Sanoma - Inderes

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SanomaExtensive report04/12/2021 07:50Petri Gostowski 358 40 821 5982petri.gostowski@inderes.fiInderes Corporate customerThis report is a summary translation of the report “Vetovastuu on siirtynyt Learningille” published on 04/12/2021 at 07:50

Learning is now in the driver's seatLearning’s weight is already clearly biggerOver the past year, Sanoma has continued implementing its strategy of inorganic growth that started several yearsago. As a result of the acquisitions, the focus of the company’s value creation has moved to Learning income that ismore attractive and valuable for investors. These highly predictable, scalable and profitable business operations withreasonable growth prospects currently constitute approximately two-thirds of Sanoma’s operative result. As a resultof the shift in the focus, the share of regressing print media income in Sanoma’s net sales has decreased to around25%. We expect the focus shift to continue as the company’s inorganic growth strategy focuses on M&Atransactions more heavily in Learning. As the focus of income changes, the susceptibility of the business toeconomic development decreases, which is reflected in the business risk profile.Moderate growth and scalabilityIn the short term, Sanoma suffers from the drop in advertising sales and event business income caused by COVIDbut growth generated by completed acquisitions pushes the Group’s 2020 net sales to clear growth. In the mediumterm, Sanoma’s income is affected by trends developing in different directions, as roughly one-quarter of net salescomes from print media which continues decreasing driven by the change in media consumption and digitalizationof advertising. Correspondingly, income from learning materials and digital learning platforms that form around onehalf of Sanoma’s net sales grow together with digital content and advertising income. Considering this overallpicture, we expect the company’s net sales to reach slight organic growth in the medium term (2022-2024 2%) butdue to the increase in the relative share of higher-margin income we expect operating profit growth to be roughlydouble compared to net sales growth.Examined from several viewpoints, valuation is at a justified levelSanoma’s earnings-based valuation is quite high in the short-term (2021e P/E adjusted 20X and EV/EBIT 18x) but weexpect the earnings growth in coming years to depress the valuation multiples to a justified level in the longer term.Our sum of the parts model and DCF calculation (EUR 15.4-15.8 per share) indicates that the share is correctly priced.Thus, examined from several viewpoints the overall valuation is neutral and the expected return over the next 12months is in our view close to 4% supported by increasing dividend yield. This does not, in our opinion, warrantadditional purchases even though the risk profile is modest in our view. Sanoma’s Learning business is progressingnicely in its plan to conquer Europe, but with the current valuation levels we find it justified to wait for a moreattractive return/risk ratio before making additional purchases.RecommendationReduce(previous Reduce)R iskBuyRecommendationWe reiterate our EUR 15.0 target price and Reduce recommendation for Sanoma. Thanks to the M&A transactionscarried out by Sanoma, the focus of the business has shifted heavily towards Learning with high profitability andstable growth outlook, which has lowered the company’s risk profile. This defensive business currently brings some2/3 of the Group’s result while the weight of conventional media is clearly smaller. Examined from severalviewpoints, the valuation of the share is at a justified level in our opinion. Thus, the expected return for the next fewyears leans, in our view, especially on the dividend, which in our opinion is not enough to justify additional purchasesregardless of the low risk profile.EUR 15.00(previous 15.00)Share price:14.56AccumulateReduceSellHighLowKey indicatorsNet salesGrowth %EBIT adjusted,excluding PPAEBIT % adjustedNet profitEPS (adjusted)P/E (adjusted)P/BDividend yield %EV/EBIT (adjusted)EV/EBITDAEV/Revenue20201,06216 %2021e123616 %2022e12824%2023e13012%15419521422114.5 %236.80.5815.8 %112.80.7516.7 %126.00.8017.0 %136.30.8723.63.23.8 % % % % InderesGuidance(Unchanged)In 2021, Sanoma expects the group’s reported net sales tobe EUR 1.2-1.3 billion (2020: EUR 1.1 billion) and operationalEBIT % excluding PPA depreciation to be 14-16% (2020:14.7%)

Share priceNet sales and EBIT %131518.0123616.01282130115.5 %0.8315.0 %10620.7514.5 %91314.0EPS and dividend14.0 %13.5 .602022e2023e13.0 %10.012.5 %8.012.0 %11.5 %6.04/1810/184/1910/194/20Sanoma11.0 %10/202018OMXHCAP20192020Net salesSource: Thomson Reuters2,3743,002EUR millionEUR million DividendEV/EBIT3.7 %18.32021e2021e Growth in digital income andservicesImproved cost efficiency andnet sales structureStrengthening cash flow andfinancial positionSynergy benefits fromcompleted acquisitionsAcquisitions that create value2021eDividend/shareSource: InderesSource: InderesEVEPS (adjusted)Adjusted EBIT %Risk factorsValue driversMCAP20182021e 2022e 2023e Acceleration in the drop in printmediaWeaker competitive position,especially compared to globalcompetitorsFailure in acquisitionsCyclical risksPolitical risks and risks relatedto regulationsValuation Organic growth outlook ismodest so earnings growthleans especially on inorganicgrowthStrong operational cash flowenables together with inorganicgrowth good dividend yield thatgrows over timeSlight earnings growthneutralizes valuation multiplesover the next couple of yearsDCF calculation and sum of theparts indicate a slight upside inthe share

ContentsCompany description and business model5–9Strategy10-12Sector review – Learning13–14Learning15–17Sector review – Media Finland18–21Media Finland22–25Financial position26-27Forecasts at Group level28–29Investment profile30-31Valuation32-34Tables35-37Disclaimer and rating history384

Sanoma in briefSanoma is a Group consisting of twoindependent business units and one of theleading learning material and solutions providerin Europe and the leading media company inFinland.EUR 1,167 million (EUR 1,062million)Pro forma net sales* 2020, (2020 reported net sales)15.8% (14.7 %)Pro forma adjusted EBIT margin excluding procurement costdepreciations* (operational EBIT %), 2020Accelerating structuralchange in the mediaindustry, a subduedeconomic environment andrestructuring costs depressthe income and profitabilityof Sanoma’s mediabusiness. 2020-2016-20192013-2015 First write-down from SBSacquisition Learning developing stably Company’s gearing rises Increased business focus,divestments of nonsynergic businesses Extensive programs toimprove business andadministration efficiency Profitability makes a clearupturn Cash flow improves,gearing decreases andbalance sheet strengthensconsiderably Business focus shifting moretowards Learning as thecompany acquires SantillanaSpain Increasing relative share ofrecurring net sales Regional media businessacquisition and Oikotiedivestment Pandemic gnaws at themedia business, profitabilitystill remains good16%52% / 67% (47% / 61%)Learning’s share of net sales and operational EBIT excludingPPA depreciations, 2020 pro forma* (with reported figures)14%2761237812%2376208320% (22%)10%1902The percentage of cyclical advertisement income of net sales,2020 pro forma*,(reported 01220132014Net salesSource: Inderes, Sanoma* Pro forma figures include reported figures and the Santillana Spain acquisition201520162017Adjusted EBIT %201820192020

Sanoma’s business model 1/3Sanoma’s business structure, 2020Sanoma Group (pro forma**)Learning solutions and media businessSanoma is a learning and media industry group thatconsists of two independent business areas;Learning and Media Finland. The company haslearning business in 11 countries while mediabusiness focuses on Finland.Pro forma net sales, that includes the group’scontinuing operations and the Santillana Spainacquisition was EUR 1,167 million in 2020. Pro formaoperating profit, that includes the acquisition butexcludes PPA depreciations (hereinafter operationalEBIT) was EUR 184 million or 15.8% of net sales. In2020, reported net sales was EUR 1,062 million andoperational EBIT EUR 157 million. We use pro formafigures that consider the acquisition because theydescribe Sanoma’s current business structure andsize class better.Sanoma has a leading market position on the Dutch,Spanish, Polish, Finnish and Belgian learningmaterials and solutions markets and on the Finnishmedia market. The company's known media brandsand products in Finland are, e.g., Helsingin Sanomat,Iltasanomat, Nelonen, Ruutu, Radio Suomipop andAku Ankka. All in all, Sanoma’s portfolio comprisesdozens of leading media, digital service and learningbrands.Two independent business unitsThe Learning business comprises the income ofprinted, digital, as well as hybrid learning materialsand solutions. In 2020, the business constituted 52%of the Group’s net sales and 67% of its operationalEBIT.Sanoma’s other business unit, Media Finland, is theleading media company in Finland. The segment’sincome primarily comprises content and advertisingincome of the newspaper, news and magazinemedia, advertising and subscription income of TV,radio and related online services. In addition, itincludes other service income consisting of, e.g.,income from festivals, events, marketing services,event marketing, corporate publications, books, andprinting services. Media Finland’s share of theGroup’s 2020 net sales was 48% and 33% ofoperational EBIT.In addition, the company reports the Group’s otherexpenses not allocated to business segments underOther operations and eliminations.Net sales EUR 1,167 millionEBIT (adjusted excl. PPA) EUR 184 millionMedia FinlandLearningNet sales EUR 563 millionEBIT* EUR 67 millionEBIT % 11.8%Net sales EUR 605 millionEBIT* EUR 124 millionEBIT % 20.5% NewspapersOnline mediaTV & RadioMagazinesFestivalsOther services Learning materials Digital learningplatformsNet sales distribution, 2020 pro forma**Four income componentsSanoma’s business model can be divided into fourmain components by income type, which differ fromeach other in terms of the recurrence of income,customer type and cyclicality.1) Learning income (2020: 52% of net sales) consistfully of the income from the Learning segment'slearning materials (incl. distribution) and digitallearning platforms. The main customer target groupfor Learning income is the public sector. Learningincome is not tied to the general economicdevelopment in the short term, but is subject tochanges in school semesters and curricula. AnnualLearning income is strongly concentrated on Q2–Q3, which also results in strong seasonal fluctuationin Sanoma Group’s net sales and operating result.Media Finland48%Net sales1,167Learning52%millionNet sales distribution, 2020 pro forma**Media Finland33%OperationalEBIT184Learning67%million* Operational EBIT excl. PPA depreciations** Reported Santillana Spain acquisition6

Sanoma’s business model 2/3In addition, the annual Learning income may varyquite a lot because demand for learning solutions ishighly dependent on the curriculum reforms thattypically occur every 5–10 years on individualeducation markets. Due to business growth andgeographical expansion, the fluctuation inoperational income, however, decreases as thecurriculum reforms in the current target countries donot occur in the same years.2) Media content income (2020: 23% of Sanoma’snet sales) comprises subscription and single-copysales income of printed newspapers and magazines(e.g. HS and Aku Ankka), as well as online news andentertainment media services (e.g. and Ruutu ).Content income net sales comprises recurringsubscription income, that represents some 20% ofSanoma’s net sales, and the correspondingpercentage of single-copy sales is close on 4%. Theprimary customer target group for content income isconsumer customers.3) Media advertising income (2020: 20% of netsales) consists of advertising income fromnewspapers and magazines, TV and radio channelsand related online services. We estimate that theshare of digital media in advertising income wasaround two-thirds in 2020 and thus plays a clearlybigger role than print media. The main customertarget group for advertising income is corporatecustomers. Advertising income is cyclical by naturebecause companies’ advertising investments aretypically strongly dependent on general economicdevelopment.4) Other income (2020: 5% of the net sales) consistof Finnish festival operations, marketing services,corporate publications, as well as books and printingservices. Although the main customer target groupfor other income is businesses, most of the incomefrom festival business that typically forms some 40%of other income comes from consumers. In 2020,other income was clearly lower than usual as due tothe COVID pandemic festival activities were shutdown.Sanoma's net sales distribution, 2020pro ality23%ContentStructural trends affect income flowsIn addition to normal demand drivers, Sanoma’sincome development is guided by several structuraltrends of different magnitude.The structural trend that most affects Sanoma is theregression of print media resulting from thedigitalization of media consumption that stronglyaffects both the development of print media contentincome and, especially, print media advertising. Theshare of print media income of Sanoma’s net sales is25% (2020).An opposing trend to that of print media is thestructural growth of digital media income. Theincome share of other media than print media (incl.linear TV and radio) in Sanoma’s net sales was 23%(2020).Structural trends also affect the growth of Learningand other income, but their effect is lower thanmedia’s.Last year, Sanoma restructured the focus of itsbusiness considerably with M&A transactions.Especially due to significant growth in the Learningbusiness, the effect of structural trends on thecompany’s business has changed and the share ofincome types from more heavily regressing printmedia has 62020Estimated effect of trends on Sanoma’sincomeIncome typeLearning incomeImpact of trends onincomeReasonable growth 2–5% p.a.Clear growth in digitalcontent 5-10% p.a.Content incomeAdvertisingSlight drop in traditionalcontent -0-3% p.a.Clear growth in digitaladvertising 5-10% p.a.Clear decline in printedadvertising -5-10% p.a.Other incomeStable /-2% p.a.Source: Inderes** Reported net sales Santillana Spain acquisition7

Sanoma’s business model 3/3At the same time, the dependency of businessincome on general economic development, i.e.,cyclicality has decreased.Overall risk profile of Sanoma’s business model ismoderateIn our opinion, the overall risk profile of Sanoma’sbusiness model is moderate (see graph on thenext page). The business model’s risk level isspecifically reduced by the moderate share ofcyclical income, high percentage of recurring andpredictable income, strong market position, as wellas predictable and strong operational cash flow.The business model’s risk level is primarilyincreased by factors related to the revolution of themedia sector that strongly reduce in particular thedemand for print media, undermine Sanoma’spricing power, and reduce the scalabilityadvantages of print media operations.High share of easily predictable incomeThe share of businesses with recurring incomeflows in Sanoma’s net sales was some 72% in2020, and they comprise very stable andpredictable Learning income and media contentsubscription sales.The share of advertising income, which is heavilydependent on consumer demand and economiccycles, of Sanoma’s net sales has decreasedmarkedly because of the restructuring in recentyears. The share of advertising income of theGroup’s net sales was 20% in 2020, having been36% in 2016.While the share of advertising income hasdecreased, content income based on recurringsubscription sales has taken foothold andgenerate 20% of net sale in 2020. The share ofLearning income subject to stable and predictabledemand also increased to 52% due to recentrestructuring (2016: 17%). The share of nonrecurring content income (single copy) hasdropped very low, to some 4%. In addition,expansion to new business operations in valuechains parallel to the core businesses is evident inother income, which constitutes 5% of the netsales.It should be noted that COVID was heavilyreflected in the relative income shares andespecially in terms of advertising income and otherincome in 2020. The pandemic depressed, forexample, the net sales of the festival business(2019: EUR 35 million) practically to zero. In termsof 2021, there is still a lot of questions surroundingthe festival and event business related to thedevelopment of the pandemic.Global competition and regression of print mediareduce pricing powerSanoma holds a strong market position in its ownfields of specialization, especially on the Finnishmedia market. Traditionally, this has guaranteedSanoma very strong pricing power. However,reduced coverage of print media, fragmentation ofmedia consumption, as well as the competitivepressure introduced to a large degree by Googleand Facebook, have weakened the advertisingpricing power of local media companies.According to our estimate, the speed of change isleveling out, with larger media companiesimproving their technological solutions andwinning market share from small domesticoperators. We believe, the COVID pandemic hasstrengthened this change on the local market.Print media’s benefits of scale declining butdigital offers high benefits of scaleMost of Sanoma’s cost structure is fixed, as istypical for newspaper, magazine, and learningmaterial publication. As a result of the regressionof print media, Sanoma’s benefits of scale have, inour opinion, decreased in print media, whichmeans the company has had to constantly cut itsfixed costs and improve operational efficiency.The benefits of scale are much higher and relativeprofitability is better in strongly growing digitalincome, which compensates for print media’sdiminishing profitability potential.Strong operational cash flow and modestinvestment needsOverall, the ability of Sanoma’s business units togenerate cash flow is excellent as:1) content andadvertising income’s cash flows are typically veryfront-heavy and they contain a lot of advancepayments; 2) the Group’s net working capital istypically negative at the end of the year; 3) organicbusiness growth typically ties up a low level ofcapital; and 4) there is little need to invest intangible and intangible assets, apart from programrights and product development investments.8

Risk profile of Sanoma’s business model4CAPITAL NDSCAPEAssessment of Sanoma’s overall businessriskRate of changein the industry1Company’sdevelopmentstageFollowing a major structural change, Sanoma hasagain entered a stable development stage andmarket position; share of Learning business is high1MarketCyclicalityThe share of cyclical advertising income is relativelylow, roughly 20%. Learning income flow (52%) andsubscription income (20%) are stable in nature.2Operating profitdispersion andcontinuityA highly dispersed business and customer portfolioand a high share of recurring income.2Scalability ofcostsPrint media’s benefits of scale are declining butdigital operations are highly scalable and supportoverall profitability.3Strong operational cash flow and clearly negativenet working capital.4CapitalintensitySource: InderesA strong market position in core operations, but thedigital revolution of the media industry, as well asglobal competition reduce pricing power.3Pricing powerOperational cashflowThe industry is going through constant changedriven by digitalization and technologicaldevelopment.4LOW RISK LEVELHIGH RISK LEVELLow working capital investments. Investmentsmainly in intangible rights and capitalization relatedto TV, newspapers and learning materials, andgoodwill from acquisitions.9

Sanoma’s strategyNo specific group-level strategySanoma has not announced a group-level strategy;its strategy comprises the individual strategies of itsindependent business units. In our view, it is naturalnot to have a group-level strategy as the businessmodels, markets and competitive fields ofSanoma’s businesses are drastically different fromeach other, with synergies only in terms of groupadministration. Furthermore, in the rapidly evolvingmedia sector, rigid long-term group-level strategiescould, in our opinion, even impair Sanoma’scompetitiveness.Group-level development trendsOver the past few years, the development ofSanoma Group has been steered by developmenttrends comparable to strategic goals. In 2018–2020, the company completed a significantrestructuring stage that started in 2015 duringwhich Sanoma focused on core operations that areleading in their respective markets, simplified itsbusiness structure, and carried out extensive costsaving and efficiency programs. Despite aconsiderable decrease in net sales, therestructuring can be seen as successful as it clearlyimproved the company’s profitability and cash flow.Therefore, the company has also been able toallocate capital into investments that shape thebusiness structure, and especially into Learning.This has increased recurring net sales, which hasclearly lowered the risk profile of the business anddependency on economic development.In our opinion, Sanoma’s strategic focus in the nextfew years will be on organic growth that utilities thescalability of its core businesses, integration ofacquired operations, exploiting synergies, costmanagement, and improving cash flow. In addition,growth is accelerated with inorganic growth.3. Dividend policy: Growing dividendcorresponding to 40–60% of annual free cash flow.Acquisitions an important part of the strategyConsidering the latest reported figures (Q4’20),indebtedness (2.6x) and solvency (37%) are withinthe company’s long-term financial target levels. Netgearing at the end of the year was slightly elevatedby the Santillana Spain acquisition. Our estimatesexpect the company to reach the levels indicatedby the targets also at the end of the year.M&A transactions are an important part ofSanoma’s strategy, as acquisitions are needed toincrease net sales, reinforce the value chain, ensurecontinuous earnings growth and benefits of scale,and to replace the fading income from print media.Divestments have been used to steer resources tomore efficient use.Sanoma’s financial position and cash flow haveimproved significantly in the last few years, so thecompany has the capacity to carry out acquisitionswith income financing and debt financing. Thecompany has assessed that it has EUR 300-400million to spend on acquisitions by 2022. Sanomahas also said it has a relatively clear view ofpotential acquisition objects.We expect that in the next few years, acquisitionswill focus on the Learning segment, where the aimis to penetrate new markets both geographicallyand in terms of services, as well as improvebenefits of scale and the market position. Weestimate that Media Finland will be active in thenext few years in small-scale acquisitions that willstrengthen the value chain and benefits of scale.In its dividend policy, Sanoma has emphasizeddividend growth, which is tied to the developmentof free cash flow. We expect the company to stickto this target also in the long term. We believe thefactor driving the dividend is the objective toincrease the dividend every year as was seen in2020. The dividend distributed for 2020 was 73%of free cash flow.All in all, we consider Sanoma’s financial targets tobe justified with emphasis on stable development.They are a good fit with Sanoma’s current businessprofile, where the regressing traditional media stillgenerates strong cash flow and acquisitions,growing digital income, and efficiency measuresgenerate earnings growth. The company has alsoset financial targets for the segments, which arediscussed in separate segment-specific sections.Financial objectivesSanoma’s long-term financial targets and dividendpolicy updated in 2020:1. Indebtedness: The ratio of net debt to adjustedEBITDA below 3.0x.2. Solvency: Equity ratio 35–45%.10

Sanoma’s acquisitions in 2017-2020 and segments’ M&A persFour 021Oikotie.fiBelgium:magazines forwomenSBSDivestmentsSource: herlandsLindaMedia FinlandDiscontinued businessesBusiness activities’ M&A strategyLearningMedia Finland Importance of M&A transactions high Importance of M&A transactions complementing Acquisition target areas include basic educationlearning solutions (K12) and related markets Focus of M&A transactions in complementing thevalue chain and strengthening growth Increasing benefits of scale and market share inthe markets of current core businesses Mainly small complementing acquisitions in areaswhere synergies with core businesses is high Expansion in value chain in current market areas Partnerships and consolidation possible ifopportunities appear Expansion into new geographical markets Small divestments can be made to develop theportfolio11Source: Inderes

Sanoma’s strategic development20152017201820202021-Turnaround and restructuring phaseStabilization of core operations andbecoming active in M&A transactionsStable profitability, strong cashflow and synergic acquisitions Focus on improving profitability and cash flow andfocus on core operations Focus on improving profitability and cash flow Core operations in a stable development stage Divestment of the last non-synergic, non-corebusiness units (Belgian and Dutch mediabusinesses) Structural revolution of media continues Divestment of TV operations in the Netherlands Large-scale efficiency programs in Media Finlandand Media Netherlands segments and groupfunctions Financial restructuring In the Media business acquiring Alma Media’sregional medias (in addition small “smart”acquisitions), large Iddink and Santillanaacquisitions in Learning business Net sales development was stabilized but organicgrowth slightly negativeStrategic development trends Geographic and service portfolio expansionthrough acquisitions in Learning (focusing on K12market in Europe) Stable profitability and strong cash flow Capital allocation on acquisitions and growingdividend Learning implemented the ”High Five” program toimprove efficiencyRealizedNear future, 1 to 2 yearsLong-term Business structure lighter, more focused andprofitable The COVID pandemic creates uncertainty in thefestival business and ad sales but boostsconsumption of entertainment services Management of the structural change in mediaand gradual profitability improvement as theswitch from print media to digital consumptioncontinues Net sales fell by some 40% due to the restructuring Profitability rose to a healthy level across thebusiness units (2015: adjusted EBIT % some 5% - 2020: adjusted EBIT % close on 15%) The company’s balance sheet decreased clearly,intangible assets shrunk Thanks to the improved cash flow and result,dividend per share increased from EUR 0.10 to EUR0.52Source: Inderes Organic net sales growth modest due to COVIDand the structural changes in media Acquisitions push overall reported net sales toclear growth Profitability strengthening as the relative share ofLearning increases Learning, digital services and acquisitions asgrowth drivers We estimate that Sanoma strives for a clearlyhigher market share than the current 13% in theEUR 4-5 billion European learning markets (K12) Gradual improvement of cash flow and businessefficiency12

Sector review – Learning 1/2Structural, educational reform and efficiencyimprovement linked demand driversIn our view, the learning sector’s outlook and demandare influenced by three key drivers: the structuralchange of demand driven by digitalization, the ongoingeducational and education system reforms, as well asthe need to improve efficiency in learning results andresources.The structural change of demand driven bydigitalization has also affected the learning market forquite some time but due to the slow rate of overallchange in the curricula and education systems, thechange has been significantly slower, more predictableand controlled than on the media market. Digitalizationis reflected in the learning market primarily in thedeclining use of printed learning materials and, at thesame time, the higher demand for digital learningsolutions, new business and pricing models, as well ascompetitors offering new purely digital solutions.The key driver of the learning market are still countryspecific curriculum and education system reforms thattypically occur every 5–10-years. While the changes inthese cycles dramatically affect demand in the shortterm, long-term trend growth is slow.The third driver that steers and increases demand inthe learning market in the long term is the increasingneed to improve learning results and, especially, theneed of the private education sector to improve theefficiency of education investments. This provideslearning companies with new business expansionopportunities both in basic education and digitallearning platforms. The market share of combined printed and digitallearning materials and purely digital learningsolutions is growing. Individual learning and continuous assessment oflearning are becoming more commonplace, whichshapes the demand for learning solu

Sanoma has a leading market position on the Dutch, Spanish, Polish, Finnish and Belgian learning materials and solutions markets and on the Finnish media market. The company's known media brands and products in Finland are, e.g., Helsingin Sanomat, Iltasanomat, Nelonen, Ruutu, Radio Suomipop and Aku Ankka. All in all, Sanoma's portfolio comprises

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