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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 2379 2532 2660
Sales growth (%) 1,5 6,4 5,1
EBITDA 688 525 572
EBITDA margin (%) 28,9 20,7 21,5
EBIT adj 564 405 452
EBIT adj margin (%) 23,7 16 17
Pretax profit 427 375 422
EPS rep 2,91 2,33 2,57
EPS growth (%) 330,4 -19,8 10
EPS adj 2,88 2,18 2,57
DPS 1,25 1,34 1,58
EV/EBITDA (x) 4,6 5,3 4,8
EV/EBIT adj (x) 5,6 6,9 6
P/E (x) 10,6 13,2 12
P/E adj (x) 10,7 14,2 12
EV/sales (x) 1,3 1,1 1
FCF yield (%) 16 0,6 14,1
Dividend yield (%) 4,1 4,4 5,1
Net IB debt/EBITDA 0,1 -0,6 -0,7
SEKm 2019 2020e 2021e
Sales 2379 2532 2660
COGS -422 -493 -517
Gross profit 1957 2039 2143
Other operating items -1269 -1513 -1571
EBITDA 688 525 572
Depreciation on tangibles 0 0 0
Depreciation on intangibles -69 -72 -72
EBITA 564 405 452
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 564 405 452
Other financial items -110 0 0
Net financial items -137 -30 -30
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 427 375 422
Tax -158 -94 -105
Net profit 269 281 316
Minority interest -89 -89 -89
Net profit discontinued 78 14 0
Net profit to shareholders 258 207 228
EPS 2,91 2,33 2,57
EPS Adj 2,88 2,18 2,57
Total extraordinary items after tax 21,3 0 0
Tax rate (%) -37,1 -25 -25
Gross margin (%) 82,3 80,5 80,6
EBITDA margin (%) 28,9 20,7 21,5
EBITA margin (%) 23,7 16 17
EBIT margin (%) 23,7 16 17
Pretax margin (%) 17,9 14,8 15,8
Net margin (%) 11,3 11,1 11,9
Growth rates Y/Y 2019 2020 2021
Sales growth (%) 1,5 6,4 5,1
EBITDA growth (%) 111,7 -23,7 8,8
EBIT growth (%) 91,8 -28,1 11,4
Net profit growth (%) 74,5 4,7 12,3
EPS growth (%) 330,4 -19,8 10
Profitability 2019 2020 2021
ROE (%) 16,6 12,1 12,5
ROE Adj (%) 10,2 11,3 12,5
ROCE (%) 18,3 14,9 16
ROCE Adj(%) 18,3 14,9 16
ROIC (%) 31,1 24,1 24,8
ROIC Adj (%) 31,1 24,1 24,8
Adj earnings numbers 2019 2020 2021
EBITDA Adj 688 525 572
EBITDA Adj margin (%) 28,9 20,7 21,5
EBITA Adj 564 405 452
EBITA Adj margin (%) 23,7 16 17
EBIT Adj 564 405 452
EBIT Adj margin (%) 23,7 16 17
Pretax profit Adj 427 375 422
Net profit Adj 247 281 316
Net profit to shareholders Adj 159 193 228
Net Adj margin (%) 10,4 11,1 11,9
SEKm 2019 2020e 2021e
EBITDA 688 525 572
Net financial items -137 -30 -30
Paid tax -158 -94 -105
Non-cash items 0 0 0
Cash flow before change in WC 393 401 436
Change in WC -19 -245 -110
Operating cash flow 358 217 386
CAPEX tangible fixed assets 0 0 0
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 80 -200 0
Free cash flow 438 17 386
Dividend paid -104 -108 -116
Share issues and buybacks 0 0 0
Other non cash items -320 460 -197
Decrease in net IB debt -3420 37 74
Balance Sheet (SEKm) 2019 2020 2021
Goodwill 639 579 519
Indefinite intangible assets 0 0 0
Definite intangible assets 0 0 0
Tangible fixed assets 27 27 27
Other fixed assets 331 331 331
Fixed assets 1179 1107 1035
Inventories 0 0 0
Receivables 609 609 609
Other current assets 1175 400 400
Cash and liquid assets 883 1240 1302
Total assets 3846 3356 3346
Shareholders equity 1661 1760 1872
Minority 228 228 228
Total equity 1889 1988 2100
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 0 0 0
Short-term debt 0 0 0
Accounts payable 612 367 257
Other current liabilities 386 54 54
Total liabilities and equity 6396 7009 3846
Net IB debt 47 -322 -396
Net IB debt excl. pension debt 47 -322 -396
Capital invested 1176 1349 1387
Working capital -3 242 352
EV breakdown 2019 2020 2021
Market cap. diluted (m) 2657 2657 2657
Net IB debt Adj 47 -322 -396
Market value of minority 790 790 790
Reversal of shares and participations -331 -331 -331
Reversal of conv. debt assumed equity 0 0 0
EV 3163 2794 2721
Capital efficiency (%) 2019 2020 2021
Total assets turnover (%) 43,8 70,3 79,4
Capital invested turnover (%) 208,5 200,6 194,5
Capital employed turnover (%) 91,3 88,5 90
Inventories / sales (%) 0 0 0
Customer advances / sales (%) 0 0 0
Payables / sales (%) 28,9 19,3 11,7
Working capital / sales (%) -0,5 4,7 11,2
Financial risk and debt service 2019 2020 2021
Net debt / equity (%) 2,5 -16,2 -18,8
Net debt / market cap (%) 2,1 -12,1 -14,9
Equity ratio (%) 49,1 59,2 62,8
Net IB debt adj. / equity (%) 2,5 -16,2 -18,8
Current ratio (%) 267,2 534,1 743,1
EBITDA / net interest (%) 2548,3 1751 1905,3
Net IB debt / EBITDA (%) 6,8 -61,3 -69,2
Interest cover (%) 1196 821,7 910,7
SEKm 2019 2020e 2021e
Shares outstanding adj. 86 86 86
Fully diluted shares Adj 86 86 86
EPS 2,91 2,33 2,57
Dividend per share Adj 1,3 1,3 1,6
EPS Adj 2,88 2,18 2,57
BVPS 19,25 20,4 21,69
BVPS Adj 11,85 13,69 15,68
Net IB debt / share 0,5 -3,7 -4,6
Share price 26,31 30,8 30,8
Market cap. (m) 2270 2657 2657
Valuation 2019 2020 2021
P/E 10,6 13,2 12
EV/sales 1,33 1,1 1,02
EV/EBITDA 4,6 5,3 4,8
EV/EBITA 5,6 6,9 6
EV/EBIT 5,6 6,9 6
Dividend yield (%) 4,1 4,4 5,1
FCF yield (%) 16 0,6 14,1
P/BVPS 1,6 1,51 1,42
P/BVPS Adj 2,6 2,25 1,96
P/E Adj 10,7 14,2 12
EV/EBITDA Adj 4,6 5,3 4,8
EV/EBITA Adj 5,6 6,9 6
EV/EBIT Adj 5,6 6,9 6
EV/cap. employed 1,1 1 0,9
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 N/A N/A N/A
Depreciation on intangibles / definite intangibles N/A N/A N/A
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 48.6 % 48.0 % 31 Dec 2019
Petter Stordalen (Strawberry Capital AS) 5.4 % 5.4 % 31 Dec 2019
Rutger Arnhult 3.8 % 3.9 % 31 Dec 2019
Avanza Pension 2.9 % 2.6 % 31 Dec 2019
Alcur Fonder 2.5 % 2.2 % 31 Dec 2019
Knut Pedersen 2.3 % 2.1 % 31 Dec 2019
Nordnet Pensionsförsäkring 2.2 % 2.0 % 31 Dec 2019
Thomas Andersson Borstam 1.9 % 1.7 % 31 Dec 2019
Familjen Hedberg 1.2 % 1.0 % 31 Dec 2019
MP Pensjon PK 1.1 % 1.0 % 31 Dec 2019
Source: Holdings by Modular Finance AB

Insider list - Catella

Name Quantity Code Date
Knut Arill Pedersen - 250 000 SELL 25 Nov 2019
Knut Arill Pedersen - 750 000 SELL 25 Nov 2019
Knut Arill Pedersen +1 333 334 Redemp 27 Mar 2019
Marcus Holmstrand + 100 000 Redemp 22 Mar 2019
Johan Nordenfalk - 8 136 SELL 21 Mar 2019
Johan Nordenfalk - 3 524 SELL 21 Mar 2019
Johan Nordenfalk - 2 658 SELL 21 Mar 2019
Johan Nordenfalk - 5 502 SELL 21 Mar 2019
Johan Nordenfalk - 11 386 SELL 19 Mar 2019
Johan Nordenfalk - 2 575 SELL 19 Mar 2019

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