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Catella

Catella

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European finance organisation

Catella is an active player in real estate investment and fund management, with operations all over Europe. It works with both retail and institutional clients. Catella’s business can be subdivided into three business areas, Corporate Finance, Property Investment Management and Principal Investments.

We see opportunities for Catella in diversifying its corporate finance business, to make it less dependent on one sector.

One major risk for Catella is to lose key employees, as it is heavily dependent on them. It is also highly dependent on one (real estate) sector. In addition, we see income and earnings volatility risk and regulatory risk.

Financials

SEKm 2020 2021e 2022e
Sales 2047 1708 2276
Sales growth (%) -13 -16,5 33,2
EBITDA 503 189 613
EBITDA margin (%) 24,6 11,1 26,9
EBIT adj 393 58 513
EBIT adj margin (%) 19,2 3,4 22,5
Pretax profit 284 111 449
EPS rep 0,73 1,07 3,8
EPS growth (%) -42,5 45,9 255
EPS adj 2,52 0,77 3,8
DPS 0,9 0,91 2,1
EV/EBITDA (x) 5,4 16,4 4,7
EV/EBIT adj (x) 6,9 53,6 5,6
P/E (x) 37 35,6 10
P/E adj (x) 10,8 49,8 10
EV/sales (x) 1,3 1,8 1,3
FCF yield (%) 16,2 -18,3 7
Dividend yield (%) 3,3 2,4 5,5
Net IB debt/EBITDA 0 1,2 0
Lease adj. FCF yield (%) 16,2 -18,3 7
Lease adj. ND/EBITDA -0,3 0,4 -0,1
SEKm 2020 2021e 2022e
Leasing payments 0 0 0
Depreciation and amortisation -110 -131 -100
Of which leasing depreciation 0 0 0
EO items 0 0 0
Impairment and PPA amortisation 0 0 0
EBITDA lease Adj 522 299 613
EBITDA lease Adj margin (%) 25,5 17,5 26,9
Sales 2047 1708 2276
COGS -300 -190 -209
Gross profit 1747 1518 2066
Other operating items -1244 -1329 -1454
EBITDA 503 189 613
Depreciation on tangibles 0 0 0
Depreciation on intangibles -75 -47 -52
EBITA 393 58 513
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 393 58 513
Other financial items -103 -25 0
Net financial items -109 53 -64
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 284 111 449
Tax -151 -60 -112
Net profit 133 51 337
Minority interest -9 51 0
Net profit discontinued -60 -7 0
Net profit to shareholders 64 95 337
EPS 0,73 1,07 3,8
EPS Adj 2,52 0,77 3,8
Total extraordinary items after tax 0 -6,2 0
Tax rate (%) -53,2 -54,1 -25
Gross margin (%) 85,3 88,9 90,8
EBITDA margin (%) 24,6 11,1 26,9
EBITA margin (%) 19,2 3,4 22,5
EBIT margin (%) 19,2 3,4 22,5
Pretax margin (%) 13,9 6,5 19,7
Net margin (%) 6,5 3 14,8
Growth rates Y/Y 2020 2021 2022
Sales growth (%) -13 -16,5 33,2
EBITDA growth (%) -8,5 -62,5 224,7
EBIT growth (%) -6,9 -85,3 787,8
Net profit growth (%) -9,5 -61,8 562,1
EPS growth (%) -42,5 45,9 255
Profitability 2020 2021 2022
ROE (%) 4,1 5,3 16
ROE Adj (%) 7,9 6 16
ROCE (%) 10,8 5,1 13
ROCE Adj(%) 10,8 5,1 13
ROIC (%) 9,6 1,3 16,1
ROIC Adj (%) 9,6 1,3 16,1
Adj earnings numbers 2020 2021 2022
EBITDA Adj 503 189 613
EBITDA Adj margin (%) 24,6 11,1 26,9
EBITA Adj 393 58 513
EBITA Adj margin (%) 19,2 3,4 22,5
EBIT Adj 393 58 513
EBIT Adj margin (%) 19,2 3,4 22,5
Pretax profit Adj 284 111 449
Net profit Adj 133 57 337
Net profit to shareholders Adj 124 108 337
Net Adj margin (%) 6,5 3,3 14,8
SEKm 2020 2021e 2022e
EBITDA 503 189 613
Net financial items -109 53 -64
Paid tax -151 -60 -112
Non-cash items -89 0 0
Cash flow before change in WC 154 182 437
Change in WC 11 0 0
Operating cash flow 165 182 437
CAPEX tangible fixed assets 0 0 0
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 225 -800 -200
Free cash flow 390 -618 237
Dividend paid 0 -80 -80
Share issues and buybacks 0 0 0
Other non cash items -106 451 58
Decrease in net IB debt -3708 318 246
Balance Sheet (SEKm) 2020 2021 2022
Goodwill 443 375 331
Indefinite intangible assets 0 0 0
Definite intangible assets 0 0 0
Tangible fixed assets 30 25 25
Other fixed assets 353 410 410
Fixed assets 1045 945 845
Other intangible assets 0 0 0
Right-of-use asset 157 120 64
Total other fixed assets 415 425 425
Leasing liability 163 125 66
Total other long-term liabilities 22 21 21
Net IB debt excl. leasing -178 108 -49
Net IB debt / EBITDA lease Adj (%) -34,1 36 -8
Lease liability amortisation 0 0 0
Inventories 0 0 0
Receivables 481 1036 1077
Other current assets 1225 998 1098
Cash and liquid assets 1482 1586 1743
Total assets 4233 4565 4763
Shareholders equity 1612 1977 2234
Minority 185 145 145
Total equity 1797 2122 2379
Long-term debt 1304 1693 1693
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 27 27 27
Other long-term liabilities 9 18 9
Short-term debt 0 0 0
Accounts payable 794 556 556
Other current liabilities 153 48 48
Total liabilities and equity 4233 4565 4763
Net IB debt -15 232 17
Net IB debt excl. pension debt -15 232 17
Capital invested 1804 2375 2417
Working capital 759 1430 1572
EV breakdown 2020 2021 2022
Market cap. diluted (m) 2338 3287 3287
Net IB debt Adj -15 232 17
Market value of minority 790 0 0
Reversal of shares and participations -415 -425 -425
Reversal of conv. debt assumed equity 0 0 0
EV 2698 3094 2880
Capital efficiency (%) 2020 2021 2022
Total assets turnover (%) 49,4 38,8 48,8
Capital invested turnover (%) 124,5 110,2 128,6
Capital employed turnover (%) 89,1 67,7 61,9
Inventories / sales (%) 0 0 0
Customer advances / sales (%) 0 0 0
Payables / sales (%) 33,8 36,1 27,9
Working capital / sales (%) 39,4 64,1 65,9
Financial risk and debt service 2020 2021 2022
Net debt / equity (%) -0,8 10,9 0,7
Net debt / market cap (%) -0,8 7,1 0,5
Equity ratio (%) 42,5 46,5 49,9
Net IB debt adj. / equity (%) -0,8 10,9 0,7
Current ratio (%) 336,6 599,5 648,9
EBITDA / net interest (%) 1226,8 314,6 957,7
Net IB debt / EBITDA (%) -3 123 2,8
Interest cover (%) 848,9 96,9 690,7
SEKm 2020 2021e 2022e
Lease adj. FCF yield (%) 16,2 -18,3 7
Shares outstanding adj. 86 86 86
Fully diluted shares Adj 86 86 86
EPS 0,73 1,07 3,8
Dividend per share Adj 0,9 0,9 2,1
EPS Adj 2,52 0,77 3,8
BVPS 18,68 22,91 25,89
BVPS Adj 13,55 18,57 22,05
Net IB debt / share -0,2 2,7 0,2
Share price 22,87 38,1 38,1
Market cap. (m) 1973 3287 3287
Valuation 2020 2021 2022
P/E 37 35,6 10
EV/sales 1,32 1,81 1,27
EV/EBITDA 5,4 16,4 4,7
EV/EBITA 6,9 53,6 5,6
EV/EBIT 6,9 53,6 5,6
Dividend yield (%) 3,3 2,4 5,5
FCF yield (%) 16,2 -18,3 7
P/BVPS 1,45 1,66 1,47
P/BVPS Adj 2 2,05 1,73
P/E Adj 10,8 49,8 10
EV/EBITDA Adj 5,4 16,4 4,7
EV/EBITA Adj 6,9 53,6 5,6
EV/EBIT Adj 6,9 53,6 5,6
EV/cap. employed 0,8 0,8 0,7
Investment ratios 2020 2021 2022
Capex / sales 0 0 0
Capex / depreciation 0 0 0
Capex tangibles / tangible fixed assets 0 0 0
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 0 0 0

Equity research

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Main shareholders - Catella

Main shareholders Share capital % Voting shares % Verified
Claesson & Anderzén 49.4 % 48.8 % 31 Jul 2021
Alcur Fonder 6.1 % 5.5 % 8 Sep 2021
Rutger Arnhult 3.4 % 3.6 % 31 Aug 2021
Avanza Pension 3.5 % 3.2 % 31 Aug 2021
Petter Stordalen (Strawberry Capital AS) 2.6 % 2.9 % 31 Aug 2021
Nordnet Pensionsförsäkring 2.7 % 2.5 % 31 Aug 2021
Nordea Fonder 2.4 % 2.1 % 31 Aug 2021
Thomas Andersson Borstam 1.5 % 1.3 % 31 Aug 2021
Swedbank Försäkring 1.5 % 1.3 % 31 Aug 2021
Familjen Hedberg 1.1 % 1.0 % 31 Aug 2021
Source: Holdings by Modular Finance AB

Insider list - Catella

Name Quantity Code Date
Christoffer Abramson + 5 000 BUY 30 Jun 2021
Mattias Brodin + 150 000 ALTM 8 Jun 2021
Michel Fischier + 75 000 ALTM 8 Jun 2021
Stefan Mathias De Maré + 75 000 ALTM 8 Jun 2021
Johanna Bjärnemyr + 75 000 ALTM 8 Jun 2021
Christoffer Abramson +1 000 000 ALTM 26 May 2021
Tobias Alsborger + 12 000 BUY 11 May 2021
Kurt Jan Erik Roxendal +2 500 000 BUY 9 Mar 2021
Kurt Jan Erik Roxendal -2 000 000 Redemp 9 Mar 2021
Tobias Alsborger + 22 000 BUY 28 Aug 2020

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