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North Media

North Media

DKKm 2020 2021e 2022e
Sales 1045 1020 1049
Sales growth (%) -7,5 -2,4 2,8
EBITDA 270 273 284
EBITDA margin (%) 25,9 26,8 27,1
EBIT adj 240 244 254
EBIT adj margin (%) 23 23,9 24,2
Pretax profit 388 278 291
EPS rep 17,22 12,09 12,64
EPS growth (%) 52 -29,8 4,6
EPS adj 10,42 10,4 10,84
DPS 5 5 5
EV/EBITDA (x) 2,9 4 3
EV/EBIT adj (x) 3,3 4,5 3,3
P/E (x) 4,6 9 8,7
P/E adj (x) 7,7 10,5 10,1
EV/sales (x) 0,8 1,1 0,8
FCF yield (%) 12,3 9,3 10
Dividend yield (%) 6,3 4,6 4,6
Net IB debt/EBITDA -2,3 -3,1 -3,9
Lease adj. FCF yield (%) 12,3 9,3 10
Lease adj. ND/EBITDA -2,3 -3,1 -3,9
DKKm 2020 2021e 2022e
Sales 1045 1020 1049
COGS -426 -405 -415
Gross profit 620 615 635
Other operating items -349 -342 -350
EBITDA 270 273 284
Depreciation on tangibles -29 -28 -29
Depreciation on intangibles -2 -2 -2
EBITA 240 244 254
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 240 244 254
Other financial items 0 0 0
Net financial items -6 -5 -5
Associated income -1 -1 -1
Other EO items 154 40 43
Pretax profit 388 278 291
Tax -85 -61 -64
Net profit 303 217 227
Minority interest 0 0 0
Net profit discontinued 6 0 0
Net profit to shareholders 309 217 227
EPS 17,22 12,09 12,64
EPS Adj 10,42 10,4 10,84
Total extraordinary items after tax 115,8 30,3 32,4
Tax rate (%) -21,9 -21,9 -21,9
Gross margin (%) 59,3 60,3 60,5
EBITDA margin (%) 25,9 26,8 27,1
EBITA margin (%) 23 23,9 24,2
EBIT margin (%) 23 23,9 24,2
Pretax margin (%) 37,2 27,4 27,8
Net margin (%) 29,1 21,4 21,7
Growth rates Y/Y 2020 2021 2022
Sales growth (%) -7,5 -2,4 2,8
EBITDA growth (%) 41,9 1,1 4
EBIT growth (%) 49,8 1,5 4,1
Net profit growth (%) 48,8 -28,3 4,6
EPS growth (%) 52 -29,8 4,6
Profitability 2020 2021 2022
ROE (%) 39,9 21,9 18,7
ROE Adj (%) 24,1 18,9 16
ROCE (%) 43,5 25,4 22,1
ROCE Adj(%) 26,4 21,8 18,8
ROIC (%) 60,2 68,8 75,6
ROIC Adj (%) 60,2 68,8 75,6
Adj earnings numbers 2020 2021 2022
EBITDA Adj 270 273 284
EBITDA Adj margin (%) 25,9 26,8 27,1
EBITA Adj 240 244 254
EBITA Adj margin (%) 23 23,9 24,2
EBIT Adj 240 244 254
EBIT Adj margin (%) 23 23,9 24,2
Pretax profit Adj 234 238 248
Net profit Adj 187 187 195
Net profit to shareholders Adj 187 187 195
Net Adj margin (%) 18 18,4 18,7
Depreciation and amortisation -30 -29 -30
Of which leasing depreciation 0 0 0
EO items 0 0 0
Impairment and PPA amortisation 0 0 0
EBITDA lease Adj 270 273 284
EBITDA lease Adj margin (%) 25,9 26,8 27,1
Leasing payments 0 0 0
DKKm 2020 2021e 2022e
EBITDA 270 273 284
Net financial items -6 -5 -5
Paid tax -85 -61 -64
Non-cash items 0 0 0
Cash flow before change in WC 180 207 215
Change in WC 15 -7 -1
Operating cash flow 195 201 214
CAPEX tangible fixed assets -14 -16 -16
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals -4 -2 -2
Free cash flow 177 183 196
Dividend paid 72 5 5
Share issues and buybacks 0 0 0
Other non cash items -6 49 45
Decrease in net IB debt 262 236 245
Balance Sheet (DKKm) 2020 2021 2022
Goodwill 39 39 39
Indefinite intangible assets 7 0 0
Definite intangible assets 10 8 7
Tangible fixed assets 237 225 213
Other fixed assets 78 77 76
Fixed assets 371 350 335
Inventories 4 4 4
Receivables 76 80 83
Other current assets 0 0 0
Cash and liquid assets 739 975 1221
Total assets 1189 1409 1642
Shareholders equity 879 1101 1332
Minority 0 0 0
Total equity 879 1101 1332
Long-term debt 118 118 118
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 11 11 11
Other long-term liabilities 6 6 6
Short-term debt 8 8 8
Accounts payable 43 42 43
Other current liabilities 123 123 123
Total liabilities and equity 1189 1409 1642
Net IB debt -613 -849 -1094
Net IB debt excl. pension debt -613 -849 -1094
Capital invested 284 269 255
Working capital -87 -80 -79
EV breakdown 2020 2021 2022
Market cap. diluted (m) 1433 1964 1964
Net IB debt Adj -613 -849 -1094
Market value of minority 0 0 0
Reversal of shares and participations -25 -24 -23
Reversal of conv. debt assumed equity 0 0 0
EV 795 1091 847
Capital efficiency (%) 2020 2021 2022
Total assets turnover (%) 96,9 78,5 68,8
Capital invested turnover (%) 335,4 368,7 400
Capital employed turnover (%) 115,5 91,4 78,1
Inventories / sales (%) 0,4 0,4 0,4
Customer advances / sales (%) 0,9 0,9 0,9
Payables / sales (%) 4,1 4,2 4
Working capital / sales (%) -6,5 -8,2 -7,6
Financial risk and debt service 2020 2021 2022
Net debt / equity (%) -69,7 -77,1 -82,2
Net debt / market cap (%) -59,1 -43,2 -55,7
Equity ratio (%) 73,9 78,1 81,1
Net IB debt adj. / equity (%) -69,7 -77,1 -82,2
Current ratio (%) 469,4 612,3 749,3
EBITDA / net interest (%) 4916,4 5358,2 5418,2
Net IB debt / EBITDA (%) -226,5 -310,6 -385
Interest cover (%) 4291,1 4696,8 4755,8
Lease liability amortisation 0 0 0
Other intangible assets 17 8 7
Right-of-use asset 0 0 0
Total other fixed assets 78 77 76
Leasing liability 0 0 0
Total other long-term liabilities 18 18 18
Net IB debt excl. leasing -613 -849 -1094
Net IB debt / EBITDA lease Adj (%) -226,5 -310,6 -385
DKKm 2020 2021e 2022e
Shares outstanding adj. 18 18 18
Fully diluted shares Adj 18 18 18
EPS 17,22 12,09 12,64
Dividend per share Adj 5 5 5
EPS Adj 10,42 10,4 10,84
BVPS 48,96 61,3 74,19
BVPS Adj 46,22 58,65 71,64
Net IB debt / share -34,1 -47,3 -61
Share price 57,71 109,4 109,4
Market cap. (m) 1036 1964 1964
Valuation 2020 2021 2022
P/E 4,6 9 8,7
EV/sales 0,76 1,07 0,81
EV/EBITDA 2,9 4 3
EV/EBITA 3,3 4,5 3,3
EV/EBIT 3,3 4,5 3,3
Dividend yield (%) 6,3 4,6 4,6
FCF yield (%) 12,3 9,3 10
P/BVPS 1,63 1,78 1,47
P/BVPS Adj 1,73 1,87 1,53
P/E Adj 7,7 10,5 10,1
EV/EBITDA Adj 2,9 4 3
EV/EBITA Adj 3,3 4,5 3,3
EV/EBIT Adj 3,3 4,5 3,3
EV/cap. employed 0,8 0,9 0,6
Investment ratios 2020 2021 2022
Capex / sales 1,4 1,6 1,6
Capex / depreciation 47,4 54,3 54,3
Capex tangibles / tangible fixed assets 6 7,1 7,7
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 16,8 19,6 25,2
Depreciation on tangibles / tangibles 12 12,4 13,4
Lease adj. FCF yield (%) 12,3 9,3 10

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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