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North Media

North Media

DKKm 2020 2021e 2022e
Sales 1016 999 986
Sales growth (%) -10,1 -1,7 -1,3
EBITDA 269 271 271
EBITDA margin (%) 26,4 27,1 27,4
EBIT adj 236 239 239
EBIT adj margin (%) 23,2 23,9 24,2
Pretax profit 353 279 279
EPS rep 14,99 12,13 12,13
EPS growth (%) 36 -19,1 0
EPS adj 8,27 9,35 9,35
DPS 4 4 4
EV/EBITDA (x) 2,8 1,8 0,9
EV/EBIT adj (x) 3,1 2,1 1,1
P/E (x) 5,3 6,5 6,5
P/E adj (x) 9,6 8,4 8,5
EV/sales (x) 0,7 0,5 0,3
FCF yield (%) 12,2 13,6 13,6
Dividend yield (%) 5,1 5,1 5,1
Net IB debt/EBITDA -2,4 -3,3 -4,3
N/A N/A N/A
DKKm 2020 2021e 2022e
Sales 1016 999 986
COGS -407 -392 -386
Gross profit 609 607 600
Other operating items -340 -336 -329
EBITDA 269 271 271
Depreciation on tangibles -31 -30 -30
Depreciation on intangibles -2 -2 -2
EBITA 236 239 239
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 236 239 239
Other financial items 0 0 0
Net financial items -5 -5 -5
Associated income -5 -5 -5
Other EO items 127 50 50
Pretax profit 353 279 279
Tax -78 -61 -61
Net profit 275 218 218
Minority interest 0 0 0
Net profit discontinued -6 0 0
Net profit to shareholders 269 218 218
EPS 14,99 12,13 12,13
EPS Adj 8,27 9,35 9,35
Total extraordinary items after tax 127 50 50
Tax rate (%) -22 -22 -22
Gross margin (%) 60 60,8 60,9
EBITDA margin (%) 26,4 27,1 27,4
EBITA margin (%) 23,2 23,9 24,2
EBIT margin (%) 23,2 23,9 24,2
Pretax margin (%) 35,2 28,5 28,8
Net margin (%) 27,6 22,3 22,6
Growth rates Y/Y 2020 2021 2022
Sales growth (%) -10,1 -1,7 -1,3
EBITDA growth (%) 40,9 0,9 -0,2
EBIT growth (%) 47,3 1,3 -0,1
Net profit growth (%) 35,3 -20,9 0
EPS growth (%) 36 -19,1 0
Profitability 2020 2021 2022
ROE (%) 33,3 20,6 17
ROE Adj (%) 18,4 15,9 13,1
ROCE (%) 38,1 23,9 20,1
ROCE Adj(%) 24,6 19,7 16,6
ROIC (%) 57 63,5 69,4
ROIC Adj (%) 57 63,5 69,4
Adj earnings numbers 2020 2021 2022
EBITDA Adj 269 271 271
EBITDA Adj margin (%) 26,4 27,1 27,4
EBITA Adj 236 239 239
EBITA Adj margin (%) 23,2 23,9 24,2
EBIT Adj 236 239 239
EBIT Adj margin (%) 23,2 23,9 24,2
Pretax profit Adj 226 229 229
Net profit Adj 148 168 168
Net profit to shareholders Adj 148 168 168
Net Adj margin (%) 15,1 17,3 17,5
N/A N/A N/A
DKKm 2020 2021e 2022e
EBITDA 269 271 271
Net financial items -5 -5 -5
Paid tax -78 -61 -61
Non-cash items 0 0 0
Cash flow before change in WC 186 205 204
Change in WC 4 1 0
Operating cash flow 190 205 205
CAPEX tangible fixed assets -12 -12 -12
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals -5 0 0
Free cash flow 173 193 193
Dividend paid 5 5 5
Share issues and buybacks 0 0 0
Other non cash items 129 50 50
Decrease in net IB debt 306 248 248
Balance Sheet (DKKm) 2020 2021 2022
Goodwill 39 39 39
Indefinite intangible assets 0 0 0
Definite intangible assets 9 8 6
Tangible fixed assets 232 214 196
Other fixed assets 81 76 71
Fixed assets 361 336 311
Inventories 4 4 4
Receivables 85 83 82
Other current assets 0 0 0
Cash and liquid assets 791 1038 1287
Total assets 1240 1462 1684
Shareholders equity 945 1167 1390
Minority 0 0 0
Total equity 945 1167 1390
Long-term debt 123 123 123
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 10 10 10
Other long-term liabilities 9 9 9
Short-term debt 11 11 11
Accounts payable 42 41 41
Other current liabilities 101 101 101
Total liabilities and equity 1240 1462 1684
Net IB debt -657 -905 -1153
Net IB debt excl. pension debt -657 -905 -1153
Capital invested 307 281 256
Working capital -54 -55 -55
EV breakdown 2020 2021 2022
Market cap. diluted (m) 1418 1418 1418
Net IB debt Adj -657 -905 -1153
Market value of minority 0 0 0
Reversal of shares and participations -21 -17 -12
Reversal of conv. debt assumed equity 0 0 0
EV 740 497 254
Capital efficiency (%) 2020 2021 2022
Total assets turnover (%) 92 73,9 62,7
Capital invested turnover (%) 314,6 339,8 367,2
Capital employed turnover (%) 107,9 84 69,8
Inventories / sales (%) 0,5 0,4 0,4
Customer advances / sales (%) 0,9 0,9 0,9
Payables / sales (%) 4,1 4,1 4,1
Working capital / sales (%) -5,1 -5,5 -5,6
Financial risk and debt service 2020 2021 2022
Net debt / equity (%) -69,6 -77,5 -83
Net debt / market cap (%) -63,4 -63,8 -81,3
Equity ratio (%) 76,2 79,8 82,5
Net IB debt adj. / equity (%) -69,6 -77,5 -83
Current ratio (%) 572 736,1 901,5
EBITDA / net interest (%) 5289 5429 5489
Net IB debt / EBITDA (%) -244,6 -333,6 -426
Interest cover (%) 4425,3 4558,4 4615,5
N/A N/A N/A
DKKm 2020 2021e 2022e
Shares outstanding adj. 18 18 18
Fully diluted shares Adj 18 18 18
EPS 14,99 12,13 12,13
Dividend per share Adj 4 4 4
EPS Adj 8,27 9,35 9,35
BVPS 52,63 65,01 77,39
BVPS Adj 49,93 62,41 74,89
Net IB debt / share -36,6 -50,4 -64,2
Share price 57,71 79 79
Market cap. (m) 1036 1418 1418
Valuation 2020 2021 2022
P/E 5,3 6,5 6,5
EV/sales 0,73 0,5 0,26
EV/EBITDA 2,8 1,8 0,9
EV/EBITA 3,1 2,1 1,1
EV/EBIT 3,1 2,1 1,1
Dividend yield (%) 5,1 5,1 5,1
FCF yield (%) 12,2 13,6 13,6
P/BVPS 1,5 1,22 1,02
P/BVPS Adj 1,58 1,27 1,05
P/E Adj 9,6 8,4 8,5
EV/EBITDA Adj 2,8 1,8 0,9
EV/EBITA Adj 3,1 2,1 1,1
EV/EBIT Adj 3,1 2,1 1,1
EV/cap. employed 0,7 0,4 0,2
Investment ratios 2020 2021 2022
Capex / sales 1,2 1,2 1,2
Capex / depreciation 38,4 38,4 38,4
Capex tangibles / tangible fixed assets 5,4 5,7 6,2
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 19,5 23,7 30,5
Depreciation on tangibles / tangibles 13,2 14,1 15,2
N/A N/A N/A

Key Figure Counter

It is not always easy to generate comparative valuations. Therefore, in order to make it easier for you as an investor, we have created this key figure calculator. Enter share price in the field below and then select the year in which you want to retrieve the financial data.

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P/E

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A common valuation multiple, the share price is divided by earnings per share.

P/E ratio stands for Price and Earnings. By dividing a company's market cap to its earnings, investors get a key ratio which they are able to compare between different companies. The ratio can either be calculated on historical or forward-looking numbers. 

It is important to notice that earnings are calculated after taxes, which mean that they can vary between companies due to different accounting standards.

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EV/EBIT

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EV stands for Enterprise Value and is calculated as a company's markets cap in addition to its net debt. The net debt itself is computed through the company's interest-bearing debt minus total cash and cash equivalents. 

EBIT is the Earnings Before Interest and Taxes which is the operating income. This result, in comparison to the P/E ratio, is not affected by any financial items.

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EV/Sales

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EV stands for Enterprise Value and is calculated as a company's market cap adjusted for its net debt. The net debt itself is computed through the company's interest-bearing debt minus total cash and cash equivalents. S is the company's total sales.

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P/BVPS

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P/B stands for Price to Book, which is used to compare a share's market cap to its book value. A P/B ratio that is below one is considered to be valued below its assets.

Companies with high return on equity are usually associated with high P/B ratios, and vice versa. 

 

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