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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 divided into two main business areas, Corporate Finance and Asset Management. The latter can be subdivided into two additional business areas, Equity-Hedge and Fixed Income Funds and Property Investment Management.

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 2019 2020e 2021e
Sales 2353 2030 2046
Sales growth (%) 0,4 -13,7 0,8
EBITDA 550 399 294
EBITDA margin (%) 23,4 19,6 14,4
EBIT adj 422 296 189
EBIT adj margin (%) 17,9 14,6 9,2
Pretax profit 283 239 161
EPS rep 1,27 -0,01 0,99
EPS growth (%) 200,9 -100,4 17409,9
EPS adj 1,26 1,93 0,99
DPS 0 0,91 0,91
EV/EBITDA (x) 5,4 6 7
EV/EBIT adj (x) 7,1 8,1 10,8
P/E (x) 20,7 -3879,9 22,4
P/E adj (x) 20,9 11,4 22,4
EV/sales (x) 1,3 1,2 1
FCF yield (%) -72,2 5,4 -1,1
Dividend yield (%) 0 4,1 4,1
Net IB debt/EBITDA 0,5 0,1 -1
N/A N/A N/A
SEKm 2019 2020e 2021e
N/A N/A N/A
Sales 2353 2030 2046
COGS -372 -358 -368
Gross profit 1981 1672 1678
Other operating items -1431 -1274 -1384
EBITDA 550 399 294
Depreciation on tangibles 0 0 0
Depreciation on intangibles -75 -49 -53
EBITA 422 296 189
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 422 296 189
Other financial items -103 -22 0
Net financial items -139 -57 -28
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 283 239 161
Tax -136 -120 -40
Net profit 147 118 121
Minority interest -80 -25 -33
Net profit discontinued 45 -94 0
Net profit to shareholders 112 -1 87
EPS 1,27 -0,01 0,99
EPS Adj 1,26 1,93 0,99
Total extraordinary items after tax 14,3 0 0
Tax rate (%) -48,1 -50,5 -25
Gross margin (%) 84,2 82,4 82
EBITDA margin (%) 23,4 19,6 14,4
EBITA margin (%) 17,9 14,6 9,2
EBIT margin (%) 17,9 14,6 9,2
Pretax margin (%) 12 11,7 7,9
Net margin (%) 6,2 5,8 5,9
Growth rates Y/Y 2019 2020 2021
Sales growth (%) 0,4 -13,7 0,8
EBITDA growth (%) 69,2 -27,5 -26,2
EBIT growth (%) 43,5 -30 -36
Net profit growth (%) -4,5 -19,6 2,2
EPS growth (%) 200,9 -100,4 17409,9
Profitability 2019 2020 2021
ROE (%) 7,6 0 5,7
ROE Adj (%) 3,6 6,1 5,7
ROCE (%) 12,6 9,7 6,9
ROCE Adj(%) 12,6 9,7 6,9
ROIC (%) 11,6 7,6 8,6
ROIC Adj (%) 11,6 7,6 8,6
Adj earnings numbers 2019 2020 2021
EBITDA Adj 550 399 294
EBITDA Adj margin (%) 23,4 19,6 14,4
EBITA Adj 422 296 189
EBITA Adj margin (%) 17,9 14,6 9,2
EBIT Adj 422 296 189
EBIT Adj margin (%) 17,9 14,6 9,2
Pretax profit Adj 283 239 161
Net profit Adj 133 118 121
Net profit to shareholders Adj 53 93 87
Net Adj margin (%) 5,6 5,8 5,9
SEKm 2019 2020e 2021e
EBITDA 550 399 294
Net financial items -139 -57 -28
Paid tax -135 -120 -40
Non-cash items -207 -500 0
Cash flow before change in WC 69 -279 226
Change in WC -1903 385 -147
Operating cash flow -1834 106 78
CAPEX tangible fixed assets 0 0 0
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 148 0 -100
Free cash flow -1686 106 -22
Dividend paid -104 0 -80
Share issues and buybacks 0 0 0
Other non cash items 1582 104 464
Decrease in net IB debt -3708 89 210
Balance Sheet (SEKm) 2019 2020 2021
Goodwill 627 578 525
Indefinite intangible assets 0 0 0
Definite intangible assets 0 0 0
Tangible fixed assets 25 25 25
Other fixed assets 353 348 348
Fixed assets 1188 1081 976
N/A N/A N/A
Inventories 0 0 0
Receivables 690 416 416
Other current assets 1298 1188 588
Cash and liquid assets 881 1245 1555
Total assets 4057 3931 3536
Shareholders equity 1522 1528 1536
Minority 214 214 214
Total equity 1736 1742 1750
Long-term debt 960 1173 1173
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 27 27 27
Other long-term liabilities 9 5 2
Short-term debt 0 0 0
Accounts payable 824 659 461
Other current liabilities 311 194 44
Total liabilities and equity 4057 3931 3536
Net IB debt 269 59 -304
Net IB debt excl. pension debt 269 59 -304
Capital invested 2041 1833 1475
Working capital 853 752 499
EV breakdown 2019 2020 2021
Market cap. diluted (m) 2274 1907 1907
Net IB debt Adj 269 59 -304
Market value of minority 790 790 790
Reversal of shares and participations -353 -348 -348
Reversal of conv. debt assumed equity 0 0 0
EV 2980 2407 2045
Capital efficiency (%) 2019 2020 2021
Total assets turnover (%) 42,5 50,8 54,8
Capital invested turnover (%) 124,5 104,8 123,7
Capital employed turnover (%) 89,1 68,5 67,7
Inventories / sales (%) 0 0 0
Customer advances / sales (%) 0 0 0
Payables / sales (%) 33,8 36,5 27,4
Working capital / sales (%) 31,1 39,5 30,6
Financial risk and debt service 2019 2020 2021
Net debt / equity (%) 15,5 3,4 -17,4
Net debt / market cap (%) 11,8 3,1 -15,9
Equity ratio (%) 42,8 44,3 49,5
Net IB debt adj. / equity (%) 15,5 3,4 -17,4
Current ratio (%) 252,8 334,1 506,5
EBITDA / net interest (%) 1527,8 1138,6 1050,1
Net IB debt / EBITDA (%) 48,9 14,7 -103,3
Interest cover (%) 887,8 642,7 435,5
SEKm 2019 2020e 2021e
N/A N/A N/A
Shares outstanding adj. 86 86 86
Fully diluted shares Adj 86 86 86
EPS 1,27 -0,01 0,99
Dividend per share Adj 0 0,9 0,9
EPS Adj 1,26 1,93 0,99
BVPS 17,64 17,72 17,8
BVPS Adj 10,37 11,02 11,72
Net IB debt / share 3,1 0,7 -3,5
Share price 26,31 22,1 22,1
Market cap. (m) 2270 1907 1907
Valuation 2019 2020 2021
P/E 20,7 -3879,9 22,4
EV/sales 1,27 1,19 1
EV/EBITDA 5,4 6 7
EV/EBITA 7,1 8,1 10,8
EV/EBIT 7,1 8,1 10,8
Dividend yield (%) 0 4,1 4,1
FCF yield (%) -72,2 5,4 -1,1
P/BVPS 1,49 1,25 1,24
P/BVPS Adj 2,54 2,01 1,89
P/E Adj 20,9 11,4 22,4
EV/EBITDA Adj 5,4 6 7
EV/EBITA Adj 7,1 8,1 10,8
EV/EBIT Adj 7,1 8,1 10,8
EV/cap. employed 1 0,8 0,7
Investment ratios 2019 2020 2021
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 Aug 2020
Alcur Fonder 4.2 % 3.8 % 25 Aug 2020
Rutger Arnhult 3.4 % 3.6 % 30 Sep 2020
Petter Stordalen (Strawberry Capital AS) 2.9 % 3.2 % 30 Sep 2020
Avanza Pension 3.1 % 2.8 % 30 Sep 2020
Nordnet Pensionsförsäkring 2.8 % 2.6 % 30 Sep 2020
Nordea Fonder 2.4 % 2.1 % 30 Sep 2020
Knut Pedersen 2.3 % 2.1 % 31 Mar 2020
Thomas Andersson Borstam 1.8 % 1.6 % 30 Sep 2020
Swedbank Försäkring 1.3 % 1.2 % 30 Sep 2020
Source: Holdings by Modular Finance AB

Insider list - Catella

Name Quantity Code Date
Tobias Alsborger + 22 000 BUY 28 Aug 2020
Per Johan Claesson +1 766 667 Redemp 9 Mar 2020
Per Johan Claesson -1 766 667 Redemp 9 Mar 2020
Knut Arill Pedersen - 750 000 SELL 25 Nov 2019
Knut Arill Pedersen - 250 000 SELL 25 Nov 2019
Knut Arill Pedersen +1 333 334 Redemp 27 Mar 2019
Marcus Holmstrand + 100 000 Redemp 22 Mar 2019
Johan Nordenfalk - 5 502 SELL 21 Mar 2019
Johan Nordenfalk - 8 136 SELL 21 Mar 2019
Johan Nordenfalk - 2 658 SELL 21 Mar 2019

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