North Media: Nice Q3 beat does not change our view - ABG

Solid 14% EBIT beat on slightly higher revenues and lower costs
Better visibility narrows FY'23 guidance, with EBIT mid-point up 3%
'23e EBIT lifted 3%, limited revisions beyond; FVR of DKK 60-98


14% EBIT beat on slightly higher revenues and lower costs

North Media announced Q3 group revenues of DKK 222.3m (+1% vs. ABGSCe at DKK 219.1m), equivalent to a 2.5% y-o-y decline (which is a relative improvement vs. Q1/Q2 helped by easy comps). Group EBIT came in at DKK 29.8m (+14% vs. ABGSCe at DKK 26.2m), for a margin of 13.4%, with the beat driven by slightly higher revenues in the Last Mile segment and lower costs in the Digital Services segments. Q3 saw a DKK 8.6m loss on the investment portfolio (less than ABGSCe at DKK 17.9m, helped by portfolio changes), with EPS of DKK 0.9 coming in significantly higher than ABGSCe at DKK 0.3, while adj. EPS came in 18% above us.

Länk till analysen i sin helhet: https://cr.abgsc.com/foretag/north-media/Equity-research/2023/11/north-media---nice-q3-beat-does-not-change-our-view/