Uddrag fra ABG Sundal Colliers analyse af North Media efter investor dag:
- Strong fundamentals intact for three-year strategy
- Aims to increase digital services by DKK 200m in M&A
- Bekey’s stairwell segment is now increasingly interesting
2020: a solid milestone with North Media’s highest EBIT ever
North Media was represented by the group executive director/CFO and the CEO of FK Distribution and NM Online at ABGSC’s Investor Day. 2020 was a year of contrast with a particularly negative COVID-19 impact in Q2’20 where volumes decreased by 15%. However, with the company’s adjustment from twice weekly deliveries to deliveries once a week, the group delivered its highest EBIT performance ever. As a result, the company paid a dividend of DKK 5/share (~6% yield) and remains to have an equity position of ~DKK 600m. In connection with the recent annual report and three-year strategy, the company reserved DKK 200m to invest in new digital service ventures. This will be concentrated on digital services, as it seems consolidation opportunities or potential to add new services to FK Distribution are currently limited. The company also reiterated that the agreement with Deutsche Post is not a ‘game changer’ but an opportunity to explore new revenue streams by expanding its geographical presence. FK Distribution is thus expected to deliver originally stable/flat revenue and earnings in its three-year strategy.
