contentSlug

type

ContentSlug_ContentQuery

slug

ContentPageContentQuery

content

trendingContent

query ContentSlug_ContentQuery(
  $contentSlug: String!
  $type: [ContentType!]
) {
  ...ContentPageContentQuery_13QmVO
}

fragment CompanyDetails_Content on Content {
  __isContent: __typename
  companies {
    name
    description
    pageUrl
    id
  }
}

fragment ContentBasicInfo on Content {
  __isContent: __typename
  id
  type
  title
  lang
  companies {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  tags {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  ...PublishingDetails
  ...Reactions
}

fragment ContentMetadata on Content {
  __isContent: __typename
  type
  title
  lang
  pageUrl
  alternatePageUrls: translations {
    __typename
    pageUrl
    lang
  }
  imgUrl
  description
  ... on Video {
    liveTime
    videoUrl
  }
  ... on Webcast {
    liveTime
    videoUrl
  }
}

fragment ContentPageContentQuery_13QmVO on Query {
  content(slug: $contentSlug, type: $type) {
    __typename
    id
    type
    title
    isPremium
    lang
    htmlBody
    summary
    companies {
      forum {
        latestPosts {
          ...ForumPosts
        }
      }
      name
      id
      viewerIsFollowing
      pageUrl
      defaultInstrument {
        isin
        id
        marketOpen
        marketClose
        marketplace {
          region
        }
        returns {
          total
        }
      }
    }
    tags {
      viewerIsFollowing
      id
      name
      pageUrl
    }
    createdAt
    ... on Video {
      liveTime
    }
    ... on Webcast {
      liveTime
    }
    slug
    ... on CompanyReport {
      reportUrl
    }
    ... on ThirdPartyCompanyReport {
      reportUrl
    }
    ... on StockExchangeRelease {
      reportUrl
    }
    ...ContentBasicInfo
    ...ContentMetadata
    ...PriceAndRecommendation_Content
    ...CompanyDetails_Content
    ...ReportLink_Content
    ...KeyFigures_Content
  }
  ...TrendingContent_1jQ2Cn
}

fragment ForumPosts on ForumPost {
  text
  likesCount
  url
  author
  postedAt
  authorImgUrl
}

fragment KeyFigures_Content on Content {
  __isContent: __typename
  companies {
    defaultInstrument {
      estimateData {
        modelType
        reportingCurrency
      }
      snapshot {
        transaction {
          date
          actualized {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
            nav
            navPerShare
            opexOfNav
            quarterlySharePrice
          }
          estimates {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
            nav
            navPerShare
            opexOfNav
            quarterlySharePrice
          }
        }
      }
      id
    }
    id
  }
}

fragment PriceAndRecommendation_Content on Content {
  __isContent: __typename
  createdAt
  companies {
    name
    pageUrl
    defaultInstrument {
      priceData {
        tradeCurrency
      }
      snapshot {
        priceData {
          date
          lastPrice
          tradeCurrency
        }
        transaction {
          date
          recommendation
          targetPrice
        }
        prevTransaction {
          recommendation
        }
      }
      id
    }
    id
  }
}

fragment PublishingDetails on Content {
  __isContent: __typename
  createdAt
  publishers {
    name
    imgUrl
  }
  authors {
    __typename
    id
    name
    slug
    imgUrl
    jobTitle
  }
  ... on Video {
    liveTime
  }
  ... on Webcast {
    liveTime
  }
}

fragment Reactions on Content {
  __isContent: __typename
  id
  reactionGroups {
    reactionType
    reactionsCount
    viewerReacted
  }
}

fragment ReportLink_Content on Content {
  __isContent: __typename
  type
  isPremium
  ... on CompanyReport {
    reportUrl
  }
  ... on ThirdPartyCompanyReport {
    reportUrl
  }
  ... on StockExchangeRelease {
    reportUrl
  }
}

fragment TrendingContent_1jQ2Cn on Query {
  trendingContent(type: ARTICLE) {
    __typename
    id
    title
    lang
    pageUrl
    createdAt
    type
    imgUrl
    companies {
      squareLogoUrl
      name
      id
    }
    authors {
      __typename
      imgUrl
      id
    }
    publishers {
      imgUrl
    }
  }
}


__typename

title

isPremium

lang

htmlBody

summary

companies

createdAt

publishers

authors

reactionGroups

pageUrl

translations

imgUrl

description

Co. Head of Research

Petri Gostowski

Alma Media operates in the media sector. The company's main focus is on digital media, where the offering consists of news content that touches on lifestyle, career and finance. The group operates several brands, the better-known of which include Kauppalehti. The customers are found in the Nordic countries, the Baltics and Europe and consist of private users. The head office is located in Helsinki.

Good point, this has been corrected in the report  characters

Another good year behind for Alma. And when you look at, for instance, the 10-year share price chart, the big picture is a steady uphill climb. Likewise, the dividend is constantly rising. For some reason, the company just doesn’t seem to interest investors. For example, this thread started in 11/19 and only has 227 posts. I once attended an Annual General Meeting (AGM) and somehow got the impression of a boring and old-fashioned company. In reality, the business is very modern, quite different from a dusty old publishing house. Recruitment, online marketplaces, KL (Kauppalehti) and Talouselämä, and many other publications. And in recent years, Alma has been a very active acquirer. I was out of the stock for a while, but I’ve now returned because I realized that, in the end, Alma is exactly the kind of Buffett-style company where “money is transferred from the impatient to the patient.”

A small correction to Petri’s analysis: the previous recommendation was “reduce.”

Petri has written a new company report on Alma following Q4  Alma Media’s Q4 results were well in line with our expectations, and the guidance for the current year, which points toward earnings growth, also fit well with the earnings growth profile painted by our forecasts. We have made minor fine-tuning to our forecasts, reflecting which we revise our target price to EUR 15.0 (previously EUR 15.50) and reiterate our Accumulate recommendation. In our view, the stock is attractively priced relative to our projected earnings growth outlook. Quotes from the report: Cash flow and financial position are at a strong level Alma Media’s operating cash flow for 2025 climbed to just over EUR 81m (2024: EUR 73.8m) thanks to earnings growth, while its organic investments remained at a moderate level of EUR 3.8m. Consequently, after the payment of lease liabilities, the company generated just over EUR 70m in free cash flow in 2025. Of course, the company used nearly EUR 20m of this for inorganic growth, but all in all, the business generated cash flow quite impressively. Reflecting the good cash flow development, the company’s net debt at the end of 2025 was a moderate EUR 126m, or 1.3x the previous year’s EBITDA. Thus, in terms of its financial position, the company has significant capacity (EUR 150-200m) to execute inorganic growth and pay growing profit distributions. Consequently, the company’s financial position and balance sheet key figures are at a very strong level.                   Inderes              Alma Media Q4'25: Tuloskasvu toimii tuotto-odotuksen ajurina - Inderes    Alma Median Q4-tulos vastasi hyvin odotuksiamme ja myös kuluvalle vuodelle tuloskasvua viitoittava ohjeistus istui hyvin ennusteidemme piirtämään tuloskasvukuvaan.

Petri interviewed Kai Telanne regarding Alma’s Q4 results.                    Inderes              Alma Media Q4'25: Tekoälyn käyttö vahvistuu - Inderes    Aika: 05.02.2026 klo 13.25 Marketplaces-segmentti veti kasvua yritysostojen ja orgaanisen kehityksen tukemana, kun taas Career-segmentin toipuminen jäi odotettua hitaammaksi. Yhtiö jatkaa tekoälyn systemaattista hyödyntämistä kaikilla liiketoiminnan...                             Topics: 00:00 Introduction  00:08 Summary of Q4 results  00:36 2025: The year of AI development  02:23 Threats created by AI  03:53 Ad market development  05:43 Business environment  07:13 Achieving targets

Financial performance October–December 2025:  Revenue EUR 84.9 (81.2) million, growth 4.6%. Digital business share of revenue 85.4% (83.6%). Adjusted operating profit EUR 21.1 (19.5) million, 24.8% (24.0%) of revenue. Operating profit EUR 18.7 (17.7) million, growth 5.9%. Alma Career: Revenue and adjusted operating profit at the level of the comparison period. Alma Marketplaces: Revenue grew organically and supported by acquisitions by 17.5%, adjusted operating profit increased. Alma News Media: Profitability continued to strengthen, adjusted operating profit margin 18.9%. Earnings per share EUR 0.15 (0.15), grew by 4.2%.  Financial performance in 2025:  Revenue EUR 327.1 (312.7) million, growth 4.6%. Digital business share of revenue 85.9% (84.2%). Adjusted operating profit EUR 82.1 (76.9) million, 25.1% (24.6%) of revenue. Operating profit EUR 77.8 (73.4) million, growth 6.0%. Earnings per share EUR 0.67 (0.64), grew by 5.9%. The Board’s preliminary dividend proposal EUR 0.48 (0.46).

Here are Petri’s preview comments as Alma reports its Q4 results on Thursday  We forecast that the company’s revenue grew and profitability improved despite the sluggish market situation. We forecast the company will slightly increase its dividend, supported by earnings growth. Our 2026 forecasts expect revenue growth and clear earnings growth (+11%), so support for these expectations is sought from the current year’s guidance.                   Inderes              Alma Media Q4’25 -ennakko: Tuloskasvun odotetaan kiihtyvän vuonna 2026 - Inderes    Ennustamme yhtiön liikevaihdon kasvaneen ja kannattavuuden parantuneen vaisusta markkinatilanteesta huolimatta.

Alma Media

The overall picture of Alma Media’s Q1 report was quite neutral, as the Q1 figures were well in line with our expectations and the 2024 guidance was also repeated as we expected. Considering this, we made no substantial changes to our forecasts for this or the coming years. In the short term, the company suffers from the slow market, but the company's flexible cost structure allows it to defend its earnings level until growth picks up.

<p>The overall picture of Alma Media&rsquo;s Q1 report was quite neutral, as the Q1 figures were well in line with our expectations and the 2024 guidance was also repeated as we expected. Considering this, we made no substantial changes to our forecasts for this or the coming years. In the short term, the company suffers from the slow market, but the company's flexible cost structure allows it to defend its earnings level until growth picks up.</p>

	2023	24e	25e
Revenue	304.9	307.4	313.0
growth-%	-1.3 %	0.8 %	1.8 %
EBIT (adj.)	73.6	72.2	74.7
EBIT-% (adj.)	24.1 %	23.5 %	23.9 %
EPS (adj.)	0.66	0.63	0.65
Dividend	0.45	0.46	0.47
Dividend %	4.7 %	3.5 %	3.6 %
P/E (adj.)	14.6	21.1	20.2
EV/EBITDA	10.2	14.1	13.2

Steady pace even in headwind

Key Estimate Figures20.04.2024

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