North Media: Q4 investment return better than expected - ABG

Q4: Headline figures pre-announced last week...
...but return of DKK 7m better than ABGSCe of DKK -23m
No signs of BeKey divestment, expect limited consensus revisions


DKK 7m Q4 return on portfolio better than ABGSC's DKK -23m

North Media released its '24 annual report, but Q4 headline figures (sales and EBIT) were already announced last week, i.e. no material surprises. However, the company saw a DKK 7m return on its investment portfolio in Q4, materially better than our estimate of DKK -23m (likely driven by undisclosed transactions during the quarter). It was already known that the BoD will propose to pay no dividends for '24.