North Media: Lower dividends reflect a tough '23 - ABG
Reached '22 guidance, but disappointing '23 guidance
Proposed DPS of DKK 4.0/share reflects uncertainty
We cut 15% EBIT for '23e, 3-5% in '24e-'25e
Q4 broadly in line; lower end of '22 guidance reached
Prelim. FY'22 revenues and EBIT had already been announced on 6 February. Q4 was broadly in line with ABGSCe, with revenues of DKK 259m coming in 2% below ABGSCe, while EBIT of DKK 62m came in 3% below ABGSCe, corresponding to an EBIT margin of 24%. As such, the FY'22 guidance was reached, albeit landing at the lower end.
Länk till analysen i sin helhet: https://cr.abgsc.com/foretag/north-media/Equity-research/2023/2/north-media---lower-dividends-reflect-a-tough-23/