North Media is the market-leading distributor of print and digital commercial leaflets in Denmark. The company operates four segments: FK Distribution, North Media Newspapers, North Media Online and BEKEY. FK Distribution (~84% of revenue) operates mainly as a distributor of physical commercial leaflets for chain stores to ~2.2m Danish households twice a week. Its main competitor, state-owned PostNord, exited the market in May 2017 due to price pressure.
We set a price range of DKK 33-52 based on a DCF analysis.
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