Central European Media Enterprises

CETV's net profit fell 29.1% yoy to USD 31.2 mil in 2Q2020

By Helgi Analytics - August 26, 2020

Central European Media Enterprises made a net profit of USD 31.2 mil with revenues of USD 136 mil in 2Q2020, up by 245% and ...

CETV's Cash & Cash Equivalents remain unchanged yoy at USD mil in 2Q2020

By Helgi Analytics - October 12, 2020

Central European Media Enterprises's total assets reached USD 1,463 mil at the end of 2Q2020, down 0.408% compared to the previo...

CETV's Net Debt/EBITDA fell 19.5% yoy to 2.04 in 2Q2020

By Helgi Analytics - August 26, 2020

Central European Media Enterprises's net debt stood at USD 447 mil and accounted for 72.3% of equity at the end of 2Q2020. The r...

Profit Statement 2017 2018 2019
Sales USD mil 643 704 695
Gross Profit USD mil 293 338 355
EBITDA USD mil 480 224 237
EBIT USD mil 140 178 187
Financing Cost USD mil 83.2 49.1 30.7
Pre-Tax Profit USD mil 73.6 125 154
Net Profit USD mil 49.8 158 119
Dividends USD mil 0 0 0
Balance Sheet 2017 2018 2019
Total Assets USD mil 1,628 1,488 1,448
Non-Current Assets USD mil 1,207 1,114 1,098
Current Assets USD mil 421 374 350
Working Capital USD mil 24.1 72.9 53.0
Shareholders' Equity USD mil 259 499 612
Liabilities USD mil 1,369 990 836
Total Debt USD mil 1,089 788 619
Net Debt USD mil 1,031 726 582
Ratios 2017 2018 2019
ROE % 19.7 40.4 21.5
ROCE % 4.35 13.0 10.2
Gross Margin % 45.6 48.0 51.1
EBITDA Margin % 74.6 31.8 34.2
EBIT Margin % 21.8 25.2 27.0
Net Margin % 7.74 22.4 17.1
Net Debt/EBITDA 2.15 3.24 2.45
Net Debt/Equity % 398 146 95.2
Cost of Financing % 7.95 5.23 4.36
Valuation 2017 2018 2019
Market Capitalisation USD mil 677 703 1,149
Enterprise Value (EV) USD mil 1,707 1,429 1,731
Number Of Shares mil 236 258 266
Share Price USD 4.65 2.78 4.53
EV/EBITDA 3.56 6.38 7.29
EV/Sales 2.66 2.03 2.49
Price/Earnings (P/E) 46.3 6.93 14.2
Price/Book Value (P/BV) 4.25 1.44 1.97
Dividend Yield % 0 0 0

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overview Unit 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
income statement                                                      
Sales USD mil                                         633 681 606 583 643    
Gross Profit USD mil                                         107 237 244 246 293    
EBIT USD mil                                         -180 38.3 94.6 106 140    
Net Profit USD mil                                         -278 -227 -115 -180 49.8    
                                                         
ROE % ...                                       -44.6 -42.3 -32.2 -82.9 19.7    
EBIT Margin % ...                                       -28.4 5.62 15.6 18.1 21.8    
Net Margin % ...                                       -43.9 -33.4 -19.0 -30.9 7.74    
Employees ...                               ... ... ... ... ... 3,700 3,100 2,950 2,200    
balance sheet                                                      
Total Assets USD mil                                         1,962 1,619 1,454 1,391 1,628    
Non-Current Assets USD mil                                         1,435 1,244 1,096 1,050 1,207    
Current Assets USD mil                                         527 375 358 340 421    
                                                         
Shareholders' Equity USD mil                                         649 501 320 148 259    
Liabilities USD mil                                         1,313 1,118 1,134 1,242 1,369    
Non-Current Liabilities USD mil                                         990 668 988 1,071 1,182    
Current Liabilities USD mil                                         323 451 146 172 187    
                                                         
Net Debt/EBITDA                                         -7.39 6.95 4.50 2.19 2.15    
Net Debt/Equity %                                         133 168 269 648 398    
Cost of Financing % ...                                       10.2 15.4 19.1 13.1 7.95    
cash flow                                                      
Total Cash From Operations USD mil                                         -63.0 -66.7 82.9 -77.4 94.0    
Total Cash From Investing USD mil                                         -30.1 -28.8 -23.8 -28.2 -28.8    
Total Cash From Financing USD mil                                         59.3 38.1 -29.0 87.9 -58.4    
Net Change In Cash USD mil                                         -34.2 -68.0 27.4 -18.5 17.8    
valuation                                                      
Market Capitalisation USD mil ...                                       518 434 365 366 677    
Enterprise Value (EV) USD mil ...                                       1,380 1,274 1,227 1,328 1,707    
Number Of Shares mil ... ...                                     126 147 147 151 236    
Share Price USD ...                                       3.84 3.21 2.69 2.55 4.65    
Price/Earnings (P/E) ... ...                                     -1.69 -1.93 -2.99 -1.99 46.3    
Price/Cash Earnings (P/CE) ... ...                                     -2.01 -2.42 -4.54 -2.52 13.6    
EV/EBITDA ...                                       -11.8 10.5 6.41 3.02 3.56    
Price/Book Value (P/BV) ... ...                                     0.744 0.939 1.24 2.60 4.25    
Dividend Yield % ... ...                                     0 0 0 0 0    
income statement Unit 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
income statement                                                      
Sales USD mil                                         633 681 606 583 643    
Cost of Goods & Services USD mil                                         527 444 362 337 350    
Gross Profit USD mil                                         107 237 244 246 293    
Selling, General & Admin USD mil ... ... ... ... ...   ... ... ... ... ... ... ... ... ...           136 144 107 105 113    
Research & Development USD mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...         0 0 0 0 0    
Other Operating Expense USD mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...         113 22.2 14.0 8.27 8.59    
Other Operating Cost (Income) USD mil ... ... ... ... ...   ... ... ... ... ... ... ... ... ... ...         0 0 0 0 0    
EBITDA USD mil                                         -117 121 192 439 480    
Depreciation USD mil                                         37.2 32.8 27.9 27.5 31.3    
EBIT USD mil                                         -180 38.3 94.6 106 140    
Net Financing Cost USD mil                                         111 142 171 126 82.7    
Financing Cost USD mil                                         112 142 171 126 83.2    
Financing Income USD mil ... ... ... ... ...   ... ... ...                       0.496 0.294 0.440 0.590 0.536    
FX (Gain) Loss USD mil                                         -20.2 12.8 -13.5 -6.93 -17.8    
(Income) / Loss from Affiliates USD mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...         0 0 ... ... ... ... ...
Extraordinary Cost USD mil                                         5.10 80.4 13.3 0.918 1.64    
Pre-Tax Profit USD mil                                         -294 -153 -103 -173 73.6    
Tax USD mil                                         -18.0 -1.36 -0.515 6.64 22.5    
Minorities USD mil                                         -3.88 -4.47 -0.671 -0.306 -0.341    
Net Profit USD mil                                         -278 -227 -115 -180 49.8    
Net Profit Avail. to Common USD mil                                         -286 -243 -132 -194 40.1    
Dividends USD mil                                         0 0 0 0 0    
growth rates                                                      
Total Revenue Growth % ... ...                                     -18.0 7.53 -11.0 -3.77 10.3    
Operating Cost Growth % ...                                       -61.9 -30.7 -25.0 -5.61 9.05    
EBITDA Growth % ...                                       -69.0 -204 58.4 129 9.15    
EBIT Growth % ...                                       -63.1 -121 147 11.8 32.3    
Pre-Tax Profit Growth % ...                                       -47.5 -48.1 -32.7 68.3 -143    
Net Profit Growth % ...                                       -46.7 -14.7 -45.7 46.8 -121    
ratios                                                      
ROE % ...                                       -44.6 -42.3 -32.2 -82.9 19.7    
ROA % ...                                       -13.4 -12.7 -7.48 -12.7 3.30    
ROCE % ...                                       -19.1 -17.7 -9.70 -16.5 4.35    
Gross Margin % ...                                       16.8 34.8 40.2 42.3 45.6    
EBITDA Margin % ...                                       -18.4 17.8 31.6 75.4 74.6    
EBIT Margin % ...                                       -28.4 5.62 15.6 18.1 21.8    
Net Margin % ...                                       -43.9 -33.4 -19.0 -30.9 7.74    
Payout Ratio %                                         0 0 0 0 0    
Cost of Financing % ...                                       10.2 15.4 19.1 13.1 7.95    
Net Debt/EBITDA                                         -7.39 6.95 4.50 2.19 2.15    
balance sheet Unit 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
balance sheet                                                      
Cash & Cash Equivalents USD mil                                         102 34.3 61.7 40.6 58.7    
Receivables USD mil                                         169 176 167 141 184    
Inventories USD mil                                         0 0 0 0 0    
Other ST Assets USD mil                                         256 165 129 158 178    
Current Assets USD mil                                         527 375 358 340 421    
Property, Plant & Equipment USD mil                                         143 114 109 89.1 119    
LT Investments & Receivables USD mil                                         0 0 0 0 0    
Intangible Assets USD mil                                         1,278 1,072 942 880 1,071    
Goodwill USD mil ... ... ... ... ...                               783 681 622 602 712    
Non-Current Assets USD mil                                         1,435 1,244 1,096 1,050 1,207    
Total Assets USD mil                                         1,962 1,619 1,454 1,391 1,628    
                                                         
Trade Payables USD mil                                         278 179 135 134 160    
Short-Term Debt USD mil                                         1.46 253 1.16 1.23 3.27    
Other ST Liabilities USD mil                                         43.5 18.4 10.4 36.0 23.6    
Current Liabilities USD mil                                         323 451 146 172 187    
Long-Term Debt USD mil                                         963 621 922 1,001 1,086    
Other LT Liabilities USD mil                                         27.5 46.5 65.7 69.4 96.2    
Non-Current Liabilities USD mil                                         990 668 988 1,071 1,182    
Liabilities USD mil                                         1,313 1,118 1,134 1,242 1,369    
Preferred Equity and Hybrid Capital USD mil                                         208 224 241 255 265    
Share Capital USD mil                                         1,715 1,940 1,925 1,922 1,917    
Treasury Stock USD mil                                         0 0 0 0 0    
Equity Before Minority Interest USD mil                                         648 504 318 147 259    
Minority Interest USD mil                                         0.893 -2.61 1.38 1.27 0.018    
Equity USD mil                                         649 501 320 148 259    
growth rates                                                      
Total Asset Growth % ...                                       -9.79 -17.5 -10.2 -4.37 17.1    
Shareholders' Equity Growth % ...                                       2.79 -22.8 -36.2 -53.6 74.4    
Net Debt Growth % ...                                       -20.2 -2.57 2.62 11.6 7.13    
Total Debt Growth % ... ...                                     -21.0 -9.35 5.65 8.57 8.65    
ratios                                                      
Total Debt USD mil                                         964 874 923 1,003 1,089    
Net Debt USD mil                                         862 840 862 962 1,031    
Working Capital USD mil                                         -109 -3.36 32.7 6.99 24.1    
Capital Employed USD mil                                         1,326 1,241 1,129 1,057 1,231    
Net Debt/Equity %                                         133 168 269 648 398    
Current Ratio                                         1.63 0.832 2.45 1.98 2.25    
Quick Ratio                                         0.841 0.466 1.57 1.06 1.30    
cash flow Unit 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
cash flow                                                      
Net Profit USD mil                                         -278 -227 -115 -180 49.8    
Depreciation USD mil                                         37.2 32.8 27.9 27.5 31.3    
Non-Cash Items USD mil                                         146 29.0 81.1 -88.8 -296    
Change in Working Capital USD mil                                         2.37 -29.9 9.47 -143 -1.39    
Total Cash From Operations USD mil                                         -63.0 -66.7 82.9 -77.4 94.0    
                                                         
Capital Expenditures USD mil                                         -29.8 -28.5 -30.4 -26.5 -27.9    
Net Change in LT Investment USD mil                                         0 0 0 0 0    
Net Cash From Acquisitions USD mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...         0 0 0 0 0    
Other Investing Activities USD mil                                         0 0 0 0 0    
Total Cash From Investing USD mil                                         -30.1 -28.8 -23.8 -28.2 -28.8    
                                                         
Dividends Paid USD mil                                         0 0 0 0 0    
Issuance Of Shares USD mil                                         357 192 0 7.00 1.15    
Issuance Of Debt USD mil                                         -312 -139 -35.3 103 -62.1    
Other Financing Activities USD mil                                         14.1 -14.3 6.44 -21.6 2.47    
Total Cash From Financing USD mil                                         59.3 38.1 -29.0 87.9 -58.4    
                                                         
Effect of FX Rates USD mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...         -0.384 -10.7 -2.67 -0.862 11.0    
Net Change In Cash USD mil                                         -34.2 -68.0 27.4 -18.5 17.8    
ratios                                                      
Days Sales Outstanding days ...                                       97.5 94.3 101 88.5 105    
Days Sales Of Inventory days                                         0 0 0 0 0    
Days Payable Outstanding days                                         192 147 136 146 167    
Cash Conversion Cycle days ...                                       -95.0 -53.1 -34.8 -57.2 -62.5    
Cash Earnings USD mil                                         -240 -195 -87.0 -153 81.0    
Free Cash Flow USD mil                                         -93.2 -95.4 59.0 -106 65.2    
Capital Expenditures (As % of Sales) % ...                                       4.71 4.19 5.02 4.55 4.35    
other ratios Unit 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
                                                       
Employees ...                               ... ... ... ... ... 3,700 3,100 2,950 2,200    
Operating Cost (As % of Sales) % ...                                       45.3 29.2 24.6 24.1 23.8    
Research & Development (As % of Sales) % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...         0 0 0 0 0    
Effective Tax Rate %                                         6.11 0.889 0.501 -3.84 30.6    
Revenues From Abroad USD mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...           458 478 423 393 434 ... ...
Domestic Revenues USD mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...           175 203 183 190 209 ... ...
Revenues From Abroad (As % Of Total) % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...           72.4 70.2 69.9 67.3 67.5 ... ...
Total Revenue Growth (5-year average) % ... ... ... ... ... ...                             -9.10 -0.034 -3.85 -7.58 -3.60    
Total Revenue Growth (10-year average) % ... ... ... ... ... ... ... ... ... ... ...                   17.6 14.1 4.21 -0.339 -2.63    
valuation Unit 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
                                                       
Market Capitalisation USD mil ...                                       518 434 365 366 677    
Enterprise Value (EV) USD mil ...                                       1,380 1,274 1,227 1,328 1,707    
Number Of Shares mil ... ...                                     126 147 147 151 236    
Share Price USD ...                                       3.84 3.21 2.69 2.55 4.65    
EV/EBITDA ...                                       -11.8 10.5 6.41 3.02 3.56    
Price/Earnings (P/E) ... ...                                     -1.69 -1.93 -2.99 -1.99 46.3    
Price/Cash Earnings (P/CE) ... ...                                     -2.01 -2.42 -4.54 -2.52 13.6    
P/FCF ... ...                                     -5.18 -4.93 6.69 -3.65 16.9    
Price/Book Value (P/BV) ... ...                                     0.744 0.939 1.24 2.60 4.25    
Dividend Yield % ... ...                                     0 0 0 0 0    
Free Cash Flow Yield % ...                                       -18.0 -22.0 16.2 -28.9 9.64    
Earnings Per Share (EPS) USD ... ...                                     -2.27 -1.66 -0.900 -1.28 0.101    
Cash Earnings Per Share USD ... ...                                     -1.91 -1.33 -0.592 -1.01 0.343    
Free Cash Flow Per Share USD ... ...                                     -0.741 -0.651 0.402 -0.699 0.276    
Book Value Per Share USD ... ...                                     5.16 3.42 2.18 0.982 1.09    
Dividend Per Share USD ... ...                                     0 0 0 0 0    
EV/Sales ...                                       2.18 1.87 2.03 2.28 2.66    
EV/EBIT ...                                       -7.66 33.3 13.0 12.6 12.2    
EV/Free Cash Flow ...                                       -14.8 -13.4 20.8 -12.6 26.2    
EV/Capital Employed ...                                       1.04 1.03 1.09 1.26 1.39    
Earnings Per Share Growth % ... ... ...                                   -67.4 -26.9 -45.8 42.7 -108    
Cash Earnings Per Share Growth % ... ... ...                                   -70.0 -30.6 -55.4 70.8 -134    
Book Value Per Share Growth % ... ... ...                                   -37.1 -33.7 -36.3 -54.9 11.4    
sales geography Unit 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
                                                       
Sales in Bulgaria USD mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...           87.4 87.1 73.1 72.7 77.3 ... ...
Sales in Croatia USD mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...           61.9 62.0 0 0 0 ... ...
Sales in Czechia USD mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...           175 203 183 190 209 ... ...
Sales in Romania USD mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...           162 179 158 173 191 ... ...
Sales in Slovakia USD mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...           82.4 90.6 84.4 90.5 97.7 ... ...
Sales in Bulgaria (As % of Total) % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...           13.8 12.8 12.1 12.5 12.0 ... ...
Sales in Croatia (As % of Total) % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...           9.77 9.11 0 0 0 ... ...
Sales in Czechia (As % of Total) % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...           27.6 29.8 30.1 32.7 32.5 ... ...
Sales in Romania (As % of Total) % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...           25.6 26.2 26.0 29.7 29.7 ... ...
Sales in Slovakia (As % of Total) % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...           13.0 13.3 13.9 15.5 15.2 ... ...

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CETV's Total Cash From Operations fell 11.7% yoy to USD 39.1 mil in 2Q2020

By Helgi Analytics - August 26, 2020

Central European Media Enterprises's operating cash flow stood at USD 39.1 mil in 2Q2020, down 11.7% when compared to the previous year. Historically, between 2Q1998 - 2Q2020, the firm’s operating cash flow reached a high of USD 344 mil in 2Q2003 and a...

CETV's ROCE fell 27.7% yoy to 10.5% in 2Q2020

By Helgi Analytics - August 26, 2020

Central European Media Enterprises made a net profit of USD 31.2 mil in 2Q2020, down 29.1% compared to the previous year. Historically, between 4Q1993 and 2Q2020, the company's net profit reached a high of USD 331 mil in 2Q2003 and a low of USD -494 mil in 4Q201...

CETV's Share Price fell 18.8% yoy to USD 3.54 in 2Q2020

By Helgi Analytics - August 26, 2020

Central European Media Enterprises stock traded at USD 3.54 per share at the end 2Q2020 implying a market capitalization of USD 901 mil. Since the end of 2Q2015, stock has appreciated by 62.4% implying an annual average growth of 10.2% In absolute terms, the val...

CETV's Net Margin fell 3.93% yoy to 23.0% in 2Q2020

By Helgi Analytics - August 26, 2020

Central European Media Enterprises made a net profit of USD 31.2 mil with revenues of USD 136 mil in 2Q2020, down by 29.1% and down by 26.2%, respectively, compared to the previous year. This translates into a net margin of 23.0%. Historically, between ...

CETV's Sales fell 26.2% yoy to USD 136 mil in 2Q2020

By Helgi Analytics - August 26, 2020

Central European Media Enterprises generated sales of USD 136 mil in 2Q2020, down 26.2% compared to the previous year. Historically, between 4Q1993 and 2Q2020, the company’s sales reached a high of USD 305 mil in 2Q2008 and a low of USD 0 mil in 4Q1993. ...

CETV's price/earnings (P/E) rose 104% yoy to 12.2 in 4Q2019

By Helgi Analytics - August 26, 2020

Central European Media Enterprises stock traded at USD 4.53 per share at the end 4Q2019 translating into a market capitalization of USD 1,149 mil. Since the end of 4Q2014, stock has appreciated by 41.1% representing an annual average growth of 7.13%. In...

CETV's net profit fell 24.5% yoy to USD 119 mil in 2019

By Helgi Analytics - August 26, 2020

Central European Media Enterprises made a net profit of USD 119 mil with revenues of USD 695 mil in 2019, down by 24.5% and down by 1.29%, respectively, compared to the previous year. This translates into a net margin of 17.1%. On the operating level, EBI...

CETV's price/earnings (P/E) rose 104% yoy to 14.2 in 2019

By Helgi Analytics - August 26, 2020

Central European Media Enterprises stock traded at USD 4.53 per share at the end 2019 translating into a market capitalization of USD 1,149 mil. Since the end of 2014, stock has appreciated by 41.1% representing an annual average growth of 7.13%. In abs...

CETV's Total Cash From Operations rose 62.0% yoy to USD 180 mil in 2019

By Helgi Analytics - August 26, 2020

Central European Media Enterprises's operating cash flow stood at USD 180 mil in 2019, up 62% when compared to the previous year. Historically, between 1993 - 2019, the firm’s operating cash flow reached a high of USD 180 mil in 2019 and a low of USD -...

CETV's ROCE fell 21.9% yoy to 10.2% in 2019

By Helgi Analytics - August 26, 2020

Central European Media Enterprises made a net profit of USD 119 mil in 2019, down 24.5% compared to the previous year. Historically, between 1993 and 2019, the company's net profit reached a high of USD 346 mil in 2003 and a low of USD -536 mil in 2012. T...

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Central European Media Enterprises Ltd. (CETV) is a media and entertainment company operating in Central and Eastern Europe. The business is managed on a geographical basis, with six operating segment, Bulgaria, Croatia, the Czech Republic, Romania, The Slovak Republic and Slovenia. CETV is the broadcast market leader in every country where it has stations present and reaches the homes of over 50 mil people. It started life as a single channel in the Czech Republic in 1994. Nowadays, the Company operates a total of 36 television channels and over 70 Websites across its markets and the video-on-demand service Voyo. The company is listed on NASDAQ and Prague Stock Exchange. Time Warner holds a 49.8% economic interest in the Company.

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Finance

Central European Media Enterprises has been growing its sales by 0.408% a year on average in the last 5 years. EBITDA has grown on average by 14.4% a year during that time to total of USD 237 mil in 2019, or 34.2% of sales. That’s compared to 49.5% average margin seen in last five years.

The company netted USD 119 mil in 2019 implying ROE of 21.5% and ROCE of 10.2%. Again, the average figures were -6.71% and 0.278%, respectively when looking at the previous 5 years.

Central European Media Enterprises’s net debt amounted to USD 582 mil at the end of 2019, or 95.2% of equity. When compared to EBITDA, net debt was 2.45x, down when compared to average of 2.91x seen in the last 5 years.

Valuation

Central European Media Enterprises stock traded at USD 4.53 per share at the end of 2019 resulting in a market capitalization of USD 1,149 mil. Over the previous five years, stock price grew by 41.1% or 7.13% a year on average. The closing price put stock at a 12-month trailing EV/EBITDA of 7.29x and price to earnings (PE) of 14.2x as of 2019.