North Media

North Media

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North Media - ABGSC’s DK small/mid-cap seminar feedback

23 september 2020

Focus on the growing NM Online companies
BoligPortalen serving landlords, renters and services
DKK 550m in capital resources allows M&A flexibility
Company decided to focus on NM Online segment
During today’s seminar, North Media decided to focus on its NM Online business (10% of revenue). For H1’20, NM Online delivered 18% y-o-y revenue growth and a 4x EBIT result. Breaking down the business, BoligPortalen delivered 21% growth, Ofir delivered 5% growth with a reduction in losses and Lead-Supply (50% consolidated) consolidated following strong growth. For BoligPortalen, the company delivered 18% growth in Denmark and 58% in Sweden (BostadsPortal.se), plus an underlying 151% growth with landlords. The company has developed a new platform where it expects to assist 1) landlords, with advertisements, contracts, reports and analysis, 2) renters, as a search agent and profiler along with assisting with validation and security for contracts and 3) services, e.g. leads to companies associated with delivery electricity, internet and insurance. Overall the company has a 8% market share with 30% on the rental market place and only 1-2% in services, which is judged to be a larger market. The company has so far sold ~20k rent contracts and moving reports to ~7k landlords. For Ofir, the company is finalizing the turn-around and expects a profitable business in 2021 and for Leadsupply, closer ties with its banking relationships are expected to drive the business forward. In the segment, Bekey SmartRelay penetration in Copenhagen was aimed to be at ~70% at ’20 end (currently ~52%), but growth seems to be postponed due to COVID-19.

Focus on Deutsche Post and capital resources
For its largest segment, FK Distribution has successfully completed the test of packing to 143k households in the Flensburg area, with Deutsche Post. We expect to hear positive news in terms of a long-term relationship between the two entities. However, the company said today that it sees this exercise more as a ‘quality stamp’ of FK Distribution’s ability to bundle commercial leaflets. Lastly, the company currently has capital resources of DKK 690m (unadjusted for ~DKK 160m in VAT postponement, provisional tax and dividends), where the company targets DKK 550m in resources in order to have a flexible capital structure for acquisitions.

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