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Catella

Catella

SEKm 2018 2019e 2020e
Sales 2344 2379 2532
Sales growth (%) -4,8 1,5 6,4
EBITDA 325 688 525
EBITDA margin (%) 13,9 28,9 20,7
EBIT adj 294 564 405
EBIT adj margin (%) 12,5 23,7 16
Pretax profit 275 427 375
EPS rep -1,26 2,91 2,33
EPS growth (%) -158,3 330,4 -19,8
EPS adj 0,77 2,88 2,18
DPS 1,2 1,25 1,34
EV/EBITDA (x) 7,2 3,9 4,5
EV/EBIT adj (x) 8 4,8 5,8
P/E (x) -18,4 8,8 10,9
P/E adj (x) 30,2 8,9 11,7
EV/sales (x) 1 1,1 0,9
FCF yield (%) -6,6 19,3 0,7
Dividend yield (%) 5,2 4,9 5,3
Net IB debt/EBITDA 0,2 0,1 -0,6
SEKm 2018 2019e 2020e
Sales 2344 2379 2532
COGS -437 -422 -493
Gross profit 1907 1957 2039
Other operating items -1582 -1269 -1513
EBITDA 325 688 525
Depreciation on tangibles 0 0 0
Depreciation on intangibles -31 -69 -72
EBITA 294 564 405
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 294 564 405
Other financial items -8 -110 0
Net financial items -19 -137 -30
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 275 427 375
Tax -121 -158 -94
Net profit 154 269 281
Minority interest -84 -89 -89
Net profit discontinued -180 78 14
Net profit to shareholders -110 258 207
EPS -1,26 2,91 2,33
EPS Adj 0,77 2,88 2,18
Total extraordinary items after tax 0 21,3 0
Tax rate (%) -44 -37,1 -25
Gross margin (%) 81,4 82,3 80,5
EBITDA margin (%) 13,9 28,9 20,7
EBITA margin (%) 12,5 23,7 16
EBIT margin (%) 12,5 23,7 16
Pretax margin (%) 11,7 17,9 14,8
Net margin (%) 6,6 11,3 11,1
Growth rates Y/Y 2018 2019 2020
Sales growth (%) -4,8 1,5 6,4
EBITDA growth (%) -16,5 111,7 -23,7
EBIT growth (%) -18,6 91,8 -28,1
Net profit growth (%) -45,8 74,5 4,7
EPS growth (%) -158,3 330,4 -19,8
Profitability 2018 2019 2020
ROE (%) -6,9 16,6 12,1
ROE Adj (%) 4,4 10,2 11,3
ROCE (%) 7,9 18,3 14,9
ROCE Adj(%) 7,9 18,3 14,9
ROIC (%) 10,2 31,1 24,1
ROIC Adj (%) 10,2 31,1 24,1
Adj earnings numbers 2018 2019 2020
EBITDA Adj 325 688 525
EBITDA Adj margin (%) 13,9 28,9 20,7
EBITA Adj 294 564 405
EBITA Adj margin (%) 12,5 23,7 16
EBIT Adj 294 564 405
EBIT Adj margin (%) 12,5 23,7 16
Pretax profit Adj 275 427 375
Net profit Adj 154 247 281
Net profit to shareholders Adj 70 159 193
Net Adj margin (%) 6,6 10,4 11,1
SEKm 2018 2019e 2020e
EBITDA 325 688 525
Net financial items -19 -137 -30
Paid tax -121 -158 -94
Non-cash items -45 0 0
Cash flow before change in WC 140 393 401
Change in WC 1239 -19 -245
Operating cash flow 344 358 217
CAPEX tangible fixed assets 0 0 0
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals -479 80 -200
Free cash flow -135 438 17
Dividend paid -84 -104 -108
Share issues and buybacks 0 0 0
Other non cash items 381 -320 460
Decrease in net IB debt 3861 -3420 37
Balance Sheet (SEKm) 2018 2019 2020
Goodwill 646 639 579
Indefinite intangible assets 0 0 0
Definite intangible assets 0 0 0
Tangible fixed assets 29 27 27
Other fixed assets 453 331 331
Fixed assets 1128 1179 1107
Inventories 0 0 0
Receivables 743 609 609
Other current assets 4451 1175 400
Cash and liquid assets 687 883 1240
Total assets 7009 3846 3356
Shareholders equity 1442 1661 1760
Minority 205 228 228
Total equity 1647 1889 1988
Long-term debt 748 748 748
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 29 29 29
Other long-term liabilities 2 0 0
Short-term debt 0 0 0
Accounts payable 765 612 367
Other current liabilities 3818 386 54
Total liabilities and equity 5651 6396 7009
Net IB debt 61 47 -322
Net IB debt excl. pension debt 61 47 -322
Capital invested 1106 1176 1349
Working capital -22 -3 242
EV breakdown 2018 2019 2020
Market cap. diluted (m) 1951 2205 2205
Net IB debt Adj 61 47 -322
Market value of minority 790 790 790
Reversal of shares and participations -453 -331 -331
Reversal of conv. debt assumed equity 0 0 0
EV 2349 2710 2341
Capital efficiency (%) 2018 2019 2020
Total assets turnover (%) 35 43,8 70,3
Capital invested turnover (%) 145,5 208,5 200,6
Capital employed turnover (%) 60,6 91,3 88,5
Inventories / sales (%) 0 0 0
Customer advances / sales (%) 0 0 0
Payables / sales (%) 35,4 28,9 19,3
Working capital / sales (%) 25,5 -0,5 4,7
Financial risk and debt service 2018 2019 2020
Net debt / equity (%) 3,7 2,5 -16,2
Net debt / market cap (%) 3,3 2,1 -14,6
Equity ratio (%) 23,5 49,1 59,2
Net IB debt adj. / equity (%) 3,7 2,5 -16,2
Current ratio (%) 128,3 267,2 534,1
EBITDA / net interest (%) 2954,5 2548,3 1751
Net IB debt / EBITDA (%) 18,8 6,8 -61,3
Interest cover (%) 1075,9 1196 821,7
SEKm 2018 2019e 2020e
Shares outstanding adj. 84 86 86
Fully diluted shares Adj 84 86 86
EPS -1,26 2,91 2,33
Dividend per share Adj 1,2 1,3 1,3
EPS Adj 0,77 2,88 2,18
BVPS 17,14 19,25 20,4
BVPS Adj 9,46 11,85 13,69
Net IB debt / share 0,7 0,5 -3,7
Share price 22,05 25,55 25,55
Market cap. (m) 1854 2205 2205
Valuation 2018 2019 2020
P/E -18,4 8,8 10,9
EV/sales 1 1,14 0,92
EV/EBITDA 7,2 3,9 4,5
EV/EBITA 8 4,8 5,8
EV/EBIT 8 4,8 5,8
Dividend yield (%) 5,2 4,9 5,3
FCF yield (%) -6,6 19,3 0,7
P/BVPS 1,35 1,33 1,25
P/BVPS Adj 2,45 2,16 1,87
P/E Adj 30,2 8,9 11,7
EV/EBITDA Adj 7,2 3,9 4,5
EV/EBITA Adj 8 4,8 5,8
EV/EBIT Adj 8 4,8 5,8
EV/cap. employed 1 1 0,8
Investment ratios 2018 2019 2020
Capex / sales 0 0 0
Capex / depreciation 0 0 0
Capex tangibles / tangible fixed assets 0 0 0
Capex intangibles / definite intangibles N/A N/A N/A
Depreciation on intangibles / definite intangibles N/A N/A N/A
Depreciation on tangibles / tangibles 0 0 0

Key Figure Counter

<p><span>It is not always easy to generate comparative valuations. Therefore, in order to make it easier for you as an investor, we have created this key figure calculator. Enter share price in the field below and then select the year in which you want to retrieve the financial data.</span></p>

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P/E

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<p><span>A common valuation multiple, the share price is divided by earnings per share.</span></p> <p>P/E ratio stands for Price and Earnings. By dividing a company's market cap to its earnings, investors get a key ratio which they are able to compare between different companies. The ratio can either be calculated on historical or forward-looking numbers.&nbsp;</p> <p>It is important to notice that earnings are calculated after taxes, which mean that they can vary between companies due to different accounting standards.</p>

11,0

EV/EBIT

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<p>EV stands for Enterprise Value and is calculated as a company's markets cap in addition to its net debt. The net debt itself is computed through the company's interest-bearing debt minus&nbsp;<span>total cash and cash equivalents.&nbsp;</span></p> <p><span>EBIT is the Earnings Before Interest and Taxes which is the operating income. This result, in comparison to the P/E ratio, is not affected by any financial items.</span></p>

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4,6

EV/Sales

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<p><span>EV stands for Enterprise Value and is calculated as a company's market cap adjusted for its net debt. The net debt itself is computed through the company's interest-bearing debt minus&nbsp;</span><span>total cash and cash equivalents. S is the company's total sales.</span></p>

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0,7

P/BVPS

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<div class="inner"> <p>P/B stands for Price to Book, which is used to compare a share's market cap to its book value. A P/B ratio that is below one is considered to be valued below its assets.</p> <p>Companies with high return on equity are usually associated with high P/B ratios, and vice versa.&nbsp;</p> <p>&nbsp;</p> </div> <div class="formula-bar-wrapper"> </div>

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1,2