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North Media A/S (NORTHM) Fair Value & Analysis

Communication Services · DK · Market cap 827M DKK

NM North Media A/S NORTHM · CO
Pricekr 47.20
Fair Valuekr 51.88
Upside+9.9%
Quality54/100
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Mixed Growth
Solidly profitable · 11.7% net margin
Low debt · generates free cash flow
2.74% dividend yield
Mixed vs. peers (7/15)
Narrow moat 44/100
Evidence: High Range kr 42.72 – kr 57.22 Share as image

Fair value as of: Jul 19, 2026

From 24 valuation models · updated 22 days ago

Share price +4.9% over the past month.

A solid business, currently priced close to our fair value.

What matters now

  • The price sits close to our fair value, market and models broadly agree here, little valuation tension.
  • Our model range runs from kr 42.72 (bear) to kr 57.22 (bull), base kr 51.88. The closer the price sits to the lower half, the larger the margin of safety.
  • Quality 54/100 (solid quality) with high evidence: the data supports the verdict.
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Price vs Fair Value (5 years)

kr 110.02 kr 31.31 Fair Value kr 51.88 Apr 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 19, 2026.

How to read this chart

60‑month range kr 31.31 – kr 110.02 · fair‑value band kr 42.72 – kr 57.22 · the kr 47.20 price screens below the kr 51.88 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 19, 2026.

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Analysis

North Media A/S (NORTHM) currently trades at kr 47.20, while our model-based Fair Value estimate is kr 51.88, implying the stock looks roughly 9.9% fairly valued today. The Quality Score stands at 54/100 (solid quality), in the Communication Services sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: high), always confirm before acting.

Over the trailing twelve months, North Media A/S generated revenue of 1.3B DKK at a net margin of 11.7%. Revenue declined 5.4% year over year. It earns a return on equity of 13.4%. Net debt stands at 38.0M DKK. Fundamentals as of Jul 19, 2026

Our scenario range runs from kr 42.72 (bear case) to kr 57.22 (bull case); at kr 47.20, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 14% below its 52-week high and 25% above its 52-week low, currently below its 200-day average. For context, the median of 10 Communication Services peers we cover trades at 9% fair-value upside, at 10%, NORTHM screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model 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
Highest evidence
Growth DCF kr 15.80 kr 19.71 kr 26.01 80
Residual Income kr 49.83 kr 50.54 kr 47.15 76
Rev-Margin DCF kr 22.52 kr 34.17 kr 48.47 74
All 24 models by family
DCF Models
FCF DCF kr 15.37 kr 19.47 kr 26.68 38
Owner Earnings kr 33.25 kr 42.48 kr 58.68 31
5Y Revenue Exit kr 22.52 kr 33.80 kr 50.45 39
5Y EBITDA Exit kr 35.77 kr 56.50 kr 84.31 41
5Y P/E Exit kr 36.68 kr 58.06 kr 83.83 38
10Y Revenue Exit kr 18.60 kr 26.61 kr 35.52 36
10Y EBITDA Exit kr 26.64 kr 39.77 kr 54.39 37
10Y P/E Exit kr 27.15 kr 40.67 kr 54.13 35
Earnings-Based
Graham-Dodd kr 24.97 kr 34.76 kr 40.54 54
EPV kr 17.51 kr 19.75 kr 21.63 59
Dividend Discount
Gordon GGM kr 31.08 kr 33.78 kr 37.55 70
DDM Multi-Stage kr 31.08 kr 37.91 kr 46.11 61
Multiples
P/E Multiple kr 60.60 kr 80.80 kr 101.00 63
P/S Multiple kr 46.83 kr 62.44 kr 78.04 58
P/B Multiple kr 46.83 kr 62.44 kr 78.04 55
EV/EBIT kr 39.72 kr 52.62 kr 65.51 53
EV/EBITDA kr 59.76 kr 79.33 kr 98.91 54
EV/Revenue kr 30.38 kr 42.95 kr 55.52 43
Asset-Based
NCAV (Graham) kr 33.66 kr 45.11 kr 67.32 50
Growth DCF
Growth DCF kr 15.80 kr 19.71 kr 26.01 80
Rev-Margin DCF kr 22.52 kr 34.17 kr 48.47 74
Economic Profit
Residual Income kr 49.83 kr 50.54 kr 47.15 76
ROIC Compounder kr 17.51 kr 19.75 kr 21.63 72
Growth Earnings
Growth-Adj P/E kr 42.72 kr 61.03 kr 79.33 68

Widest divergence: Multiples (kr 62.44) versus Growth DCF (kr 19.71). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 1.3B DKK
Revenue growth (YoY) -5.4%
Net margin 11.7%
Return on equity 13.4%
Free cash flow 31.4M DKK FY2025
P/E ratio 5.6
More key figures
Operating margin 1.5%
EPS (TTM) kr 8.16
Dividend yield 2.7%
EPS growth (YoY) -31.2%
Net debt 38.0M DKK FY2025

Figures from reported company fundamentals · as of Jul 19, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 54/100

Of which business quality 54 · Market factors (momentum, volatility) 50

Profitability 45
Margins and returns on capital today
Quality Growth 23
Are margins and returns improving?
Cashflow 29
Earnings quality: real cash, not paper profit
Fin. Strength 78
Balance sheet, leverage, solvency risk
Investment 71
Disciplined investing over empire-building
Low Volatility 75
Calm price path (market factor)
Momentum 39
Price trend over the last 3–12 months (market factor)
52W Momentum 39
Distance to the 52-week high (market factor)
Net Issuance 85
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

North Media A/S develops and operates platforms for transactions between businesses and consumers in Denmark, Sweden, and Norway.

Full company description

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.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

North Media A/S reported revenue of kr 1.3B in FY2025 versus kr 1.0B in FY2021, a compound +5.8%/yr. Reported net income was kr 66.2M in FY2025, compounding −29.9%/yr from FY2021.

Growth Quality 57/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
1.3B DKK
Latest YoY
−0.4%
Avg. growth/yr (3Y) 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.
+9.2%
Avg. growth/yr (5Y) 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.
+4.4%
Avg. growth/yr (25Y) 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.
+0.6%
Revenue +5.8%/yr
FY21 kr 1.0B
FY22 kr 995M
FY23 kr 949M
FY24 kr 1.3B
FY25 kr 1.3B
Net income −29.9%/yr
FY21 kr 274M
FY22 kr 2.1M
FY23 kr 264M
FY24 kr 61.7M
FY25 kr 66.2M

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Cite: Fair Value Calculator (2026). "North Media A/S Fair Value". https://www.fairvalue-calculator.com/stock/NORTHM

Peer Group

Publishing · 111 stocks

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.

Quality Score 54 · Below median
Fair Value upside +10% · Above median
Return on equity (TTM) 13% · Top 25%
Return on assets 3% · Above median
Net margin (TTM) 12% · Top 25%
Operating margin (TTM) 1% · Below median
Revenue growth -5% · Below median
Dividend yield (TTM) 2.7% · Below median
Debt / equity 0.08× · Higher than median

Valuation Multiples vs Publishing median · lower = cheaper

P/E (TTM) 5.6× · Cheaper than 75% of peers
P/B 0.68× · Cheaper than median
P/S (TTM) 0.65× · Pricier than median
P/FCF 4.1× · Pricier than median
EV/EBITDA 6.4× · Cheaper than median
PEG 2.23× · Pricier than median

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 47 · sector 38
FUTURE 0 · sector 0
PAST 54 · sector 21
HEALTH 96 · sector 99
DIVIDEND 55 · sector 57

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Publishing stocks, each showing price versus our Fair Value estimate (as of Jul 19, 2026).

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Frequently asked questions

Is North Media A/S (NORTHM) overvalued or undervalued?
As of Jul 19, 2026, our model estimates a fair value of kr 51.88 versus a price of kr 47.20, about +10% (fairly valued).
What is the fair value of NORTHM?
Our model-based fair value for North Media A/S is kr 51.88 (as of Jul 19, 2026), built from audited fundamentals. The current price is kr 47.20.
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 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 Jul 19, 2026).
What is the net profit margin of NORTHM?
The net profit margin of North Media A/S is about 11.7%, meaning it keeps roughly 11.7% of revenue as net income. Based on the latest reported figures.
Does North Media A/S pay a dividend?
North Media A/S currently shows a dividend yield of about 2.72% relative to its recent price (as of Jul 19, 2026).

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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