olivLaw · European equity research
North Media A/S NORTHM.CO
Denmark · Nasdaq Copenhagen · ISIN DK0010270347 · Vertical: Listed companies from Denmark
North Media A/S is a Danish group active in distribution and digital services, combining a securities portfolio with a substantial capital reserve. In the first half of 2026 revenue was 608 mio. kr., and the company lowered its full-year guidance amid lower print volumes and slower rollout of new products.
At the close of 05 Nov 2026, North Media A/S (NORTHM.CO) stock was 48.80 DKK (−3.94% on the day), with market capitalisation 873.1 m DKK, P/E 13.2 on diluted EPS of 3.70 DKK over the last 12 months, dividend yield 0.00%, beta 0.44, 52-week range 42.80–52.60 DKK.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 44.0
- weak (30–45)
- Bollinger (20, 2)
- 48.01 – 51.60
- in the lower half of the band · %B 0.22 · band width 7.2%
- SMA 50 / 200
- 49.10 / 47.95
- mixed trend
- MACD (12, 26, 9)
- 0.34 / 0.36
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −3.9% | +0.4% | −4.3 pp | — |
| 3 months | +5.4% | −3.3% | +8.7 pp | — |
| 6 months | −1.0% | +4.0% | −5.0 pp | — |
| Year to date | +2.3% | +8.1% | −5.8 pp | — |
| 1 year | +0.2% | +10.7% | −10.5 pp | −7.7% |
| 3 years | −13.6% | +50.1% | −63.7 pp | +3.3% |
| 5 years | −57.4% | +43.6% | −101.0 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 50 percentile of its own 2-quarter history (min 12.9, median 13.5, max 14.2; quarters with earnings only).
Fiscal years
| Fiscal year | 2024 | 2025 |
|---|---|---|
| Revenue | 1.3 bn | 1.3 bn |
| Revenue YoY | unavailable | −0.4% |
| Net income | 61.7 m | 66.2 m |
| Net income YoY | unavailable | +7.3% |
| Diluted EPS | 3.40 | 3.70 |
| Diluted EPS YoY | unavailable | +8.8% |
| net % | 4.7% | 5.1% |
| Free cash flow | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 112.6 m DKK
- Financial debt
- 93.8 m DKK
- Net debt
- -18.8 m DKK
- Equity
- 1.2 bn DKK
- Total assets
- 1.5 bn DKK
- Debt / equity
- 0.08x
- Current ratio
- 5.51x
- ROE
- 5.6%
- ROA
- 4.3%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (DKK)
Margins
Income statement · DKK
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Revenue | 1.3 bn | 1.3 bn | esef· 15 Apr 2026verified |
| Operating income | -74.9 m | 66.2 m | esef· 15 Apr 2026verified |
| Interest expense | 7.6 m | 7.7 m | esef· 15 Apr 2026verified |
| Pre-tax income | 135.8 m | 75.1 m | esef· 15 Apr 2026verified |
| Income tax | 63.3 m | 21.0 m | esef· 15 Apr 2026verified |
| Net income | 61.7 m | 66.2 m | esef· 15 Apr 2026verified |
| Diluted EPS | 3.40 | 3.70 | esef· 15 Apr 2026verified |
| Dividend per share | 3.97 | 0.00 | esef· 15 Apr 2026derived |
Balance sheet · DKK
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Cash | 38.9 m | 112.6 m | esef· 15 Apr 2026verified |
| Inventories | 8.5 m | 5.2 m | esef· 15 Apr 2026verified |
| Current assets | 1.0 bn | 1.0 bn | esef· 15 Apr 2026verified |
| Property, plant & equipment, net | 342.0 m | 318.5 m | esef· 15 Apr 2026verified |
| Goodwill | 41.0 m | 41.0 m | esef· 15 Apr 2026verified |
| Total assets | 1.5 bn | 1.5 bn | esef· 15 Apr 2026verified |
| Long-term debt | 98.7 m | 93.8 m | esef· 15 Apr 2026verified |
| Current liabilities | 230.7 m | 189.8 m | esef· 15 Apr 2026verified |
| Total liabilities | 393.2 m | 327.8 m | esef· 15 Apr 2026verified |
| Equity | 1.1 bn | 1.2 bn | esef· 15 Apr 2026verified |
| Shares outstanding at year end | 18.1 m | 17.9 m | esef· 02 Sept 2026derived |
Cash flow · DKK
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 43.8% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 873.1 m DKK
Key indicators
Coverage and freshness
Score by group
44% · Insufficient data
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 43.8% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 3.9% | 44 (vs peers) | 24% |
| Net margin · Quality | 5.1% | 61 (vs peers) | 14% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 8.6x | 100 (on a fixed band) | 14% |
| Current ratio · Balance sheet | 6.2x | 100 (on a fixed band) | 10% |
| P/E (TTM) · Valuation | 13.2x | 59 (vs peers) | 24% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 0.0% | 0 (on a fixed band) | 14% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet100/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality50/100 · 2/3 factors with a value
- Returns· partial0/100 · 1/2 factors with a value
- Valuation· partial59/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
NORTH MEDIA A/S (NORTHM.CO). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 1.3 bn DKK in 2025; YoY growth -0.4%; net margin 5.1%; ROE 5.5%.
The estimated value range is 42.53–87.75 DKK per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 49.81 DKK, the price of 48.80 DKK leaves a potential of 2.1% (value / price − 1) and a margin of safety of 2.0% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 43.8% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Interest coverage: 8.6x
- Current ratio: 6.2x
What contradicts it
- Shareholder yield (distributions): 0.0%
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA, FCF yield, Payout ratio (FCF).
Versus the vertical median
Listed companies from Denmark · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| DEMANT.CODemant A | 79.7 bn | 51.6 | 15.0% | 6.7% | +2.5% | +72% / +30% |
| PNDORA.COPandora A | 68.8 bn | 13.2 | 133.4% | 16.1% | unavailable | +16% / −3% |
| NEWCAP.CONewcap Holding A | 65.3 bn | 13,125.0 | 29.1% | 41.6% | −99.9% | +121% / +62% |
| ISS.COIss A | 50.8 bn | 19.8 | 27.7% | 3.1% | +1.1% | +43% / +158% |
| BAVA.COBavarian Nordic A | 19.2 bn | 13.9 | 10.9% | 22.0% | unavailable | +33% / +47% |
| GN.COGn Store Nord A | 18.1 bn | 27.7 | 6.3% | 6.8% | unavailable | +20% / −23% |
| NETC.CONetcompany Group A | 16.8 bn | 66.2 | 7.2% | 3.3% | unavailable | +11% / +64% |
| BIOMAR.COBiomar Group A | 12.1 bn | 16.9 | 28.3% | 4.3% | −0.5% | unavailable / unavailable |
| JDAN.COJeudan A | 11.1 bn | 11.1 | 7.7% | 57.1% | unavailable | +2% / −7% |
| DFDS.CODfds A | 8.7 bn | — | -0.2% | -0.1% | +1.9% | +73% / −25% |
| GUBRA.COGubra A | 4.8 bn | 2.9 | 149.6% | 64.1% | +892.2% | −40% / +157% |
| MATAS.COMatas A | 3.1 bn | 12.9 | 6.6% | 2.8% | +4.7% | −31% / −21% |
| CBRAIN.COCbrain A | 2.4 bn | 54.7 | 13.8% | 17.2% | −6.2% | −21% / −52% |
| BO.COBang & Olufsen A | 1.7 bn | — | -10.0% | -4.3% | −3.3% | −24% / +12% |
| COLUM.COColumbus A | 1.2 bn | 84.0 | 2.0% | 0.9% | unavailable | −5% / +30% |
| NNIT.CONnit A | 1.0 bn | — | -3.0% | -1.3% | −3.4% | −16% / −54% |
| NORTHM.CONorth Media A | 873.1 m | 13.2 | 5.5% | 5.1% | −0.4% | +11% / −16% |
| FFARMS.COFirstfarms A | 789.8 m | — | -2.3% | -5.4% | −16.5% | −9% / −1% |
| HUSCO.COHusCompagniet A | 507.2 m | — | -1.3% | -0.9% | +28.7% | −41% / −46% |
| BIOPOR.COBioporto A | 456.2 m | — | -117.6% | -203.8% | +11.2% | −8% / −53% |
| GABR.COGabriel Holding A | 429.4 m | 57.5 | 2.8% | 1.4% | +6.7% | −10% / −29% |
| GREENM.COGreenMobility A | 392.5 m | 11.9 | 74.3% | 21.5% | +20.0% | −19% / +91% |
| EGNETY.COEgnsinvest Ejendomme Tyskland A | 320.0 m | 13.0 | 4.0% | 40.9% | −2.6% | −21% / +11% |
| PFINV.COPapirfabrikken Invest A | 300.9 m | 13.5 | 5.4% | 29.7% | +0.9% | −3% / +36% |
| CEMAT.COCemat A | 213.9 m | 3.5 | 28.7% | 37.5% | +318.0% | −9% / +3% |
1- and 3-year price returns: for NORTHM.CO from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (DKK)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 27.42 Total return -44% · Per year -44% | 48.60 Total return -0% · Per year -0% | 73.37 Total return 50% · Per year 50% |
| 3 years | 24.05 Total return -51% · Per year -21% | 48.20 Total return -1% · Per year -0% | 80.25 Total return 64% · Per year 18% |
| 5 years | 21.09 Total return -57% · Per year -15% | 47.80 Total return -2% · Per year -0% | 87.78 Total return 80% · Per year 12% |
- Exit P/E± 12.05
- Net margin± 8.43
- Annual revenue growth± 7.27
- Annual dilution± 0.71
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
North Media A/S is a Danish group active in distribution and digital services, combining a securities portfolio with a substantial capital reserve. In the first half of 2026 revenue was 608 mio. kr., and the company lowered its full-year guidance amid lower print volumes and slower rollout of new products.
SWOT
Strengths
- The company has a substantial capital reserve made up of cash and listed securities, giving it financial flexibility.
- The financial structure is conservative, with high equity and debt limited to property financing.
- The digital services portfolio includes several platforms with growth potential in specialised segments.
Weaknesses
- The Last Mile segment depends heavily on print products, which are in structural decline.
- Several Digital Services units still have operating losses, which limits consolidated margins.
- Revenue and EBITDA guidance has been revised downward, indicating difficulties in executing the plan.
Opportunities
- Growing demand for local advertising and digital solutions could offset the decline in print.
- The capital reserve could finance acquisitions that bring synergies, if suitable opportunities arise.
- Better operating efficiency could reduce losses in certain digital units.
Threats
- A continued decline in printed advertising volumes could further affect Last Mile.
- Capital market volatility can reduce the value of the securities portfolio.
- Competition from digital platforms could limit the ability to raise prices and market share.
Risks
- Dependence on printhigh
A sharper decline in print volumes could significantly reduce revenue in Last Mile.
- Portfolio volatilityhigh
Risk on the securities portfolio has increased, and a market correction could generate significant accounting losses.
- Implementation delaysmedium
Delayed launches at Dayli and in Last Mile could postpone the improvement of results.
- IT incidentsmedium
One-off costs linked to the IT incident at SDR could continue to affect the 2026 result.
- Acquisition integrationlow
The planned acquisition of a software platform could bring integration difficulties and additional costs.
Investment thesis
What would need to be true (bull case)
- If Digital Services improves its margins, the segment could gradually offset the decline in Last Mile.
- The substantial capital reserve gives flexibility for acquisitions and to withstand market shocks.
- If securities portfolio returns remain positive, net profit could continue to be supported.
What would break the thesis
- If the decline in print accelerates, Last Mile could keep reducing revenue and EBITDA.
- Net profit depends largely on securities gains, which are volatile and hard to forecast.
- The downward revision of guidance shows execution difficulties, and delays could postpone margin recovery.
What to watch
- Quarterly results and print volume trends in Last MileQ3 2026
- Execution of the revised guidance for revenue and EBITDA2026
- Completion of the software platform acquisition and its integrationQ3 2026
- Margin development in Digital Services, especially at Dayli and Bekeynext interim report
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
North Media operates through two main segments: Last Mile, which includes FK Distribution and SDR, Svensk Direktreklam, and Digital Services, which includes BoligPortal, Dayli, Bekey and a 50% stake in Karman Connect. The group holds a high capital reserve in which securities are an important part of the balance sheet. According to the report, most revenue comes from distribution and printed matter, but in the first half of 2026 Digital Services contributed 84.6 mio. kr.
The company maintains a conservative financial structure: equity is a high share of assets and debt is limited to mortgage financing of properties. The capital reserve, which includes cash and listed securities, is used to support acquisition opportunities, to withstand market changes and to avoid reliance on bank loans.
Segments
Digital Services
Digital Services includes BoligPortal, Dayli, Bekey and the stake in Karman Connect. The segment had revenue of 84.6 mio. kr. in the first half of 2026 with positive EBIT, but with operating losses at Dayli and Bekey. Management expects margin improvements from a stronger market position and operational optimisation.
Market context
The printed advertising market in Denmark and Sweden is in structural decline, which directly affects the Last Mile segment. Management expects print volumes to fall by around 5% for FK Distribution and by 15% for local weekly newspapers. In parallel, digital services for property and local advertising are developing, but at a slower pace than initially anticipated.
The securities portfolio is exposed to capital market volatility, and calculated portfolio risk rose to 25.2% at 30 June 2026. The portfolio return exceeded the MSCI World index in the period analysed, but value can fall quickly, as seen in July 2026.
Trends
- Decline of printed advertisingheadwind
Print volumes and the number of local newspapers are falling, reducing distribution revenue. If the trend continues, margin pressure in Last Mile could persist.
- Growth of digital servicestailwind
Property and local advertising platforms have grown, and Bekey continued rolling out a solution for the property segment. This trend could support revenue over the medium term.
- Delays in launchesheadwind
Slower rollout of new products in Last Mile and Dayli led to a revision of guidance. Delays could postpone the benefits expected from new products.
- Financial market developmentsmixed
Returns on the securities portfolio depend on capital markets. Favourable conditions could add accounting gains, while corrections could affect net profit.
Competitive position
In printed advertising distribution and packing, North Media competes with regional operators and digital advertising channels. In digital services, competition comes from platforms specialised in property and local advertising. The information available in the report does not include a detailed analysis of market shares.
The company does not identify in the report any competitors listed on US markets; relevant competitors are mainly Nordic operators and local digital platforms. According to management, differentiation rests on positioning in niches and on the ability to develop new solutions.
- Regional distribution operators
Distribution and packing companies competing for the same contracts with retail and local advertising clients.
- Digital local advertising platforms
Online services competing with the local advertising solutions offered by Dayli and Digital Services.
- Property portals
Platforms competing with BoligPortal for the attention of tenants and property owners.
- Property solution providers
Companies offering property management software that compete with Bekey.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202602 Sept 2026
- Annual report 202515 Apr 2026
Sources
- [1] Annual report, fiscal year ended 2026-06-30 (ESEF) · SEC / North Media A/S · 30 Jun 2026
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.