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North Media

North Media

DKKm 2021 2022e 2023e
Sales 1025 1042 1075
Sales growth (%) -1,9 1,6 3,2
EBITDA 288 268 279
EBITDA margin (%) 28,1 25,7 26
EBIT adj 238 238 248
EBIT adj margin (%) 23,3 22,8 23,1
Pretax profit 322 251 290
EPS rep 14,01 10,93 12,61
EPS growth (%) -18,6 -22 15,4
EPS adj 10,25 10,09 10,6
DPS 5 5 5
EV/EBITDA (x) 3 2,4 1,4
EV/EBIT adj (x) 3,6 2,7 1,6
P/E (x) 7,1 9,1 7,9
P/E adj (x) 9,7 9,8 9,4
EV/sales (x) 0,8 0,6 0,4
FCF yield (%) 10,5 10,6 10,7
Dividend yield (%) 5 5 5
Net IB debt/EBITDA -3,1 -4,2 -4,9
Lease adj. FCF yield (%) 10,5 10,6 10,7
Lease adj. ND/EBITDA -3,1 -4,2 -4,9
DKKm 2021 2022e 2023e
Sales 1025 1042 1075
COGS -400 -423 -434
Gross profit 625 619 641
Other operating items -337 -351 -361
EBITDA 288 268 279
Depreciation on tangibles -28 -29 -30
Depreciation on intangibles -2 -2 -2
EBITA 238 238 248
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 238 238 248
Other financial items 0 0 0
Net financial items -5 -5 -5
Associated income -1 -1 -1
Other EO items 40 43 46
Pretax profit 322 251 290
Tax -71 -55 -64
Net profit 252 196 226
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 252 196 226
EPS 14,01 10,93 12,61
EPS Adj 10,25 10,09 10,6
Total extraordinary items after tax 67,6 15 36,1
Tax rate (%) -21,9 -21,9 -21,9
Gross margin (%) 61 59,4 59,6
EBITDA margin (%) 28,1 25,7 26
EBITA margin (%) 23,3 22,8 23,1
EBIT margin (%) 23,3 22,8 23,1
Pretax margin (%) 31,5 24,2 27,1
Net margin (%) 24,6 18,9 21,2
Growth rates Y/Y 2021 2022 2023
Sales growth (%) -1,9 1,6 3,2
EBITDA growth (%) 6,5 -7 4,4
EBIT growth (%) -0,8 -0,3 4,5
Net profit growth (%) -17 -22 15,4
EPS growth (%) -18,6 -22 15,4
Profitability 2021 2022 2023
ROE (%) 25 15,9 15,6
ROE Adj (%) 18,3 14,7 13,1
ROCE (%) 28,9 18,8 18,7
ROCE Adj(%) 20,9 17,4 15,7
ROIC (%) 69,7 76,6 85
ROIC Adj (%) 69,7 76,6 85
Adj earnings numbers 2021 2022 2023
EBITDA Adj 288 268 279
EBITDA Adj margin (%) 28,1 25,7 26
EBITA Adj 238 238 248
EBITA Adj margin (%) 23,3 22,8 23,1
EBIT Adj 238 238 248
EBIT Adj margin (%) 23,3 22,8 23,1
Pretax profit Adj 232 231 242
Net profit Adj 184 181 190
Net profit to shareholders Adj 184 181 190
Net Adj margin (%) 18,1 17,5 17,8
Depreciation and amortisation -50 -30 -31
Of which leasing depreciation 0 0 0
EO items 0 0 0
Impairment and PPA amortisation 0 0 0
EBITDA lease Adj 288 268 279
EBITDA lease Adj margin (%) 28,1 25,7 26
Leasing payments 0 0 0
DKKm 2021 2022e 2023e
EBITDA 288 268 279
Net financial items -5 -5 -5
Paid tax -71 -55 -64
Non-cash items 0 0 0
Cash flow before change in WC 212 207 210
Change in WC -7 -1 -1
Operating cash flow 205 207 209
CAPEX tangible fixed assets -16 -16 -17
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals -2 -2 -2
Free cash flow 187 189 191
Dividend paid 5 5 5
Share issues and buybacks 0 0 0
Other non cash items 99 22 50
Decrease in net IB debt 236 245 257
Balance Sheet (DKKm) 2021 2022 2023
Goodwill 39 39 39
Indefinite intangible assets 0 0 0
Definite intangible assets 8 7 5
Tangible fixed assets 206 194 181
Other fixed assets 77 76 75
Fixed assets 329 315 299
Inventories 4 4 5
Receivables 81 82 85
Other current assets 0 0 0
Cash and liquid assets 1030 1245 1490
Total assets 1444 1646 1878
Shareholders equity 1135 1336 1567
Minority 0 0 0
Total equity 1135 1336 1567
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 42 42 44
Other current liabilities 123 123 124
Total liabilities and equity 1444 1646 1878
Net IB debt -903 -1118 -1363
Net IB debt excl. pension debt -903 -1118 -1363
Capital invested 249 235 221
Working capital -80 -80 -78
EV breakdown 2021 2022 2023
Market cap. diluted (m) 1779 1779 1779
Net IB debt Adj -903 -1118 -1363
Market value of minority 0 0 0
Reversal of shares and participations -24 -23 -22
Reversal of conv. debt assumed equity 0 0 0
EV 852 638 394
Capital efficiency (%) 2021 2022 2023
Total assets turnover (%) 77,9 67,4 61
Capital invested turnover (%) 368,7 400 436,2
Capital employed turnover (%) 91,4 78,1 68,5
Inventories / sales (%) 0,4 0,4 0,4
Customer advances / sales (%) 0,9 0,9 0,9
Payables / sales (%) 4,2 4 4
Working capital / sales (%) -8,1 -7,7 -7,3
Financial risk and debt service 2021 2022 2023
Net debt / equity (%) -79,6 -83,7 -87
Net debt / market cap (%) -46,2 -62,8 -76,6
Equity ratio (%) 78,6 81,2 83,4
Net IB debt adj. / equity (%) -79,6 -83,7 -87
Current ratio (%) 643,1 764,2 898
EBITDA / net interest (%) 5618,2 5138,2 5198,2
Net IB debt / EBITDA (%) -313,7 -417,7 -488
Interest cover (%) 4568,9 4480,8 4539,7
Lease liability amortisation 0 0 0
Other intangible assets 7 6 4
Right-of-use asset 0 0 0
Total other fixed assets 77 76 75
Leasing liability 0 0 0
Total other long-term liabilities 18 18 18
Net IB debt excl. leasing -903 -1118 -1363
Net IB debt / EBITDA lease Adj (%) -313,7 -417,7 -488
DKKm 2021 2022e 2023e
Shares outstanding adj. 18 18 18
Fully diluted shares Adj 18 18 18
EPS 14,01 10,93 12,61
Dividend per share Adj 5 5 5
EPS Adj 10,25 10,09 10,6
BVPS 63,22 74,39 87,25
BVPS Adj 60,63 71,9 84,86
Net IB debt / share -50,3 -62,3 -75,9
Share price 108,97 99,1 99,1
Market cap. (m) 1957 1779 1779
Valuation 2021 2022 2023
P/E 7,1 9,1 7,9
EV/sales 0,83 0,61 0,37
EV/EBITDA 3 2,4 1,4
EV/EBITA 3,6 2,7 1,6
EV/EBIT 3,6 2,7 1,6
Dividend yield (%) 5 5 5
FCF yield (%) 10,5 10,6 10,7
P/BVPS 1,57 1,33 1,14
P/BVPS Adj 1,63 1,38 1,17
P/E Adj 9,7 9,8 9,4
EV/EBITDA Adj 3 2,4 1,4
EV/EBITA Adj 3,6 2,7 1,6
EV/EBIT Adj 3,6 2,7 1,6
EV/cap. employed 0,7 0,4 0,2
Investment ratios 2021 2022 2023
Capex / sales 1,6 1,6 1,6
Capex / depreciation 32,4 54,3 54,3
Capex tangibles / tangible fixed assets 7,8 8,4 9,3
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 38 30 44,8
Depreciation on tangibles / tangibles 22,7 14,7 16,2
Lease adj. FCF yield (%) 10,5 10,6 10,7

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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1,7

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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0,4

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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