Sanoma: Turbulence on the learning path
Sanoma’s normally stable and predictable performance is in the short term hit by cost inflation that bruises earnings. We expect the company to be able to compensate for this with its strong market position, especially in the Learning business, but in our estimates it takes several years for margins to recover. With our estimates the expected return for the next few years is based on dividend yield and a slight upside in the valuation and is slightly above the required return.
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Sanoma
Sanoma is a media group. The group publishes several newspapers and operates several TV channels and radio stations. In addition to the main activities, online services and training platforms are offered within the work area. Sanoma operates mainly in the European market. The company was originally founded in 1889 and is headquartered in Helsinki.
Read more on company pageKey Estimate Figures01.05.2023
| 2022 | 23e | 24e | |
|---|---|---|---|
| Revenue | 1,298.4 | 1,383.4 | 1,427.5 |
| growth-% | 3.74 % | 6.55 % | 3.19 % |
| EBIT (adj.) | 149.9 | 128.6 | 148.6 |
| EBIT-% (adj.) | 11.55 % | 9.29 % | 10.41 % |
| EPS (adj.) | 0.65 | 0.42 | 0.52 |
| Dividend | 0.37 | 0.38 | 0.39 |
| Dividend % | 3.77 % | 5.45 % | 5.60 % |
| P/E (adj.) | 15.07 | 16.58 | 13.34 |
| EV/EBITDA | 7.35 | 5.51 | 4.94 |
