Affiliate with a leading position in iGaming

CATENA MEDIA

Catena Media is a rapidly growing online lead generator. The company has historically focused on iGaming, but recently added a new vertical in the financial sector. Their vision is to be the world’s leading provider of value-creating online leads. The strategy focuses on organic growth, through geographical expansion for example, and acquisitions.

 

Key Figures

CATENA MEDIA

2017 2018e 2019e
Sales MEUR 66,6 108,0 139,2
Revenue growth 66,3% 62,3% 28,8%
Operating income MEUR 31,9 50,7 64,9
Operating margin 47,9% 46,9% 46,6%
Earnings per share EUR 0,4 0,6 0,9
Dividend per share EUR 0,0 0,0 0,0
Equity MEUR 97,0 148,6 221,7
Solidity 35,6% 40,7% 55,7%
Net debt MEUR 90,5 171,6 150,2
No. of shares (m) 53,5 56,5 58,2

Valuation

CATENA MEDIA

2016 2017 2018e 2019e
P/E adj.(x) 25,7 23,9 18,4 13,7
P/BV (x) 8,8 6,1 4,7 3,2
EV/S (x) 12,0 9,9 8,0 6,2
EV/EBITDA (x) 21,8 18,2 14,6 11,1
EV/EBIT (x) 22,9 20,6 17,0 13,3
Yield (%) 0,0 0,0 0,0% 0,0%