Eniro is a leading search company in the media industry, with operations in Sweden, Norway, Denmark, Finland and Poland. In 2012, 77 percent of the company’s revenues derived from digital media (excluding directory assistance services). The company specializes in local search and Eniro’s well-known brands, products and services create user value for a vast number of users each day.
Eniro’s customers are paying advertisers who – via their presence in Eniro’s complementary channels – ensure access and relevant searchability 24/7, irrespective of the distribution form. Thanks to a local presence, Eniro’s corporate customers ensure searchability and provide a contact interface with potential customers and companies.
Eniro AB is a Sweden-based company engaged in the provision of search and directory products and services. Its offering allows users to find points of sale that have the products and services they are interested in. The Company’s information is made available through a number of distribution channels, Internet and mobile services, printed directories and other publications, as well as directory assistance services and Short Message Service (SMS) services. It markets its products and services through such brands, as eniro.se, Gula Sidorna, Din Del and Eniro 118 118 in Sweden; Gule Sider, Proff, Kvasir and Gule Sider 1880 in Norway; krak.dk, dgs.dk, Mostrup and Den Rode Lokalborg in Denmark; and Panorama Firm in Poland. It operates a number of subsidiaries, Denmark, Sweden, Luxembourg, Norway, Finland and Poland.
https://www.google.com/finance?q=STO%3AENRO&ei=nb-kUaDuOcLIkgWLwgE
http://www.enirogroup.com/afw/files/press/eniro/Eniro_AR_2012_EN.pdf
http://www.enirogroup.com/afw/files/press/eniro/201304241054-1.pdf
2012 EBITDA: SEK 976M
At December 31, 2012, the Group’s interest-bearing net
indebtedness had declined by more than SEK 800 M to SEK
2,704 M, compared with SEK 3,535 M at the beginning
of the year. Interest-bearing net indebtedness in relation
to EBITDA, excluding other items affecting comparability
items, was 2.8 (3.3 at the beginning of the year).
The objective is to retain EBITDA in 2013 at the same level as in 2012,
assuming a changed revenue mix and continued savings.
The objective is that net debt in relation to EBITDA should
not exceed a multiple of 2.5.
Eniro’s market capitalization at the
beginning of 2012 amounted to SEK
1.1 billion and was SEK 1.6 billion at
year-end. – Price was 11 then. Now it is 19.65
Now market Capitalization = SEK 2.85B
EBITDA: SEK 976M
That takes EV/EBITDA to 5.69x
Anyway Present math:
- EBITDA is increasing and amounted to SEK 170 M (156), a margin of 19.2 percent (16.3). Adjusted EBITDA excluding capital gains and restructuring was SEK 183 M (160).
183*4=732 SEK
Net Debt = SEK 2539
Run rate DEBT/EBITDA = 3.468
1M preferreds @ 507
100M commons @ 19.70
Total Capitalization = 2539+507+100*19.70 =$5B
Run Rate EBITDA = SEK 732
EV/EBITDA on a run rate basis = 6.85x