North Media: Mind the seasonality headwinds in Q3 - ABG

Q3e: revenues of DKK 311m, EBIT of DKK 12m, 4% margin
Small negative operational estimate revisions
FVR cut to DKK 53-90, net cash position of DKK 45/share


Q3e revenues of DKK 311m, EBIT of DKK 12m

We forecast Q3 group revenues of DKK 311m, up 40% y-o-y (but only by 1% if we exclude the recently consolidated SDR). We expect EBIT of DKK 12m in the seasonally weak Q3, translating to a margin of just 4%, down 9pp y-o-y (mostly due to the margin-dilutive SDR). Following three quarters with aggregate unrealised gains of DKK 330m, we estimate a loss of DKK 67m on the investment portfolio in Q3, driven particularly by Novo Nordisk.