Sanoma: Learning is now in the driver's seat

Extensive research
Petri Gostowski
2021-04-12 12:03

Thanks to the M&A transactions carried out by Sanoma, the focus of the business has shifted heavily towards Learning with high profitability and stable growth outlook, which has lowered the company’s risk profile. This defensive business currently brings some 2/3 of the Group’s result while the weight of conventional media is clearly smaller. Examined from several viewpoints, the valuation of the share is at a justified level in our opinion. Thus, the expected return for the next few years leans, in our view, especially on the dividend, which in our opinion is not enough to justify additional purchases regardless of the low risk profile.