Sanoma's 2023 guide, dividend cut sends shares down

Sanoma Oyj

10/02/2023 10:15

** Sanoma shares fall 7% after the Finnish media group
announced disappointing 2023 guidance and shareholder return
    ** The company guides to an adj. operational EBIT of EUR
150−180 million for 2023 and proposed a dividend of EUR 0.37 per
share, down from EUR 0.54 the year before
    ** Inderes analyst Petri Gostowski says the dividend cut
came as a surprise 
    ** "(...) The guidance for 2023 clearly indicates slower
earnings growth than we and the consensus expected", he adds in
a note
    ** Sanoma said in the report it faced a challenging
environment with almost all of its markets heading into slight
recession, adding it sees the Finnish advertising market
declining slightly in H1 of 2023
    ** The group's Q4 EBIT was negative of EUR 20 million, below
 Vara consensus of loss of EUR 18 million
    ** About 102.3 thousand shares of the company have traded as
of 8:55 GMT, about 144.8% of their 30-day moving average
full-day volume
    ** Sanoma shares reach their lowest since July 2020
 (Reporting by Agata Rybska)
 ((agata.rybska@thomsonreuters.com))