ABG har mod betaling udarbejdet denne analyse af North Media.
Diversification is gaining momentum
- 9th guidance upgrade in a row, driven by strong Q3
- 2021-23 strategic plan to be announced soon
- We increase EBITDA margins by 2.7pp for 2021/22e
Several new service offerings launched during Q3’20
North Media delivered a strong Q3 with revenue of DKK 261m (10% vs. ABGSCe), EBIT (bsi.) of DKK 60m (28% vs. ABGSCe) and EBT of DKK 101m (-7% vs. ABGSCe). The positive result was primarily attributed to 13 distribution weeks in Q3’19 vs. 14 weeks this year. The FK Distribution segment announced an agreement with Deutsche Post to pack for 143,000 households in Flensburg, but in light of this, we do not expect to see higher revenue short term. FK is turning its focus on new areas aside from commercial leaflets, and is entering into distribution of magazines and direct mail. The NM Online segment delivered 19% sales growth while doubling its EBIT, which was attributed to strong 16% and 33% growth in BoligPortal and Ofir, respectively. The successful launch of the updated BoligPortal platform has seen growth of 16%, 52% and 119% in Denmark, Sweden and among landlords. The new services tailored towards landlords will launch in Sweden next year. Ofir’s turnaround is complete and is guided to be profitable in 2021. Due to COVID-19, BEKEY has onboarded ~52% of Copenhagen apartment blocks and targeted min. penetration of 70%, which it expects to meet next year. BEKEY has started a pilot programme to assess the needs of the service where e.g. ~60% of households prefer home delivery.
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.
