Target price also raised, new 13.0 EUR & Add.
Alma Media’s expectedly good Q4 figures cemented a rather 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, outlining significant profitability improvement in the medium term, was a positive surprise. We have fine-tuned our short-term forecasts, while our long-term forecasts increased. Reflecting this and a slightly decreased required rate of return, we raise our target price to EUR 13.00 (previously EUR 11.0) and our recommendation to an Add level.