Alma Media: Valuation is still quite attractive
Alma Media's Q4 result, published yesterday , was slightly below our expectations. However, 2023 guidance offered no surprises. After the report, we only made moderate changes to our estimates for 2023 and the next few years. Our view is that the valuation of the share is not too demanding, although we expect the result to fall in a weaker operating environment in 2023.
