North Media A/S (NORTHM) fair value: what the stock is really worth
As of Sep 24, 2026: fair value of North Media A/S DKK 38.83, price DKK 49.90, upside -22.2%, quality 54 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.
How to read this chart
60‑month range kr 31.31 – kr 110.02 · fair‑value band kr 29.47 – kr 52.34 · the kr 49.90 price screens above the kr 38.83 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 24, 2026.
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North Media A/S develops and operates platforms for transactions between businesses and consumers in Denmark, Sweden, and Norway.
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North Media A/S develops and operates platforms for transactions between businesses and consumers in Denmark, Sweden, and Norway. It operates NejTak+ that allows its consumers to receive selected advertisements and catalogues in mailbox; provides package printed materials; and distributes weekly newspapers, and paper leaflets and local newspapers to retail and e-commerce businesses. The company also offers portals for rental housing, such as BoligPortal, BostadsPortal, and Boligmanager to tenants, landlords, property developers and brokers, and others, as well as MineTilbud that provides access to purchase-ready consumers; Dayli, which supports the distribution of offers across digital sales channels and physical stores; and Publisher that creates and publishes digital content. In addition, it provides supplies and services related to digital access systems for locked apartment buildings and private homes, home care, distributors, and property managers. The company was formerly known as Søndagsavisen A/S and changed its name to North Media A/S in April 2010. North Media A/S was founded in 1965 and is headquartered in Søborg, Denmark.
Stock analysis
North Media A/S (NORTHM) currently trades at kr 49.90, while our model-based Fair Value estimate is kr 38.83, implying the stock looks roughly 28.5% overvalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of kr 62.44 per share, and 8 of the 24 models we run sit above the kr 49.90 price.
Bear case: the Earnings-Based group reads lowest at kr 17.51, and 16 of the 24 models stay below the price. Evidence for this calculation is high.
Scenario range: kr 29.47 (bear) to kr 52.34 (bull), the price of kr 49.90 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 54/100 (solid quality), in the Communication Services sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
North Media A/S reported revenue of 1.3B DKK in FY2025 versus 1.0B DKK in FY2021, a compound +5.8%/yr. Reported net income was 66.2M DKK in FY2025, compounding −29.9%/yr from FY2021.
Key figures
Market cap 903M DKK (≈ $138M) · P/E ratio 6.1 · P/S ratio 0.31 · EPS (TTM) kr 8.16 · Dividend yield 2.5% · Net margin 5.1% · Return on equity 13.4% · Return on assets (EBIT) 8.5%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 48 out of 100 (low confidence).
What moves the price
The share trades about 3% below its 52-week high and 20% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Communication Services peers we cover trades at 10% fair-value upside, at −22%, NORTHM screens richer than that median.
Fair Value models
Bear kr 29.47Fair Value kr 38.83Bull kr 52.34
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then (kr 5.07 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.57/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
−0.4%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+9.2%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+4.4%
Start year 2020 (pandemic). Over 10 years: +2.5% a year
Revenue growth 25 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+0.6%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
−21.8%
Earnings growth per share plus dividend.
Earnings per share, growth per year−24.3%
Dividend (yield on the price)2.5%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.−24% vs 13%, slowing
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.23% → 5%
Start year 2020 (pandemic)
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
−26.9%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (Denmark: IMF forecast 2.1% a year to 2030, 2.0% from 2016 to 2025) that is about −28.4% a year for the price.
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Publishing · 108 stocks
Beats the industry median on 7/15 measures
A mixed picture versus its industry peers.
Valuation
Quality Score54 · Below median
Fair Value upside−22% · Below median
Profitability
Return on equity (TTM)13% · Top 25%
Return on assets3% · Above median
Net margin (TTM)12% · Top 25%
Operating margin (TTM)1% · Below median
Growth and dividend
Revenue growth−5% · Below median
Dividend yield (TTM)2.5% · Below median
Balance sheet
Debt / equity0.08× · Above median
Valuation Multiplesvs Publishing median · lower = cheaper
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Cite: Fair Value Calculator (2026). "North Media A/S Fair Value". https://www.fairvalue-calculator.com/stock/NORTHM
Frequently asked questions
Is North Media A/S (NORTHM) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of kr 38.83 versus a price of kr 49.90, about −22% upside (overvalued).
What is the fair value of NORTHM?
Our model-based fair value for North Media A/S is kr 38.83 (as of Sep 24, 2026), built from audited fundamentals. The current price: kr 49.90.
What is the quality score of NORTHM?
North Media A/S has a Quality Score of 54/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for North Media A/S (NORTHM)?
Our model-based price target is the fair value of kr 38.83 (as of Sep 24, 2026) from 24 valuation models. Cautious scenario kr 29.47, optimistic scenario kr 52.34. It is a calculation from audited fundamentals, not an analyst target.
What is the North Media A/S stock forecast for 2026?
Our models put fair value at kr 38.83, about −22% upside versus a price of kr 49.90 (overvalued). Cautious scenario kr 29.47, optimistic scenario kr 52.34. The calculation is refreshed regularly with new filings.
What is the revenue of North Media A/S (NORTHM)?
North Media A/S reported trailing-twelve-month revenue of about 1.3B DKK (latest available figure, as of Sep 24, 2026).
Does North Media A/S pay a dividend?
North Media A/S currently shows a dividend yield of about 2.51% relative to its recent price (as of Sep 24, 2026).
What growth is priced into North Media A/S (NORTHM)?
For today's price to be fair in a discounted-cash-flow model, North Media A/S would have to grow free cash flow by -26.9 % per year for five years (discount rate 11.7 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +4.4 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of NORTHM use?
Our models discount North Media A/S at 11.7 %: a base by market capitalisation (micro), damped by beta 0.75, country premium for Denmark. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For North Media A/S that is -26.9 % per year a year over ten years, using the same discount rate (11.7 %) and the same formula as our fair value.
How much growth has North Media A/S (NORTHM) delivered so far?
Over the past 5 years revenue at North Media A/S grew +4.4 % a year. The price currently implies -26.9 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of North Media A/S (NORTHM) growing?
The median revenue growth in the sector is +1.6 % a year. That is the yardstick for the growth priced into North Media A/S (-26.9 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of North Media A/S (NORTHM)?
The free-cash-flow yield on the price is 3.48 %: that much free cash flow North Media A/S produces per unit of market value. When it exceeds the discount rate of our models (11.7 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of North Media A/S (NORTHM)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For North Media A/S it is kr 38.83 per share (as of Sep 24, 2026), against a price of kr 49.90. It is the blended result of 24 valuation models (cash flow, earnings, asset, dividend).
Is North Media A/S stock overvalued or undervalued in 2026?
As of Sep 24, 2026, NORTHM trades above its calculated fair value: price kr 49.90, fair value kr 38.83, a gap of about −22% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of NORTHM?
No. The price is what the market pays today (kr 49.90); the fair value is what the company's own numbers justify (kr 38.83). For North Media A/S the two are kr 11.07 per share apart. That gap is exactly why we show both numbers side by side.
How much is North Media A/S worth?
The market values North Media A/S at about 903M DKK (market capitalisation, as of Sep 24, 2026). Per share that is kr 49.90; our models calculate a fair value of kr 38.83 per share.
What do the bullish and bearish scenarios say about NORTHM?
Our models span a range for North Media A/S: cautious scenario kr 29.47, base kr 38.83, optimistic kr 52.34 per share (as of Sep 24, 2026, price kr 49.90). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of NORTHM?
North Media A/S trades at a price-to-earnings ratio of 6.1 (as of Sep 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of kr 38.83 is built from several models across several years. Excluding one-off items of fiscal year 2025 it is 18.0 (reported for FY2025: 13.6). Other multiples: PEG 2.2, P/B 0.7, P/S 0.7, EV/EBITDA 7.0.
What is the PEG ratio of NORTHM?
The PEG ratio of North Media A/S is 2.23 (P/E divided by earnings growth, as of Sep 24, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of North Media A/S (NORTHM)?
Balance-sheet figures for North Media A/S (as of Sep 24, 2026): return on equity 13.4%, debt of 0.08 per unit of equity. They feed the Quality Score of 54/100, which measures business quality independently of the share price.
How far is NORTHM from its 52-week high?
North Media A/S trades at kr 49.90, about 3% below its 52-week high of kr 51.60 and 20% above the low of kr 41.75 (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of kr 38.83 is for.
Which stocks are comparable to North Media A/S?
From the same area (Communication Services) we also value The New York Times Company, Jiangsu Phoenix Publishing & Media Corporation, China Science Publishing & Media Ltd, People.cn CO., LTD, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is North Media A/S stock attractive at the current price?
The data as of Sep 24, 2026: price kr 49.90, calculated fair value kr 38.83 (−22%), Quality Score 54/100, from 24 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of NORTHM calculated?
We run North Media A/S through 24 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of kr 38.83, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.0 % above its aggregate fair value. North Media A/S itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of North Media A/S (NORTHM)?
The closing price on Sep 24, 2026 was kr 49.90. Our model-based fair value is kr 38.83, about −22% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with North Media A/S right now?
Solid but not exceptional quality (54/100) and above fair value, neither a clear bargain nor a standout compounder. The price sits in the upper half of our model range, so the margin of safety is thin. The data supports the verdict: every model runs on fully documented inputs.
Key figures of North Media A/S
How large is the market capitalisation of North Media A/S (NORTHM)?
The market capitalisation of North Media A/S is 903M DKK (≈ $138M). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of North Media A/S (NORTHM)?
The price-to-sales ratio of North Media A/S is 0.31 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of North Media A/S (NORTHM)?
Earnings per share at North Media A/S are kr 8.16 (price ÷ EPS = P/E 6.1). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of North Media A/S (NORTHM)?
The dividend yield of North Media A/S is 2.5% (payout 15.3%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of North Media A/S (NORTHM)?
The net margin of North Media A/S is 5.1% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of North Media A/S (NORTHM)?
The return on equity (ROE) of North Media A/S is 13.4% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of North Media A/S (NORTHM)?
On an EBIT basis the return on assets of North Media A/S is 8.5% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of North Media A/S (NORTHM)?
The operating margin of North Media A/S is 1.5% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at North Media A/S (NORTHM)?
Revenue at North Media A/S is growing −5.4% versus a year earlier (3y avg +9.2%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at North Media A/S (NORTHM)?
Earnings per share at North Media A/S are growing −31.2% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does North Media A/S (NORTHM) carry?
The net debt of North Media A/S is 38.0M DKK (fiscal year 2025, ≈ 1.2 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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