FEBRUARY 23RD, 2022 07:00 CET

Catena Media plc: Year-end report January – December 2021

Highlights Q4 2021

• Operating revenue was EUR 31.9m (26.6), an increase of 20 percent.
• Organic growth was 9 percent, or 19 percent excluding the German sports betting and casino market.
• New depositing customers (NDCs) totalled 135,250 (124,959), an increase of 8 percent.
• Revenue from North American sports betting and casino rose by 97 percent and accounted for 51 percent (31) of group revenue.
• Adjusted EBITDA increased by 4 percent and totalled EUR 12.8m (12.3), corresponding to an adjusted EBITDA margin of 40 percent (46) that reflected growth investments of EUR 2.5m in North America, central technology and European casino products as well as accounting adjustments for the company’s short-term incentive programme.
• EBITDA, including items affecting comparability of EUR 0.1m (-0.1), increased by 2 percent and totalled EUR 12.7m (12.4), equal to an EBITDA margin of 40 percent (47). 
• Earnings per share were EUR 0.08 (0.11) before dilution and EUR 0.05 (0.07) after dilution. 
• Operating cash flow increased by 52 percent to EUR 18.1m (11.9).
• Cash and cash equivalents totalled EUR 27.7m (29.9) on 31 December.
• Net interest-bearing liabilities (NIBL) were EUR 58.1m (57.0) on 31 December, resulting in a leverage ratio (NIBL/adjusted EBITDA) of 0.84 (1.09).
• The company issued 2,207,357 new shares with a value of USD 12.5 million as part-payment of the i15 media assets acquisition.
• As part of a buyback programme, the company repurchased 817,700 of its ordinary shares for EUR 4.5m between 17 November and 3 December, following a first buyback round that started in the third quarter in which 1,504,810 ordinary shares were repurchased for EUR 8.6m. As of 31 December, the company holds 2,322,510, or 3 percent, of its ordinary shares.
   

Full-year highlights 2021        

• Operating revenue was EUR 136.1m (106.0), an increase of 28 percent.
• Organic growth was 24 percent, or 37 percent excluding the German sports betting and casino market.
• New depositing customers (NDCs) totalled 586,522 (443,524), an increase of 32 percent.
• Revenue from North American sports betting and casino rose by 116 percent and accounted for 50 percent (30) of group revenue.
• Adjusted EBITDA increased by 32 percent and totalled EUR 68.8m (52.0), corresponding to an adjusted EBITDA margin of 51 percent (49).
• EBITDA, including items affecting comparability of EUR 5.3m (1.9), increased by 27 percent and totalled EUR 63.5m (50.1), equal to an EBITDA margin of 47 percent (47). 
• Earnings per share were EUR -0.10 (0.20) before dilution and EUR -0.06 (0.12) after dilution and reflected the one-off EUR 49.4m impairment charge recognised in Q3. 
• Operating profit was negatively impacted by a non-cash impairment on intangible assets of EUR 49.4 (zero). EUR 42.8m related to German sports assets acquired between 2016 and 2018 while EUR 6.6m pertained to French sports assets acquired in 2018.
• Operating cash flow increased by 34 percent to EUR 65.8m (49.0).
   

Significant events after the period

• The US states of New York and Louisiana legalised online sports betting in January 2022.
• In January, total revenue increased by 29 percent, or 36 percent excluding the German sports betting and casino market, compared to January 2021. Revenue from North American sports betting and casino rose 64 percent, fuelled by successful launches in New York and Louisiana during the month. 
• Full-year revenue in North America in 2022 will exceed USD 100m provided current market estimates and launch timetables hold firm.

Nopealla vilkaisulla ihan OK osari Catenalta. Ei jytky, mutta ei myöskään erityisen pehmeä. Jenkkilä kasvaa edelleen vahvasti. LIikevaihdosta sieltä jo yli puolet. Vuosi sitten tammikuun kasvu oli muistaakseni > 60 %. Tämäkin vuosi on alkanut semivahvan kasvun merkeissä. Jännä nähdä tänään markkinareaktio. 

onC kirjoitti:

Markkinalla ei ole edelleenkään yhtään luotto Catena Median tulevaisuuteen. Lähin verrokki Better Collective julkaisi samaan aikaan tuloksen (2x marketcap ja tuloksia voi vertailla...) ja lähti vielä lujempaa päinvastaiseen suuntaan. Shortit ovat olleet CM:n kimpussa jo pitkään. Twitteristä taisin nähdä graafin jonka mukaan shortteja oli suljettu aika paljon kun kurssi karkasi >70sek, mutta nyt varmaan heikkoudessa back in business. 

Ulkit kun lyö tällaisen yhtiön laput laitaan, niin jälki on juuri tämän näköistä. Vaikea tätä alamäkeä on logiikalla selittää tai ymmärtää.

Jenkkilä avautumassa ja kasvaa. CTM:n liikevaihdosta sieltä puolet. CTM kasvaa jenkkilässä tällä hetkellä yli 100 % vauhdilla. Arizona avautui Q3 aikana. H1/22 avautumassa lisäksi Illinois, New York ja Ontario (CA). Näissä asuu yhteensä yli 45 miljoonaa ihmistä. Kaikki merkittävät urheiluvedonlyönti- ja casinoyhtiöt menossa avautuville markkinoille. Japani kasvaa yli 100 % vauhtia, 9 % liikevaihdosta sieltä tällä hetkellä.

Arvioin, että ensi vuonna CTM tekee liikevaihtoa yhteensä reilusti yli 100me jenkkilästä, japanista ja kanadasta. 

Lisäksi CTM:n bisneksistä jää katetta omistajille vähän eri tyyliin kuin entisen hallisponsorin bisneksistä.

NOVEMBER 17TH, 2021 07:00 CET

Catena Media plc: Interim Report January - September 2021

Highlights of the third quarter of 2021

• Operating revenue was EUR 33.1m (24.9), an increase of 33 percent.
• Organic growth was 23 percent, or 34 percent excluding the now-regulated German sports betting and casino market.
• New depositing customers (NDCs) totalled 153,701 (94,710), an increase of 62 percent.
• Revenue from North American sports betting and casino rose by 124 percent and accounted for 51 percent (30) of group revenue.
• Adjusted EBITDA increased by 33 percent and totalled EUR 16.0m (12.0), corresponding to an adjusted EBITDA margin of 48 percent (48).
• EBITDA, including items affecting comparability of EUR 1.1m (-0.2), increased by 23 percent and totalled EUR 14.9m (12.2), equal to an EBITDA margin of 45 percent (49).
• Earnings per share were EUR -0.51 (0.05) before dilution and EUR -0.34 (0.03) after dilution, reflecting the one-off EUR 49.4m impairment charge recognised during the quarter.
• Operating cash flow increased by 17 percent to EUR 9.9m (8.5).
• Cash and cash equivalents totalled EUR 28.6m (45.4) on 30 September.
• Net interest-bearing liabilities (NIBL) were EUR 59.3m (67.4) on 30 September, resulting in a leverage ratio (NIBL/adjusted EBITDA) of 0.87 (1.32).
• On 14 July, an extraordinary general meeting resolved to authorise the company to acquire its own shares.
• On 9 September Catena Media announced the acquisition of North American online sports betting and casino affiliation assets from i15 Media, LLC, for a total purchase price of USD 45 million.
• From 13 September to 15 October, the group repurchased 1,504,810 of Catena Media ordinary shares, resulting in a cash outflow of EUR 8.6m.

Highlights of the first nine months 2021                     

• Operating revenue was EUR 104.2m (79.4), an increase of 31 percent.
• Organic growth was 29 percent, or 42 percent excluding the now-regulated German sports betting and casino market.
• New depositing customers (NDCs) totalled 451,272 (318,565), an increase of 42 percent.
• Revenue from North American sports betting and casino rose by 122 percent and accounted for 49 percent (29) of group revenue.
• Adjusted EBITDA increased by 41 percent and totalled EUR 56.0m (39.7), corresponding to an adjusted EBITDA margin of 54 percent (50).
• EBITDA, including items affecting comparability of EUR 5.1m (2.0), increased by 35 percent and totalled EUR 50.9m (37.7), equal to an EBITDA margin of 49 percent (47).
• Earnings per share were EUR -0.18 (0.08) before dilution and EUR -0.12 (0.05) after dilution and reflected the one-off EUR 49.4m impairment charge recognised in Q3.
• Operating profit was negatively impacted by a non-cash impairment on intangible assets of EUR 49.4 (zero). EUR 42.8m related to German sports assets acquired between 2016 and 2018 while EUR 6.6m pertained to French sports assets acquired in 2018.
• Operating cash flow increased by 27 percent to EUR 47.1m (37.1).

Significant events after the period

• On 19 October Catena Media announced preliminary results for the third quarter and an impairment charge on German and French sports assets.
• The company issued 2,207,357 new shares with a value of USD 12.5 million as part-payment of the i15 media assets acquisition.
• In October, total revenue grew 21 percent, or 36 percent excluding the German sports betting and casino market, compared to the same month last year. Revenue from North American sports betting and casino grew 125 percent.

Etukäteen tiedossa oli, että vähintään semihyvältä näyttää. Viimeinen pallura raportin tärkein. Kasvu jatkunut lokakuussa 2021. Jenkkilästä tulee tällä hetkellä about puolet liikevaihdosta ja jenkkilä kasvanut lokakuussa edelleen 125 %. Nöt bääd.

KuplaSalkku kirjoitti:

Hienoinen pettymys CTM Q2/21

Catena Media plc: Interim Report January - June 2021

Selkeä pettymys.

CTM osari Q1/2021:

Operating revenue was EUR 40.7m (26.7), an increase of 53 percent.
• Organic search revenue increased by 61 percent and totalled
EUR 38.4m (23.9).
• Adjusted EBITDA increased by 94 percent and totalled EUR 25.1m (12.9), corresponding to an adjusted EBITDA margin of 62 percent (48).
• EBITDA, including items affecting comparability of EUR 1.8m
(0.4), increased by 87 percent and totalled EUR 23.3m (12.5), equal to
an EBITDA margin of 57 percent (47). Out of the EUR 1.8m items affecting comparability, EUR 1.7m related to restructuring.
• Earnings per share were EUR 0.26 (0.15) before dilution and EUR 0.17 (0.15) after dilution.
• Operating cash flow increased by 85 percent to EUR 20.8m (11.2).
• Cash and cash equivalents totalled EUR 37.5m (19.3) on 31 March.
• Net interest-bearing liabilities (NIBL) were EUR 40.8m (143.2) on 31 March, resulting in a leverage ratio (NIBL/adjusted EBITDA) of 0.64 (3.17).
• New depositing customers (NDCs) totalled 157,546 (119,529), an increase of 32 percent.
• Revenue from iGaming operations in the US rose by more than 200 percent to EUR 22.4m, equivalent to 55% of total Q1 revenue.
• Göran Blomberg was appointed Interim CEO, effective 7 January 2021.
• Michael Daly was appointed group CEO, effective 1 March 2021.
Significant events after the period
• On 9 April 2021, Catena Media published preliminary earnings for the first quarter, ahead of the Q1 report, due to exceptionally strong performance.
• On 4 May 2021 Catena Media acquired Lineups.com, a leading US online sports affiliation company specialising in analytics, betting predictions and tools.
• The company announced on 5 May 2021 it would explore financing alternatives to replace an existing EUR 88.5m bond loan, which matures in March 2022.
• The annual general meeting was held on 12 May 2021.
• The board will hold an extraordinary general meeting on 14 July 2021 for shareholders to take a fresh vote on the extraordinary resolution to authorise a share buyback program. The underlying purpose is flexibility regarding a more efficient capital usage. The intention is to commence share buybacks during the second half of 2021.
• In April, organic revenue grew 15 percent, or 24 percent excluding Germany, compared to average monthly revenue in Q2 2020.

Odotetunlainen raportti. Jenkkiliikevaihdon kasvu selkeä plussa. Huhtikuun 15 % kasvu pieni pettymys vaikkakin Q2 oli viime vuonna vahvin kvartaali. Odotin (lue toivoin) vahvempaa kasvua. Lisäksi pikkuplussina voisi mainita velkaantumisasteen nopean laskun, omien osakkeiden ostosuunnitelma ja vahva kassavirta.

Tuskin isoja kurssiliikkeitä tänään?

GIG:lta vahva Q1 -tulos tänään. Luulisi kelpaavan markkinalle.

Gaming Innovation Group Inc. (GiG) reports Q1 2021 revenues of €18.3 million and an EBITDA of €4.6 million. 

“The first quarter of 2021 is a strong start to the year and another positive step forward for Gaming Innovation Group, with strong results driven from the work and strategic initiatives pushed through in the last 12 months. We are happy with the overall progress, and look forward to continuing to grow towards our long term objectives”, says Richard Brown, CEO of GiG. 

Financial Highlights

• Revenues in Q1 2021 were €18.3m (11.2), up 64%, all organic growth
• Normalised revenues were €15.4m (10.7), an increase of 44% 
• EBITDA in Q1 2021 was €4.6m (0.6), up 674%, normalised EBITDA margin increased to 29.6% (5.5%)
• Normalised revenues for Platform Services were €5.2m (3.8), an increase of 19% , with a positive quarterly EBITDA of €0.3m (-1.6) 
• Revenues in Media Services at all-time high of €10.0m (8.2) in Q1 2021, an increase of 23%, EBITDA was €4.6m (4.5) 
• EBITDA for Sports Betting Services was €-0.4m (-1.7) an improvement of €1.3m, driven by operating expenses reduction of 75%
• Positive EBIT of €1.3m (-4.7) in Q1 2021, an improvement of €6.0

Operational Highlights 

• Two new agreements were signed for Platform Services in the first quarter, with one new agreement signed so far in the second quarter
• Completed the development for five new brands, whereof three are live on the platform and the remaining pending the client’s decision to launch, expected in Q2 2021
• Media Services continued its positive development in the quarter, with all-time high revenues and FTDs up 56% YoY, and 31% QoQ
• Completed the technical infrastructure and data migration project that was started in Q4 2019
• Awarded ISO 27001:2021 certification for its frontend development solution and content management system 

Events after Q1

• Signed an agreement for the provision of GiG’s iGaming platform to power a new online casino for the European market, operating on its own license
• One brand went live early May, two additional brands are ready to go live, and the remaining integration pipeline stands at 10 brands as of today
• GiG Media delivered another all-time high in revenues in April, up 10% on Q1 2021 average with another all-time high in FTD’s referred  
• April has developed positively and normalised revenues are up 35% compared to the same period last year
• Initiated refinancing of the SEK 400 million bond that matures in June 2022

WellGo kirjoitti:

Tällä hetkellä huitelee tosiaan lujaa, mutta yksikin Googlen antama manuaalinen rankku Catenan saiteille voi romahduttaa seuraavien neljännesten tulot. Näin kävi esimerkiksi samoilla markkinoilla kilpailevalle XLMedialle vuosi sitten (https://focusgn.com/xlmedia-seeks-google-resubmission-as-revenue-plunges)

Hankala arvioida, kuinka todennäköisesti tuo voi Catenan sivuihin iskeä, mutta perusteita varmasti löytyy tuhannen ostetun linkin jne myötä. Firma on kuitenkin 100% riippuvainen Googlesta ja riskin realisoituessa voi yhdessä yössä tipahtaa kolmannes tuotoista.

Erittäin aiheellinen muistutus tämän kaltaisten osakkeiden riskeistä. Tämä ei ole Kone tai WMT -tyylinen yhtiö omistaa.

Minun mielestä Catenaankaan ei kannata sijoittaa yhtään senttiä enempää kuin on vara hävitä. Nyt menee lujaa, isot markkinat ovat aukeamassa mutta riskiäkin piisaa. Ostotarjousoptio tässä toki on koko ajan sisällä. Varmaan alle 100SEK tarjoukset hylätään suoralta kädeltä.

onC kirjoitti:

Ja sieltähän posahti.

https://news.cision.com/catena-media/r/catena-media-publish-preliminary-...

Posari. Nice.

LAK kirjoitti:

Minusta tässä on edelleen huomattavasti enemmän upside potentiaalia kuin downside riskiä.

Edelleen tätä mieltä vaikka tänään 50SEK poks. Uusi tj Daly näkee jenkkilän lisäksi paljon potentiaalia mm UK:ssa, Saksassa, Ontariossa ja Brasiliassa. 

Markkina todellakin tykkäsi Catenan q4 rapsasta. Osake > +20 %  ja TO1 -warret > +30 % tänään. 

Raportissa paljon hyvää mutta arvelen markkinan ihastuneen etenkin tammikuun +58 yoy -kasvuun. Käsittämättömän kova luku. Q1 21 tulee olemaan lähes varmuudella double digit growth quarter. Minusta tässä on edelleen huomattavasti enemmän upside potentiaalia kuin downside riskiä. En pidä kalliina enkä myy edelleenkään TO1 -possaani näihin hintoihin. Mutta anyway pehmeä q3 kävi minulle lopulta kalliiksi koska luovuin kaikista osakkeistani. Tänään niistä olisi saanut about 8 kruunua enemmän kappaleelta ja kevään aikana vielä lähes varmuudella paljon enemmän.

Elämä on.