Sanoma: Learning is now in the driver's seat
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.
Sanoma is an innovative and agile learning and media company with two business segments: Learning and Media Finland. Learning's educational products and services reach 25 million students in K-12 education in 12 European countries. Media Finland has Finland's leading multichannel media offering (digital and print newspapers, magazines, TV and streaming services, and radio and audio services), through which it reaches 97% of Finns every week, enabling effective marketing solutions for corporate clients. The company's operations have a positive impact on the lives of millions of people every day.
Read more on company pageKey Estimate Figures2021-04-11
| 2020 | 21e | 22e | |
|---|---|---|---|
| Revenue | 1,061.7 | 1,236.5 | 1,281.7 |
| growth-% | 16.3 % | 16.5 % | 3.7 % |
| EBIT (adj.) | 133.7 | 164.1 | 179.7 |
| EBIT-% (adj.) | 12.6 % | 13.3 % | 14.0 % |
| EPS (adj.) | 0.58 | 0.75 | 0.80 |
| Dividend | 0.52 | 0.54 | 0.58 |
| Dividend % | 3.8 % | 6.0 % | 6.4 % |
| P/E (adj.) | 23.6 | 12.1 | 11.3 |
| EV/EBITDA | 6.5 | 5.9 | 5.3 |
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