se bort fra eventuelle kursestimater i såkaldt commissioned research, og den underliggende analyse skal også tolkes med forsigtighed, da negative aspekter ikke nødvendigvis fremhæves.
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