North Media –
DKK 1 for DKK 0.31
North Media trades far below the value of its assets. At roughly a 69% discount to NAV, the market is paying about DKK 0.31 for DKK 1 of underlying value. When its own shares can be bought at a deep discount, buybacks are in our view the most concrete path to higher value per share. The figures are based on the Q1 quarterly report, with the securities portfolio updated to our best estimate as of 1 July 2026.
What is the point?
The value is in the capital allocation.
North Media owns profitable businesses in distribution and digital services, but the share trades far below the value of its assets. When the company uses capital to buy its own shares at a discount to NAV, remaining shareholders own a larger share of the same value base. That is simpler, more measurable and in our view better than using capital for expensive acquisitions or leaving large sums exposed to volatile listed equities.
Discount to NAV
69 %
The market prices the company well below the value of its assets less debt.
NAV per share
DKK 156
Based on assets, cash, real estate and net debt.
Securities portfolio
DKK 905m
Best estimate as of 1 July. The value changes daily.
1 DKK deployed to buybacks
More than 3x
At today’s discount, buybacks acquire shares representing more than three times the purchase amount in NAV.
Every registration counts
Support makes the owner voice larger in the dialogue with the board.
Registration is non-binding. It shows that more shareholders want capital discipline, buybacks at a discount and a clearer line between liquidity and listed-equity risk.
Capital allocation
Buybacks are the simplest value creation.
When North Media buys back its own shares at a significant discount to underlying value, NAV per remaining share increases. That is more tangible than acquiring other companies at today’s valuations, and more rational than leaving corporate capital in listed technology shares that add volatility to reported results.
What happens if the portfolio is sold and the proceeds are used for buybacks?
Adjust the assumptions and see the effect in real time.
DKK 0m
DKK 48
Discount after buyback
NAV per share
Shares after buyback
NAV uplift per share
Portfolio remaining
DKK 705m
Implied share price
DKK 132
+174.7 % upside
Closing price 31 March 2026: DKK 48
NAV per share
Based on 18.03 million net shares outstanding (20.055 million shares less 2.030 million treasury shares) and total NAV of DKK 2,811m, including our best estimate for the securities portfolio as of 1 July 2026. Closing price is as of 31 March 2026. Simplified model that does not account for transaction costs, tax or market impact.
Support
Register support for the initiative.
Register support if you are a shareholder and share the core point: North Media should prioritize buybacks at a large discount, separate cash from listed-equity risk and be clearer about capital allocation. Support is non-binding, but it increases the number of shareholders we can point to in the dialogue with the board.
Provide your name, email, country and number of shares.
This registration is non-binding and is used only to document shareholder support to the board. It is not a proxy, binding instruction or agreement to take a specific action.
Underlying business
An operating company, not an investment fund.
North Media consists of several solid operating businesses with leading market positions and positive cash flow. FK Distribution and SDR account for the majority of group revenue and distribute more than 1.1 billion printed items annually to roughly 6.5 million households.
BoligPortal is Denmark’s leading rental housing marketplace, with around 600,000 monthly users and 2026 guidance corresponding to an EBIT margin of approximately 26-30%. Dayli distributes digital offers to 1.5 million registered users and generates more than 130 million reads annually. Bekey provides keyless access solutions with more than 14 million doors in its network.
The balance sheet
Why this matters
The large securities portfolio means North Media’s reported results are driven to a meaningful extent by market movements rather than operations. Q1 illustrates the point: the portfolio was DKK 772.5m at 31 March and DKK 854.9m already at 30 April. Our best estimate as of 1 July is DKK 905m, but these are listed securities that change value daily. The rapid increase is positive, but it also shows why the portfolio should not be treated as cash. Volatility can move both ways; a liquidity reserve should be more stable and clearly separated from listed-equity risk.
Risk profile
The equity portfolio is not cash.
The portfolio includes NVDA (28%), TER (18%), AAPL (11%), NOVO (10%), MSFT (10%) and AMZN (7%). The weights are based on our best estimate as of 1 July 2026 and will move from day to day. These are liquid, high-quality companies that any investor can own directly, but the exposure gives North Media market risk and earnings volatility. If the company wants reserves for future opportunities, those reserves should be clearly separated from speculative equity exposure. Corporate capital should be allocated where North Media has the strongest implied return today: its own shares.
Largest holdings
- NVDA28 %
- TER18 %
- AAPL11 %
- NOVO10 %
- MSFT10 %
- AMZN7 %
- Other16 %
Precedent
Examples of buybacks creating shareholder value.
Otello
138% share price gain in 12 months
Otello bought back around 10% of its shares through three programmes in 2025, at an average price of roughly NOK 12 versus a share price of around NOK 18 today. The share price rose by roughly 138% over 12 months. The point is not the share-price move alone. The company was taken seriously because capital allocation became credible.
Topdanmark
20% annual return over 17 years
Topdanmark retired 72% of its shares over the period 1998 to 2015 and delivered around 20% annual total return. It is a strong Nordic example of what disciplined capital return can mean over time.
What the initiative is about
Five concrete points to support.
Support is used in a factual dialogue with the board about how North Media can become easier to understand, more predictable for shareholders and better positioned for per-share value creation.
Cancellation of treasury shares
Repurchased shares should reduce the share count, not sit passively on the balance sheet.
Capital return to shareholders
Excess capital should go where the per-share return is strongest.
Real buyback capacity
Programs must be large enough to matter for NAV per share.
Clear capital allocation rules
Cash, reserves and listed-equity risk should be clearly separated.
Per-share incentives
Management should be measured on value creation for remaining shares.
Analyst
Kristian Ragnvaldsen
Analyst
The figures, analyses, calculations and scenarios on this page have been prepared by Kristian Ragnvaldsen.
Press
Press contact
Press releases
Press releases and documents
Press releases are published on an ongoing basis.
Contact us for press enquiries.
Press releases are published as downloadable PDFs. For comments, background information or interview requests, contact Peter directly.
Published by Idealkapital AS as a shareholder of North Media A/S. We have a financial interest in the company’s development and may buy or sell shares without notice. The analytical basis is built on publicly available information, our own assessments and market data that may change. The content on this page is not investment advice. Registering support is not the same as granting proxy, binding instruction or agreement to take a specific action. Personal data submitted in the form is processed by Idealkapital AS to document shareholder support and, where consent is given, to send updates by email. You may request deletion at any time by contacting post@idealkapital.no.