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Research

Alma Media: Convincingly defending profitability

By Petri GostowskiCo. Head of Research
Alma Media
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Alma Media’s Q3 result was better than we expected, which was another demonstration of the company’s ability to manage costs and thus adapt to a weaker operating environment. The company’s performance is at an excellent level, which is positive now that the operating environment is weak and risks related to short-term economic development and thus uncertainty related to demand development is high. Our forecasts for the current year increased, but we did not revise the forecasts for the next few years much.

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.

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Key Estimate Figures19.10.2023

202223e24e
Revenue308.8303.8302.1
growth-%12.1 %-1.6 %-0.6 %
EBIT (adj.)73.472.569.5
EBIT-% (adj.)23.8 %23.9 %23.0 %
EPS (adj.)0.720.650.63
Dividend0.440.460.48
Dividend %4.7 %3.1 %3.3 %
P/E (adj.)13.122.523.3
EV/EBITDA9.514.915.3
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