North Media (One-pager): SDR write downs halt dividend as integration continues

North Media A/S develops and operates platforms and channels for business-to-consumer communications. The platforms connect customers with the right retail offers, rental houses, jobs and digital access systems. North Media is a market leader and has been listed on OMX Nasdaq Copenhagen since 1996. North Media’s focus is long-term value creation and stable return on capital and has a policy to pay out dividend based on the financial performance. North Media is organised into two business areas: 1) Last Mile comprises FK Distribution and SDR Svensk Direktreklam and both companies are among the leading distributors of leaflets and local newspapers in Denmark and Sweden, respectively. FK Distribution also operates the digital offer platform ‘minetilbud’. Last Mile is a mature business area with solid earnings and cash flows. 2) Digital Services consists of BoligPortal, Ofir and Bekey, all being companies with potential for significant growth, increased profitability, scale and expansion. BoligPortal is Denmark’s main platform for home rentals and services for landlords and tenants. Ofir connects employers and candidates on Denmark’s second-largest private jobs portal. Bekey offers secure digital access to locked stairwells and private homes for home care services, distributors of packages, groceries etc. North Media has a strong focus on sustainability and ESG reporting, including the group’s impact, risks and opportunities within climate, environment, social matters and governance. North Media is committed to the Science Based Target initiative with the aim to reduce total CO2 emissions by 50% nominally by 2030 compared to 2018, and to achieve net-zero emissions by 2050.