Petri had already diligently prepared the company report. 
Alma Media’s expectedly good Q4 figures sealed a quite successful year 2024, considering the circumstances. The company’s stable guidance for 2025 met the expectations set by our forecasts, and the new financial target, which paves the way for significant profitability improvement in the medium term, was a positive surprise. We have fine-tuned our short-term forecasts, while our long-term forecasts have increased.
Quoted from the report:
Alma Media’s trailing 12-month earnings-based valuation multiples are a P/E ratio of 18x and an EV/EBIT multiple of 15x. In our opinion, these earnings-based valuation multiples are at a rather neutral absolute level relative to Alma Media’s very good capital productivity, excellent cash conversion of its businesses, and free cash flow generation capacity due to moderate investment needs. On the other hand, considering a slightly decreased required rate of return and increased medium-term profitability forecasts, slightly higher valuation multiples would also be justifiable in our opinion. However, the near-term return expectation, purely consisting of earnings growth and dividends, exceeds the required rate of return, which already supports a positive view.