North Media: PW triggers another round of estimate cuts - ABG

A weaker-than-expected Q3 on almost all parameters
Another PW as extraction of synergies proves costly
FVR down to DKK 47-86 (53-90) on estimate cuts


A weaker-than-expected Q3 on almost all parameters

The Q3 numbers were weaker than we expected, overall. Revenues of DKK 307m were 1% below ABGSCe and corresponded to 38% y-o-y growth (-1% y-o-y growth if we adjust for the consolidation of SDR). EBIT of DKK -1.5m was a clear disappointment compared to our estimate of DKK 12m, driven by higher costs and write-downs in SDR. Q3 also saw an unrealised loss of DKK 87m on the securities portfolio (vs. our estimate of a loss of DKK 67m), driven particularly by Novo Nordisk.

Länk till analysen i sin helhet: https://cr.abgsc.com/foretag/north-media/Equity-research/2024/11/north-media---pw-triggers-another-round-of-estimate-cuts/