Alma Media: Record high profitability boosted estimates
The Q3 report published by Alma Media yesterday was a little better than we expected as the higher-than-expected profitability pushed the Q3 result beyond our estimates. As a result, we made positive estimate changes to our result expectations for the next few years. Thanks to its excellent cash-flow performance, Alma Media's valuation will fall from its current high level to a justified level in the next few years, but in our view there is still no upside.
Alma Media
Alma Media operates in the media sector. Within the company, the main focus is on digital media, where the offer consists of news content that concerns lifestyle, career, and finances. The group has a number of brands, the more well-known of which include Kauppalehti. The customers are located in the Nordic countries, the Baltics, and Europe and consist of private consumers. The head office is located in Helsinki.
Read more on company pageKey Estimate Figures2021-10-21
2020 | 21e | 22e | |
---|---|---|---|
Revenue | 230.2 | 273.1 | 290.6 |
growth-% | -7.99 % | 18.65 % | 6.40 % |
EBIT (adj.) | 45.5 | 64.9 | 70.9 |
EBIT-% (adj.) | 19.74 % | 23.76 % | 24.41 % |
EPS (adj.) | 0.36 | 0.62 | 0.67 |
Dividend | 0.30 | 0.32 | 0.35 |
Dividend % | 3.36 % | 3.23 % | 3.54 % |
P/E (adj.) | 24.56 | 16.05 | 14.78 |
EV/EBITDA | 12.82 | 13.28 | 11.26 |