Catena Media has two financial targets and one is now revised compared to those previously communicated.
The previously announced growth and earnings target of reaching an adjusted EBITDA of EUR 100m in 2020 has been revised; as external factors are affecting the company, it is expected to be reached in 2021.
The second remains and relates to leverage, where the goal is to operate within a net interest-bearing debt/adjusted EBITDA of 1.5-2.5x. The targets are updated due to a delay in US roll-out, uncertainties in launch timings for additional US states, and organic growth prioritised in favour of acquisitions.
According to the adopted dividend policy, Catena Media will focus on growth, meaning that dividends may be low or not occur at all in the medium term. There was no dividend paid for the 2018 financial year.