Want to see SE:CTM full AI Analyst Report?
Top Page
Catena Media
(CTM)
Select Model
Select Model
Rating:47Neutral
Price Target:
kr3.00
▲(6.01% Upside)
Action:Reiterated
Date:08/17/26
The score is held down primarily by weak financial performance (steep TTM revenue contraction and ongoing losses) and a bearish technical setup (price below key moving averages with weak momentum). Earnings-call details add risk due to sequential revenue/EBITDA deterioration and capital-structure actions (hybrid interest deferral and discounted tender), partially offset by positive trailing cash generation and cost discipline.
Positive Factors
MRKTPLYS diversification
MRKTPLYS has become a meaningful revenue contributor, partially offsetting pressure in core SEO products. Its scale demonstrates early traction for the marketplace approach and could broaden Catena Media’s growth platform beyond traditional affiliate traffic acquisition.
Negative Factors
Structural SEO disruption
Catena Media’s core model depends on attracting users through organic search, so lower traffic from existing rankings directly challenges lead volumes and conversion opportunities. Greater volatility in search performance may make revenue less predictable and raise the need for alternative channels.
Read all positive and negative factors
Positive Factors
Negative Factors
MRKTPLYS diversification
MRKTPLYS has become a meaningful revenue contributor, partially offsetting pressure in core SEO products. Its scale demonstrates early traction for the marketplace approach and could broaden Catena Media’s growth platform beyond traditional affiliate traffic acquisition.
Read all positive factors
Catena Media (CTM) vs. iShares MSCI Sweden ETF (EWD)
Market Cap
kr241.09M
Dividend YieldN/A
Average Volume (3M)100.09K
Price to Earnings (P/E)―
Beta (1Y)0.61
Revenue Growth17.70%
EPS Growth85.68%
CountrySE
Employees164
SectorCommunication Services
Sector Strength97
IndustryInternet Content & Information
Share Statistics
EPS (TTM)-0.13
Shares Outstanding78,773,420
10 Day Avg. Volume156,307
30 Day Avg. Volume100,086
Financial Highlights & Ratios
PEG Ratio0.01
Price to Book (P/B)0.11
Price to Sales (P/S)0.25
P/FCF Ratio1.84
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)0.08
Revenue Forecast (FY)kr40.00M
Catena Media Business Overview & Revenue Model
Company Description
Catena Media plc, together with its subsidiaries, provides affiliation marketing services for operators of online sports betting and casino platforms in North America and Latin America. The company operates in two segments, Casino and Sports. The ...
How the Company Makes Money
Catena Media primarily makes money as an affiliate (performance marketing) partner to online gambling operators. It publishes reviews, comparisons, bonuses guides, and other content that attracts users via organic search and other digital channels...
Catena Media Earnings Call Summary
Earnings Call Date:Aug 11, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 10, 2026
Earnings Call Sentiment Negative
The call presented a mix of stabilizing and strategic positives (currency‑adjusted revenue growth, MRKTPLYS contributing >1/3 of revenue, disciplined cost control, cash balance and no debt, product development and strong employee NPS) alongside material near‑term challenges (a steep sequential revenue decline, sharp EBITDA and margin compression, negligible quarterly operating cash flow, sports segment weakness, higher direct costs, heavy North America concentration, and the need to defer hybrid interest while offering a buyback at 20%). Management's pivot toward a technical infrastructure and intelligence platform and meaningful capex investment are constructive strategic responses, but the immediate financial trends and capital‑structure actions indicate significant near‑term stress. Overall, the lowlights and financial stresses outweigh the positives, though the strategic plan provides a path to improvement if execution succeeds.Positive Updates
Revenue Broadly In Line Year‑on‑Year (Currency‑Adjusted Growth)
Q2 revenue of EUR 9.5 million was down 1% versus Q2 2025, but increased 4% year‑on‑year on a constant currency basis, indicating underlying stability when FX is excluded.
Negative Updates
Sharp Quarter‑on‑Quarter Revenue Decline
Revenue fell 23% versus Q1 2026 to EUR 9.5 million, signaling a pronounced sequential slowdown after recent stronger quarters.
Read all updates
Q2-2026 Updates
Positive
Negative
Revenue Broadly In Line Year‑on‑Year (Currency‑Adjusted Growth)
Q2 revenue of EUR 9.5 million was down 1% versus Q2 2025, but increased 4% year‑on‑year on a constant currency basis, indicating underlying stability when FX is excluded.
Read all positive updates
Company Guidance
Guidance from the call emphasized preserving capital flexibility while investing in a new automated marketplace (full commercial launch targeted H1 2027): the company will continue deferring interest on its hybrid capital securities (nominal EUR 43.7m; accrued interest EUR 7.0m as of 10 July 2026), is launching a voluntary tender to buy back hybrids at 20% of nominal, and will run a limited share buyback of up to 5.98% to cover LTIP, while increasing capex (over 100% vs Q2 2025) and maintaining disciplined cost control (total cost base EUR 8.2m flat y/y, -15% q/q) with cash of EUR 13.0m. Operationally they reiterated revenue and profitability targets and headwinds: Q2 revenue was EUR 9.5m (-1% y/y, -23% q/q; +4% constant currency), adjusted EBITDA EUR 1.2m (-11% y/y; margin 13% vs 14% y/y and 22% in Q1 2026), operating cash flow EUR 0.03m (6M: EUR 4.4m, +5% y/y; 12M: EUR 7.9m), new depositing customers 24,781 (+23% y/y, -28% q/q), North America 97% of revenue, Casino 90% of revenue (EUR 8.5m, +8% y/y) and Sports EUR 1.0m, and they noted MRKTPLYS now contributes more than one third of group revenue.Catena Media Financial Statement Overview
Summary
Income Statement
22
Negative
Balance Sheet
48
Neutral
Cash Flow
64
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 48.88M | 46.60M | 49.64M | 76.75M | 110.12M | 136.11M |
| Gross Profit | 25.23M | 34.20M | 38.65M | 63.31M | 98.74M | 120.62M |
| EBITDA | -5.03M | -5.64M | -40.59M | -11.21M | 49.05M | -405.00K |
| Net Income | -10.25M | -11.56M | -48.21M | -38.24M | 25.62M | -7.17M |
Balance Sheet | ||||||
| Total Assets | 119.95M | 113.11M | 146.81M | 242.03M | 322.63M | 366.17M |
| Cash, Cash Equivalents and Short-Term Investments | 13.04M | 9.32M | 8.48M | 38.51M | 23.87M | 26.96M |
| Total Debt | 40.66M | 37.86M | 21.85M | 57.59M | 76.66M | 88.75M |
| Total Liabilities | 44.21M | 5.58M | 23.98M | 66.84M | 100.11M | 137.65M |
| Stockholders Equity | 75.74M | 107.53M | 122.83M | 175.18M | 222.52M | 228.52M |
Cash Flow | ||||||
| Free Cash Flow | 7.18M | 6.25M | 137.00K | 19.91M | 26.87M | 22.45M |
| Operating Cash Flow | 7.98M | 7.51M | 2.66M | 20.04M | 56.38M | 65.80M |
| Investing Cash Flow | -1.46M | 19.41M | 11.62M | 34.34M | -30.91M | -43.36M |
| Financing Cash Flow | -471.64K | -24.90M | -44.74M | -34.88M | -27.66M | -24.18M |
Catena Media Technical Analysis
Positive
2.83
Price Trends
3.04
Positive
2.90
Positive
2.53
Positive
Market Momentum
0.06
Negative
54.55
Neutral
37.99
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:CTM, the sentiment is Positive. The current price of 2.83 is below the 20-day moving average (MA) of 3.02, below the 50-day MA of 3.04, and above the 200-day MA of 2.53, indicating a bullish trend. The MACD of 0.06 indicates Negative momentum. The RSI at 54.55 is Neutral, neither overbought nor oversold. The STOCH value of 37.99 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SE:CTM.
Catena Media Peers Comparison
UnderperformOutperform
Sector (60)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
71 Outperform | kr503.71M | 17.30 | 9.27% | 14.66% | 1.90% | -60.00% | |
68 Neutral | kr6.16B | 16.06 | 39.32% | 2.75% | -13.85% | -26.51% | |
60 Neutral | $48.67B | 4.58 | -11.27% | 4.14% | 2.83% | -41.78% | |
58 Neutral | kr357.50M | -24.23 | -4.06% | 1.85% | 2.62% | -235.03% | |
53 Neutral | kr48.46M | 0.78 | 142.30% | ― | -66.04% | ― | |
47 Neutral | kr241.09M | -2.08 | -11.22% | ― | 17.70% | 85.68% | |
43 Neutral | kr32.79M | -0.30 | -166.91% | 45.11% | -30.85% | 6.07% |
* Communication Services Sector Average
SE:CTM
Catena Media
3.09
0.92
42.40%
SE:HEM
Hemnet Group AB
67.95
-152.39
-69.16%
SE:ENRO
Eniro Group AB Class A
34.60
16.48
90.98%
SE:BRIGHT
Speqta AB
0.28
0.04
16.53%
SE:NYOR
TradeDoubler AB
6.36
-1.10
-14.75%
SE:FRAG
Fragbite Group AB
6.00
-6.45
-51.81%
Catena Media Corporate Events
Catena reshapes senior management as business development chief exits
Oct 8, 2026
Catena has announced a change in its senior management as Head of Business and Projects, Adam Ljungviken, will leave the company in October 2026 for personal reasons. Ljungviken, who joined in 2023 and joined the senior management team in 2025, pl...
Catena Media Advances Share Buyback Programme to Fund Incentive Plans
Oct 5, 2026
Catena Media has executed a series of share repurchases between 28 September and 2 October 2026, buying back 89,600 ordinary shares on Nasdaq Stockholm under its ongoing share buyback programme. The transactions were carried out by ABG Sundal Coll...
Catena Buys €2.15bn Finnish Logistics Portfolio to Strengthen Nordic Platform
Oct 1, 2026
Catena has expanded its Finnish footprint by acquiring a portfolio of 10 logistics properties from Urban Partners for about SEK 2.15 billion, financed through internal funds and external credit facilities. The deal, structured as a corporate trans...
Catena Media Expands Treasury Stock Through Latest Share Buybacks
Sep 28, 2026
Catena Media has continued to execute on its previously announced share buyback programme, repurchasing 98,900 ordinary shares on Nasdaq Stockholm between 21 and 25 September 2026 to cover obligations under its long-term incentive schemes. The tra...
Catena Media expands share buyback to support incentive programmes
Sep 21, 2026
Catena Media has continued executing its share buyback programme, repurchasing 123,666 ordinary shares on Nasdaq Stockholm between 14 and 18 September 2026 through ABG Sundal Collier AB. The buybacks are intended to meet obligations under the comp...
Catena Media Names Board Member Martin Zetterlund Interim CTO
Sep 16, 2026
Catena Media has appointed board member Martin Zetterlund as interim chief technology officer, effective 17 September 2026, under a consultancy arrangement while it continues to recruit a permanent CTO. Zetterlund will lead the technology function...
Catena Media executes share buybacks to fund incentive plans
Sep 16, 2026
Catena Media repurchased 11,534 of its own ordinary shares on Nasdaq Stockholm during week 37, 2026, as part of a recently launched share buyback programme. The buybacks are intended to meet obligations under the company’s long-term incentiv...
Catena Media launches SEK 28m share buyback to fund incentive plans and reduce capital
Sep 10, 2026
Catena Media has launched a share buyback programme to repurchase its own shares in order to meet obligations under its outstanding long-term incentive programmes for employees and participants. The move follows completion of required preparatory ...
Catena Media Cuts Hybrid Debt Through Discount Tender Offer
Sep 9, 2026
Catena Media plc has completed a voluntary tender offer to repurchase part of its outstanding hybrid capital securities, ISIN SE0014262192, at a tender price of 20 percent of nominal value, or SEK 20 for every SEK 100. Holders tendered securities ...
Catena Media launches cut-price tender offer for hybrid capital securities
Aug 21, 2026
Catena Media has launched a voluntary tender offer for its outstanding hybrid capital securities, giving investors the option to sell back their holdings at 20 percent of nominal value, or SEK 20 for every SEK 100, with no accrued or capitalised i...
Catena Media Offers Deep-Discount Buyback of Hybrid Securities to Boost Financial Flexibility
Aug 11, 2026
Catena Media has announced plans to launch a voluntary tender offer for its existing hybrid capital securities, giving investors the option to sell back their holdings for cash at SEK 20 per SEK 100 of nominal value, without payment of accrued int...
Catena Media Board Approves Conditional Share Buyback for Incentive Plans
Aug 11, 2026
Catena Media’s board has conditionally approved a share buyback programme to repurchase up to SEK 28 million worth of its own fully paid-up shares, with a cap of 4,713,747 shares. The repurchased stock, together with existing treasury shares...
Catena Media Invests in New Platform as Organic Search Weighs on Q2 Earnings
Aug 11, 2026
Catena Media reported flat second-quarter revenue from continuing operations of EUR 9.5m, with adjusted EBITDA down 11 percent as industry-wide organic search headwinds weighed on earnings. North America now accounts for 97 percent of revenue and ...
Catena Media schedules Q2 2026 interim results presentation
Aug 4, 2026
Catena Media, a Malta-based leader in online casino and sports betting lead generation, operates a sizable portfolio of digital brands that channel players to operator platforms and promote an improved user experience. The company employs more tha...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.