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Lisäys. Tässä vielä ROASTin kysymyslista.
Sanoma ROAST – CEO Rob Kolkman
-Could you share a few interesting facts about yourself to start with?
-What does Sanoma do, in a nutshell?
-Why do you think Sanoma is a good investment?
*If so, why haven’t you bought more shares with your own money? Most of your shares have come from incentive programs.
-In the last five years (2019–2024), Sanoma has increased its revenues by many acquisitions—from €900 million to €1.4 billion (+50%) using pro forma numbers—but the dividend has decreased, EBIT has increased less than revenue (+30%), and operating EPS (continuing operations) is at the same level as in 2019 (0.49 vs. 0.46). ROCE has been just over 10%. Are you happy with Sanoma’s value creation?
-Sanoma bought Santillana Spain for €465 million at an EV/EBITDA multiple of 9.3x. It seems Santillana has not grown materially since then (net sales: €122 million in 2019, €135 million in 2024). Do you view this acquisition as a success from the shareholders’ perspective?
*Did you pay too high a multiple for such a slow-growing business? Note the cyclicality of the learning business.
-You haven’t experienced meaningful growth in Italy either. What is the logic here? (>€100 million in revenue.) You also divested parts of the German business later on.
-Are southern European markets attractive considering the lower level of digitalization?
-And… based on population growth, the number of students is not growing fast—maybe even declining in markets like Finland. Does it stop the growth in Learning segment in the long term?
-You are targeting €2 billion in sales by 2030, of which 75% is from Learning. Considering rather high acquisition multiples and sluggish growth outlook, is this growth target sensible from a value-creation perspective?
-Back in 2023, Sanoma issued a hybrid bond with an 8% coupon interest to help finance the aggressive inorganic growth in Learning. At the same time, you continued to pay dividends. Why?
*Why not cut the dividend?
-Are share buybacks on the table as a capital distribution tool? I know Sanoma buys shares for incentive programs, but as I understand it, Sanoma doesn’t cancel those shares.
-Learning aims for a 23% profit margin by next year. How?
*Are there real synergies between different markets?
-How do you view gamification in learning content?
-Are Duolingo and similar apps a threat or an opportunity for Sanoma?
-What about the digital material provider Studeo? Some teachers in our forum discussing roast questions said they try to move away from Sanoma and Otava and prefer Studeo instead.
-Have you considered the B2C market in the Learning business? (How could Sanoma compete against agile digital providers, AI, and YouTube?)
-In many of Learning’s core markets, the number of students is actually decreasing. Does this affect Learning’s long-term growth potential if there are fewer students to provide materials for?
-PISA results are decreasing in many countries like Finland, and some people criticize digital learning materials. Could the trend toward more digital materials reverse back to favor physical books?
-In general, do you view generative AI as a threat or an opportunity for Sanoma?
AI as a tool: everyone can use it. Does it give any one company an advantage? For example, Alma Media’s CEO Kai Telanne said they are either going to produce double the news with AI or the same amount with half the resources they use today.
-How do you apply AI in the Learning segment—in learning materials, etc.?
-How do you feel about investing in content (for Ruutu, etc.) in this competitive environment?
-Don’t you think generative AI will create a flood of content and make competition for attention even harder in the future?
-Media Finland targets a 12–14% EBITA margin. We haven’t seen that for years, so how are you going to get there?
Alma Media is already there—perhaps because they have less print?
-Learning and Media Finland are totally different businesses. Should Sanoma split into two standalone companies?
(There is less debt nowadays, and both are large businesses on their own, etc.)
-How do you view the future media landscape in Finland? There are Alma, Sanoma, Otava, regional media, and YLE. Over the next 10 years, how much consolidation do you expect?
-Where do you see Sanoma 10 years from now?