Here are Petri’s pre-analysis in the form of a company report. 
Reflecting the strong seasonality of the learning business, Sanoma’s Q4 figures hold no major surprises. Attention is mainly focused on the current year’s guidance, for which, in our opinion, the risks are skewed downwards based on consensus estimates. With the share price increase, the stock’s valuation is, in our opinion, neutral on a 12-month horizon. Considering this and the risk associated with consensus estimates, we take a more cautious stance on the stock, although we still see good return potential in the stock over a slightly longer horizon.