Petri has released a new comprehensive report on Sanoma, and like other extensive reports, it is available for everyone to read. 
Sanoma’s earnings growth outlook for the coming years is very good, as curriculum reforms are being implemented in the major operating countries of the learning business, which has a strong market position in the European educational materials market, and the segment’s efficiency has increased through operational streamlining. Relative to our estimated earnings growth, the stock is valued quite moderately, which, combined with Sanoma’s moderate risk level, creates a very attractive risk-reward ratio. Thus, we reiterate our Buy recommendation for Sanoma and our target price of 11.5 euros.
Quoted from the report:
Long-term earnings forecasts In our forecasts, Sanoma’s long-term revenue growth is set at 2%. This reflects a 2-5% growing learning business and a stably developing media business. After the profitability improvement in the coming years, we expect a somewhat stable profitability development in the long term in both segments.
