ABG har mod betaling udarbejdet denne analyse af North Media:
For H1’20, NM Online delivered 18% y-o-y revenue growth and a 4x EBIT result. Breaking down the business, BoligPortalen delivered 21% growth, Ofir delivered 5% growth with a reduction in losses and Lead-Supply (50% consolidated) consolidated following strong growth. For BoligPortalen, the company delivered 18% growth in Denmark and 58% in Sweden (BostadsPortal.se), plus an underlying 151% growth with landlords. The company has developed a new platform where it expects to assist 1) landlords, with advertisements, contracts, reports and analysis, 2) renters, as a search agent and profiler along with assisting with validation and security for contracts and 3) services, e.g. leads to companies associated with delivery electricity, internet and insurance. Overall the company has a 8% market share with 30% on the rental market place and only 1-2% in services, which is judged to be a larger market. The company has so far sold ~20k rent contracts and moving reports to ~7k landlords. For Ofir, the company is finalizing the turn-around and expects a profitable business in 2021 and for Leadsupply, closer ties with its banking relationships are expected to drive the business forward. In the segment, Bekey SmartRelay penetration in Copenhagen was aimed to be at ~70% at ’20 end (currently ~52%), but growth seems to be postponed due to COVID-19.
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.
