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Catena Media

EURm 2018 2019e 2020e
Sales 105 128 150
Sales growth (%) 57,6 22,2 17
EBITDA 48 65 79
EBITDA margin (%) 45,6 50,7 52,6
EBIT adj 41 55 67
EBIT adj margin (%) 39,4 42,6 44,4
Pretax profit 33 47 59
EPS rep 0,51 0,7 0,88
EPS growth (%) 29,8 37,8 24,3
EPS adj 0,55 0,7 0,88
DPS 0 0 0
EV/EBITDA (x) 14,8 7,5 5,6
EV/EBIT adj (x) 17,1 9 6,6
P/E (x) 18,7 9 7,3
P/E adj (x) 17,5 9 7,3
EV/sales (x) 6,7 3,8 2,9
FCF yield (%) -6,5 -1,5 10,2
Dividend yield (%) 0 0 0
Net IB debt/EBITDA 2,7 1,6 0,7
EURm 2018 2019e 2020e
Sales 105 128 150
COGS 0 0 0
Gross profit 105 128 150
Other operating items -57 -63 -71
EBITDA 48 65 79
Depreciation on tangibles 0 0 0
Depreciation on intangibles -9 -10 -12
EBITA 39 55 67
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 39 55 67
Other financial items 0 0 0
Net financial items -6 -8 -8
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 33 47 59
Tax -2 -4 -6
Net profit 31 43 53
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 31 43 53
EPS 0,51 0,7 0,88
EPS Adj 0,55 0,7 0,88
Total extraordinary items after tax -2,2 0 0
Tax rate (%) -7 -9 -10
Gross margin (%) 100 100 100
EBITDA margin (%) 45,6 50,7 52,6
EBITA margin (%) 37,3 42,6 44,4
EBIT margin (%) 37,3 42,6 44,4
Pretax margin (%) 31,6 36,4 39,1
Net margin (%) 29,4 33,1 35,2
Growth rates Y/Y 2018 2019 2020
Sales growth (%) 57,6 22,2 17
EBITDA growth (%) 46,6 35,9 21,4
EBIT growth (%) 37,7 39,6 22
Net profit growth (%) 46,5 37,8 24,3
EPS growth (%) 29,8 37,8 24,3
Profitability 2018 2019 2020
ROE (%) 25,8 23,8 21,4
ROE Adj (%) 27,7 23,8 21,4
ROCE (%) 17 18,4 20,3
ROCE Adj(%) 18 18,4 20,3
ROIC (%) 11,7 13,8 17,2
ROIC Adj (%) 12,4 13,8 17,2
Adj earnings numbers 2018 2019 2020
EBITDA Adj 50 65 79
EBITDA Adj margin (%) 47,7 50,7 52,6
EBITA Adj 41 55 67
EBITA Adj margin (%) 39,4 42,6 44,4
EBIT Adj 41 55 67
EBIT Adj margin (%) 39,4 42,6 44,4
Pretax profit Adj 35 47 59
Net profit Adj 33 43 53
Net profit to shareholders Adj 33 43 53
Net Adj margin (%) 31,5 33,1 35,2
EURm 2018 2019e 2020e
EBITDA 48 65 79
Net financial items -6 -8 -8
Paid tax -2 -4 -6
Non-cash items 11 0 0
Cash flow before change in WC 50 53 65
Change in WC -9 5 -2
Operating cash flow 41 57 63
CAPEX tangible fixed assets 0 0 0
CAPEX intangible fixed assets -78 -63 -24
Acquisitions and disposals 0 0 0
Free cash flow -38 -6 39
Dividend paid 0 0 0
Share issues and buybacks 39 30 11
Other non cash items -42 0 0
Decrease in net IB debt -41 25 50
Balance Sheet (EURm) 2018 2019 2020
Goodwill 12 12 12
Indefinite intangible assets 0 0 0
Definite intangible assets 328 321 311
Tangible fixed assets 4 4 4
Other fixed assets 0 0 0
Fixed assets 344 336 327
Inventories 0 0 0
Receivables 21 27 30
Other current assets 0 0 0
Cash and liquid assets 13 38 88
Total assets 379 401 445
Shareholders equity 142 215 278
Minority 0 0 0
Total equity 142 215 278
Long-term debt 144 144 144
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 0 0 0
Other long-term liabilities 26 26 26
Short-term debt 0 0 0
Accounts payable 1 11 12
Other current liabilities 67 6 -15
Total liabilities and equity 137 272 379
Net IB debt 131 106 56
Net IB debt excl. pension debt 131 106 56
Capital invested 365 353 345
Working capital 21 16 18
EV breakdown 2018 2019 2020
Market cap. diluted (m) 577 383 383
Net IB debt Adj 131 106 56
Market value of minority 0 0 0
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity 0 0 0
EV 708 490 440
Capital efficiency (%) 2018 2019 2020
Total assets turnover (%) 32,2 32,9 35,5
Capital invested turnover (%) 33,9 35,7 43
Capital employed turnover (%) 45,7 43,2 45,8
Inventories / sales (%) 0 0 0
Customer advances / sales (%) 0 0 0
Payables / sales (%) 2,7 4,5 7,6
Working capital / sales (%) 15,4 14,4 11,4
Financial risk and debt service 2018 2019 2020
Net debt / equity (%) 92,2 49,5 20,3
Net debt / market cap (%) 21,1 28,5 14,9
Equity ratio (%) 37,4 53,5 62,5
Net IB debt adj. / equity (%) 92,2 49,5 20,3
Current ratio (%) 51,4 385,1 -3678,1
EBITDA / net interest (%) 804,9 823,2 997,2
Net IB debt / EBITDA (%) 273,5 163,5 71,5
Interest cover (%) 658,3 691,3 841,5
EURm 2018 2019e 2020e
Shares outstanding adj. 56 59 60
Fully diluted shares Adj 60 60 60
EPS 0,51 0,7 0,88
Dividend per share Adj 0 0 0
EPS Adj 0,55 0,7 0,88
BVPS 2,53 3,66 4,67
BVPS Adj -3,54 -2,01 -0,75
Net IB debt / share 2,3 1,8 0,9
Share price 11,07 6,34 6,34
Market cap. (m) 620 372 378
Valuation 2018 2019 2020
P/E 18,7 9 7,3
EV/sales 6,75 3,82 2,93
EV/EBITDA 14,8 7,5 5,6
EV/EBITA 18,1 9 6,6
EV/EBIT 18,1 9 6,6
Dividend yield (%) 0 0 0
FCF yield (%) -6,5 -1,5 10,2
P/BVPS 3,77 1,73 1,36
P/BVPS Adj -2,7 -3,16 -8,41
P/E Adj 17,5 9 7,3
EV/EBITDA Adj 14,1 7,5 5,6
EV/EBITA Adj 17,1 9 6,6
EV/EBIT Adj 17,1 9 6,6
EV/cap. employed 2,6 1,5 1,3
Investment ratios 2018 2019 2020
Capex / sales 74,6 49,3 16,1
Capex / depreciation 898 607,2 196,3
Capex tangibles / tangible fixed assets 0 0 0
Capex intangibles / definite intangibles 23,8 19,7 7,8
Depreciation on intangibles / definite intangibles 2,7 3,3 4
Depreciation on tangibles / tangibles 0 0 0

Key Figure Counter

It is not always easy to generate comparative valuations. Therefore, in order to make it easier for you as an investor, we have created this key figure calculator. Enter share price in the field below and then select the year in which you want to retrieve the financial data.

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P/E

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A common valuation multiple, the share price is divided by earnings per share.

P/E ratio stands for Price and Earnings. By dividing a company's market cap to its earnings, investors get a key ratio which they are able to compare between different companies. The ratio can either be calculated on historical or forward-looking numbers. 

It is important to notice that earnings are calculated after taxes, which mean that they can vary between companies due to different accounting standards.

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EV/EBIT

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EV stands for Enterprise Value and is calculated as a company's markets cap in addition to its net debt. The net debt itself is computed through the company's interest-bearing debt minus total cash and cash equivalents. 

EBIT is the Earnings Before Interest and Taxes which is the operating income. This result, in comparison to the P/E ratio, is not affected by any financial items.

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6,5

EV/Sales

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EV stands for Enterprise Value and is calculated as a company's market cap adjusted for its net debt. The net debt itself is computed through the company's interest-bearing debt minus total cash and cash equivalents. S is the company's total sales.

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2,9

P/BVPS

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P/B stands for Price to Book, which is used to compare a share's market cap to its book value. A P/B ratio that is below one is considered to be valued below its assets.

Companies with high return on equity are usually associated with high P/B ratios, and vice versa. 

 

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