North Media: Time to bring some positive news to the table - ABG

Q1e: revenues of DKK 320m, EBIT of DKK 11m, 3% margin
Minor underlying revisions; major guidance revision likely too early
FVR to DKK 34-63, net cash position of DKK 35/share


Q1e: revenues of DKK 320m, EBIT of DKK 11m

We forecast Q1 group revenues of DKK 320m, roughly flattish y-o-y. We expect EBIT of DKK 11m, for a margin of 3%, down 5pp y-o-y if we adjust for the DKK 14m impairment in Q1'24. We estimate an unrealised loss of DKK 134m on the investment portfolio in Q1, with the largest declines (in DKK terms) seen in NOVO and NVIDIA.

Länk till analysen i sin helhet: https://cr.abgsc.com/foretag/north-media/Equity-research/2025/4/north-media---time-to-bring-some-positive-news-to-the-table/