Company Overview
Alma Media is a leading Finnish media company that has been in operation since 1999. The company's primary mission is to provide high-quality content and services to its customers, while maintaining a strong commitment to innovation and customer satisfaction.
Alma Media value innovation, customer focus, and collaboration. Alma Media strive to create a positive and inclusive work environment that fosters creativity and encourages our employees to grow and develop. Alma Media core values are reflected in mission statement: "To be the best media company in Finland, providing high-quality content and services to our customers."
The company's headquarters are located in Helsinki, Finland, and it has a total of approximately 1,500 employees across its operations. The company has grown to become one of the leading media companies in Finland, with a strong presence in the country's print and digital media markets.
Key Products/Services
Alma Media offers a range of key products and services that cater to the needs of its customers. These include:
- News and Media Content: Alma Media produces a wide range of news and media content, including print and digital publications, online news sites, and social media platforms.
- Advertising and Marketing Solutions: The company offers a variety of advertising and marketing solutions to help businesses reach their target audiences.
- Digital Services: Alma Media provides a range of digital services, including e-commerce solutions, digital marketing, and data analytics.
The benefits of Alma Media's products and services include:
- High-quality content: Alma Media's news and media content is known for its accuracy, reliability, and depth.
- Targeted advertising: The company's advertising and marketing solutions are designed to help businesses reach their target audiences effectively.
- Digital expertise: Alma Media's digital services provide businesses with the expertise they need to succeed in the digital age.
Financial Overview
Alma Media's financial performance has been strong in recent years, with the company reporting steady revenue growth and increasing profitability.
The company's revenue for 2022 was 243.9 million, up from 223.8 million in 2021. Net income for 2022 was 23.4 million, up from 20.6 million in 2021.
Alma Media's financial performance is expected to continue growing in the coming years, driven by the company's strong brand and market position, as well as its commitment to innovation and customer satisfaction.
Valuation
| 2022 | 2023 | 2024 | 2025 | 2026 (e) | 2027 (e) | 2028 (e) | |
|---|---|---|---|---|---|---|---|
| Number of Shares (million) | 82.4 | 82.4 | 82.4 | 82.4 | 82.4 | 82.4 | 82.4 |
| Target Valuation (MEur) | 747.2 | 692.5 | 675.9 | 618.5 | 443.2 | 362.0 | 362.0 |
| Targer Price | 9.07 | 8.41 | 8.2 | 7.51 | 5.38 | 4.39 | 4.39 |
| Potential, % | -3.5 | -12.4 | -26.7 | -47.7 | -59.9 | -67.2 | -67.2 |
| Recommendation | Hold | Hold | Sell | Sell | Sell | Sell | Sell |
| MCAP (MEur) | 774.4 | 790.9 | 922.7 | 1182.2 | 1103.9 | 1103.9 | 1103.9 |
| Price | 9.4 | 9.6 | 11.2 | 14.35 | 13.4 | 13.4 | 13.4 |
| EV | 917.0 | 937.0 | 1063.0 | 1308.0 | 1143.0 | 1060.0 | 971.0 |
| P/S | 2.51 | 2.59 | 2.95 | 3.61 | 3.25 | 3.18 | 3.17 |
| EV/S | 2.97 | 3.07 | 3.4 | 4.0 | 3.37 | 3.06 | 2.79 |
| EV/EBIT | 11.46 | 12.83 | 14.48 | 16.81 | 13.89 | 12.04 | 10.7 |
| P/E | 10.77 | 14.02 | 17.54 | 21.19 | 17.01 | 15.71 | 15.21 |
| P/B | 3.79 | 3.59 | 3.93 | 4.74 | 3.55 | 2.9 | 2.43 |
| P/OCF | 9.78 | 12.55 | 12.5 | 14.54 | 11.54 | 11.89 | 11.28 |
| EV/OCF | 11.58 | 14.87 | 14.4 | 16.09 | 11.95 | 11.41 | 9.92 |
| P/FCF | 10.16 | 12.69 | 17.92 | 20.31 | 12.58 | 13.25 | 12.5 |
| EV/FCF | 12.03 | 15.03 | 20.63 | 22.48 | 13.03 | 12.72 | 11.0 |
Income Statement
| 2022 | 2023 | 2024 | 2025 | 2026 (e) | 2027 (e) | 2028 (e) | |
|---|---|---|---|---|---|---|---|
| Revenue | 308.7 | 304.9 | 312.7 | 327.1 | 339.4 | 346.7 | 347.9 |
| Rev. Growth, % | 12.1 | -1.2 | 2.6 | 4.6 | 3.8 | 2.2 | 0.3 |
| Ebit | 80.0 | 73.0 | 73.4 | 77.8 | 82.3 | 88.0 | 90.8 |
| Ebit Growth, % | 41.1 | -8.8 | 0.5 | 6.0 | 5.8 | 6.9 | 3.2 |
| Ebit, % | 25.9 | 23.9 | 23.5 | 23.8 | 24.2 | 25.4 | 26.1 |
| Profit | 71.9 | 56.4 | 52.6 | 55.8 | 64.9 | 70.3 | 72.6 |
| EPS | 0.87 | 0.68 | 0.64 | 0.68 | 0.79 | 0.85 | 0.88 |
| Profit Growth, % | 62.7 | -21.6 | -6.7 | 6.1 | 16.3 | 8.3 | 3.3 |
| Profit, % | 23.3 | 18.5 | 16.8 | 17.1 | 19.1 | 20.3 | 20.9 |
Balance Sheet
| 2022 | 2023 | 2024 | 2025 | 2026 (e) | 2027 (e) | 2028 (e) | |
|---|---|---|---|---|---|---|---|
| Inventory | 0.7 | 0.6 | 0.7 | 0.8 | 0.9 | 0.9 | 1.0 |
| Acc. Receivable | 33.9 | 33.3 | 36.2 | 36.8 | 36.3 | 37.8 | 39.0 |
| Cash | 30.0 | 52.4 | 42.5 | 32.5 | 118.0 | 201.3 | 289.7 |
| Equity | 204.4 | 220.3 | 234.9 | 249.5 | 310.6 | 380.9 | 453.5 |
| ROE, % | 35.2 | 25.6 | 22.4 | 22.4 | 20.9 | 18.5 | 16.0 |
| ROCE, % | 21.2 | 17.4 | 17.6 | 19.1 | 17.6 | 16.4 | 14.9 |
| Net Debt | 142.6 | 145.7 | 140.0 | 126.0 | 39.1 | -44.2 | -132.6 |
| Gearing, % | 69.8 | 66.1 | 59.6 | 50.5 | 12.6 | -11.6 | -29.2 |
| Equity ratio, % | 41.4 | 41.7 | 44.6 | 47.8 | 56.0 | 63.2 | 68.2 |
| Acc. Payable | 35.9 | 35.5 | 39.5 | 38.5 | 35.1 | 36.0 | 36.0 |
| Total Assets | 493.8 | 527.7 | 526.1 | 521.6 | 554.7 | 602.7 | 664.8 |
| ROA, % | 14.6 | 10.7 | 10.0 | 10.7 | 11.7 | 11.7 | 10.9 |
Cash Flow
| 2022 | 2023 | 2024 | 2025 | 2026 (e) | 2027 (e) | 2028 (e) | |
|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 79.2 | 63.0 | 73.8 | 81.3 | 95.7 | 92.9 | 97.9 |
| Investment Cash Flow | -3.0 | -0.7 | -22.3 | -23.1 | -7.9 | -9.6 | -9.5 |
| Free Cash Flow | 76.2 | 62.3 | 51.5 | 58.2 | 87.7 | 83.3 | 88.3 |
| OCF/CAPEX | 26.4 | 90.0 | 3.31 | 3.52 | 12.05 | 9.72 | 10.25 |
| Financial Cash Flow | -98.1 | -28.5 | -61.3 | -67.8 | -2.3 | 0.0 | 0.0 |
Disclaimer
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