North Media A/S (NORTHM.CO) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+281.7%

DKK 192.37

vs DKK 50.40 price

Levered DCF

DKK 113.70

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

4.51

Safe zone

Rating

S-

Overall 5 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	13.03×	14.13×	4.55×	518.18×	7.19×	4.85×	4.03×	7.11×
P/B	0.71×	0.76×	1.04×	1.05×	1.82×	1.64×	1.23×	1.19×
P/S	0.67×	0.67×	1.27×	1.05×	1.9×	1.38×	0.73×	0.56×
EV / EBITDA	7.51×	4.89×	3.23×	29.19×	5.17×	3.37×	2.88×	5.79×
Gross margin	42.3%	48.0%	56.7%	56.6%	60.0%	59.3%	52.1%	48.3%
Operating margin	4.5%	-5.8%	15.8%	19.2%	23.6%	23.0%	14.3%	8.2%
Net margin	5.1%	4.7%	27.9%	0.2%	26.5%	29.3%	18.2%	7.9%
Current ratio	5.51×	4.43×	3.56×	7.99×	7.82×	4.69×	3.74×	2.77×
Debt / equity	0.11×	0.14×	0.13×	0.12×	0.12×	0.15×	0.21×	0.24×
Interest coverage	10.76×	-9.99×	38.44×	42.56×	52×	47.1×	29.45×	9.59×
Dividend yield	0.0%	8.3%	6.2%	8.8%	4.6%	5.0%	6.7%	4.4%
Payout ratio	0.0%	116.9%	28.1%	4385.7%	33.2%	23.4%	27.0%	31.4%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	5.5%	5.4%	22.9%	0.2%	25.3%	34.9%	30.6%	16.8%
Return on invested capital	3.1%	-3.0%	8.5%	17.2%	16.0%	18.3%	15.1%	13.9%
Return on assets	4.3%	4.0%	16.4%	0.2%	20.7%	25.8%	21.2%	11.0%
Free cash flow yield	3.6%	-3.9%	9.5%	16.3%	6.6%	13.9%	14.1%	12.2%
Earnings yield	7.7%	7.1%	22.0%	0.2%	13.9%	21.2%	24.8%	14.1%
Enterprise value	DKK 883.3M	DKK 989.7M	DKK 1.2B	DKK 980.7M	DKK 2B	DKK 1.4B	DKK 886.1M	DKK 703M
Net debt / EBITDA	0.17×	0.58×	-0.02×	-2.03×	-0.01×	-0.05×	0.19×	0.5×
Cash conversion cycle (days)	5	-12	-16	-0	-14	-26	-20	-25