Press the button and be introduced to a new random company!

Introduce me >

UPCOMING EVENTS

We arrange several open investor events with our covered companies each year. Please subscribe to get information about our upcoming Introduce events. 

Sign up >

Social media

facebook   Meet us at Facebook

facebook   Follow us on Twitter

   Follow us on LinkedIn

Catena Media

Affiliate with a leading position in iGaming

Catena Media is a rapidly growing online lead generator, 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. Catena Media’s portfolio of websites includes AskGamblers, JohnSlots, BettingPro and Aktiendepot.com, with value created by the innovative and high-quality content. The business is run from Malta, with a main focus on regulated markets in the US, Europe, Japan and Australia. The group has successfully acquired several affiliate firms in recent years and has extensive experience integrating the acquired assets to maximize synergies and boost revenues.

As the underlying markets for online casino and sportsbook grow, so does demand for lead-generators and affiliates. With a solid balance sheet strengthened by a new bond refinancing, Catena Media has ample opportunity to keep expanding geographically and vertically through acquisitions, which is a large part of its growth strategy. As it has been active in the US market for a long time, Catena Media is now prepared to take on the world’s largest online gaming market.

Within the online gaming industry there is always a regulatory risk to consider, particularly as revenues are generated from operators. Regarding the industry as a whole, the company faces risk from increased competition. Competition is not only limited to the increasing amount of other lead-generation businesses but also from traditional media channels. The company also faces the risk of lower margins due to increased depreciation and amortization from M&A activities.

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

Equity research

Read earlier research

Media

View more media

Main shareholders

Catena Media

Main shareholders Share capital % Voting shares % Verified
Bodenholm Capital 9.3 % 9.3 % 28 Feb 2019
Ruane, Cunniff & Goldfarb 8.9 % 8.9 % 31 Dec 2018
Swedbank Robur Fonder 8.6 % 8.6 % 28 Feb 2019
Investment AB Öresund 8.6 % 8.6 % 28 Feb 2019
Aveny Ltd 6.4 % 6.4 % 28 Feb 2019
Pixel Wizard Ltd 5.9 % 5.9 % 28 Feb 2019
Andra AP-fonden 4.1 % 4.1 % 28 Feb 2019
Baybets Limited 2.8 % 2.8 % 31 Dec 2018
Knutsson Holdings AB 2.6 % 2.6 % 28 Feb 2019
RAM Rational Asset Management 2.3 % 2.3 % 28 Feb 2019
Source: Holdings by Modular Finance AB

Insider list

Catena Media

Name Quantity Code Date
KLAS WINBERG - 43 620 Redemp 6 Mar 2019
KLAS WINBERG + 43 620 Redemp 6 Mar 2019
OSCAR KARLSTEN - 43 620 Redemp 28 Feb 2019
OSCAR KARLSTEN + 43 620 Redemp 28 Feb 2019
Lakeside AS + 6 000 BUY 26 Feb 2019
Lakeside AS + 4 000 BUY 26 Feb 2019
Fiona Ewins Brown - 870 SELL 15 Feb 2019
PER HELLBERG + 54 800 BUY 8 Feb 2019
Henrik Persson Ekdahl +1 279 430 UTDEL 21 Dec 2018
Andre Lavold +1 279 430 UTDEL 21 Dec 2018

Show More