Commissioned Research: Ilkka-Yhtymä

Ilkka-Yhtymä Oyj is a Finnish regional media company with publishing and printing businesses in Southern Ostrobothnia and Ostrobothnia.

Commissioned research: Regional media company with an online jewel

Ilkka-Yhtymä is regional media company, mainly operating in western Finland. We find the company’s own operations, which consist of publishing and printing, to have negative fundamentals; the top line is in structural decline and self-help appears only to offset this, at best. The main allure for an investment in Ilkka-Yhtymä is its large shareholding in Alma Media, one of the leading Finnish media companies, with valuable international digital assets. We expect Ilkka-Yhtymä’s FCF to grow at a CAGR of almost 30% in 2017-20.

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