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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 2020 2021e 2022e
Sales 2112 2202 2358
Sales growth (%) -10,2 4,3 7,1
EBITDA 519 312 358
EBITDA margin (%) 24,6 14,2 15,2
EBIT adj 419 208 254
EBIT adj margin (%) 19,8 9,4 10,8
Pretax profit 355 172 218
EPS rep 1,17 1,41 1,8
EPS growth (%) -8,3 20,8 27,3
EPS adj 3,03 1,41 1,8
DPS 0,91 0,91 1,08
EV/EBITDA (x) 5,5 8,3 6,7
EV/EBIT adj (x) 6,8 12,4 9,4
P/E (x) 25,9 21,5 16,9
P/E adj (x) 10 21,5 16,9
EV/sales (x) 1,4 1,2 1
FCF yield (%) 25,5 2,5 11,3
Dividend yield (%) 3 3 3,6
Net IB debt/EBITDA -0,2 -1,3 -1,7
N/A N/A N/A
SEKm 2020 2021e 2022e
N/A N/A N/A
Sales 2112 2202 2358
COGS -338 -371 -393
Gross profit 1774 1832 1965
Other operating items -1255 -1520 -1606
EBITDA 519 312 358
Depreciation on tangibles 0 0 0
Depreciation on intangibles -47 -52 -52
EBITA 419 208 254
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 419 208 254
Other financial items -25 0 0
Net financial items -64 -36 -36
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 355 172 218
Tax -158 -43 -55
Net profit 197 129 164
Minority interest -7 -4 -4
Net profit discontinued -87 0 0
Net profit to shareholders 104 125 159
EPS 1,17 1,41 1,8
EPS Adj 3,03 1,41 1,8
Total extraordinary items after tax 0 0 0
Tax rate (%) -44,4 -25 -25
Gross margin (%) 84 83,2 83,3
EBITDA margin (%) 24,6 14,2 15,2
EBITA margin (%) 19,8 9,4 10,8
EBIT margin (%) 19,8 9,4 10,8
Pretax margin (%) 16,8 7,8 9,3
Net margin (%) 9,3 5,9 6,9
Growth rates Y/Y 2020 2021 2022
Sales growth (%) -10,2 4,3 7,1
EBITDA growth (%) -5,6 -39,9 14,9
EBIT growth (%) -0,7 -50,4 22,4
Net profit growth (%) 34,2 -34,7 27,1
EPS growth (%) -8,3 20,8 27,3
Profitability 2020 2021 2022
ROE (%) 6,6 7,7 9,5
ROE Adj (%) 12,2 7,7 9,5
ROCE (%) 13,2 6,8 8,3
ROCE Adj(%) 13,2 6,8 8,3
ROIC (%) 12,5 10 13,8
ROIC Adj (%) 12,5 10 13,8
Adj earnings numbers 2020 2021 2022
EBITDA Adj 519 312 358
EBITDA Adj margin (%) 24,6 14,2 15,2
EBITA Adj 419 208 254
EBITA Adj margin (%) 19,8 9,4 10,8
EBIT Adj 419 208 254
EBIT Adj margin (%) 19,8 9,4 10,8
Pretax profit Adj 355 172 218
Net profit Adj 197 129 164
Net profit to shareholders Adj 191 125 159
Net Adj margin (%) 9,3 5,9 6,9
SEKm 2020 2021e 2022e
EBITDA 519 312 358
Net financial items -64 -36 -36
Paid tax -158 -43 -55
Non-cash items -500 0 0
Cash flow before change in WC -203 233 268
Change in WC 662 -167 35
Operating cash flow 460 66 303
CAPEX tangible fixed assets 0 0 0
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 225 0 0
Free cash flow 685 66 303
Dividend paid 0 -80 -80
Share issues and buybacks 0 0 0
Other non cash items -289 302 -44
Decrease in net IB debt 308 109 174
Balance Sheet (SEKm) 2020 2021 2022
Goodwill 474 422 370
Indefinite intangible assets 0 0 0
Definite intangible assets 0 0 0
Tangible fixed assets 25 25 25
Other fixed assets 410 410 410
Fixed assets 1040 936 832
N/A N/A N/A
Inventories 0 0 0
Receivables 430 430 430
Other current assets 1090 574 574
Cash and liquid assets 1529 1753 1867
Total assets 4088 3692 3703
Shareholders equity 1596 1641 1720
Minority 171 171 171
Total equity 1767 1812 1891
Long-term debt 1241 1241 1241
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 27 27 27
Other long-term liabilities 18 9 5
Short-term debt 0 0 0
Accounts payable 659 461 461
Other current liabilities 214 44 44
Total liabilities and equity 4088 3692 3703
Net IB debt -126 -414 -593
Net IB debt excl. pension debt -126 -414 -593
Capital invested 1686 1434 1330
Working capital 646 498 498
EV breakdown 2020 2021 2022
Market cap. diluted (m) 2614 2614 2614
Net IB debt Adj -126 -414 -593
Market value of minority 790 790 790
Reversal of shares and participations -410 -410 -410
Reversal of conv. debt assumed equity 0 0 0
EV 2869 2580 2402
Capital efficiency (%) 2020 2021 2022
Total assets turnover (%) 51,9 56,6 63,8
Capital invested turnover (%) 113,3 141,2 170,6
Capital employed turnover (%) 69,8 69,7 74,7
Inventories / sales (%) 0 0 0
Customer advances / sales (%) 0 0 0
Payables / sales (%) 35,1 25,4 19,6
Working capital / sales (%) 35,5 26 21,1
Financial risk and debt service 2020 2021 2022
Net debt / equity (%) -7,1 -22,9 -31,4
Net debt / market cap (%) -6,4 -15,8 -22,7
Equity ratio (%) 43,2 49,1 51,1
Net IB debt adj. / equity (%) -7,1 -22,9 -31,4
Current ratio (%) 349,1 545,4 568
EBITDA / net interest (%) 1330,8 866,3 995,6
Net IB debt / EBITDA (%) -24,3 -132,9 -165,5
Interest cover (%) 926,1 490,6 596,4
SEKm 2020 2021e 2022e
N/A N/A N/A
Shares outstanding adj. 86 86 86
Fully diluted shares Adj 86 86 86
EPS 1,17 1,41 1,8
Dividend per share Adj 0,9 0,9 1,1
EPS Adj 3,03 1,41 1,8
BVPS 18,49 19,02 19,94
BVPS Adj 13 14,13 15,65
Net IB debt / share -1,5 -4,8 -6,9
Share price 22,87 30,3 30,3
Market cap. (m) 1973 2614 2614
Valuation 2020 2021 2022
P/E 25,9 21,5 16,9
EV/sales 1,36 1,17 1,02
EV/EBITDA 5,5 8,3 6,7
EV/EBITA 6,8 12,4 9,4
EV/EBIT 6,8 12,4 9,4
Dividend yield (%) 3 3 3,6
FCF yield (%) 25,5 2,5 11,3
P/BVPS 1,64 1,59 1,52
P/BVPS Adj 2,33 2,14 1,94
P/E Adj 10 21,5 16,9
EV/EBITDA Adj 5,5 8,3 6,7
EV/EBITA Adj 6,8 12,4 9,4
EV/EBIT Adj 6,8 12,4 9,4
EV/cap. employed 0,9 0,8 0,8
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 Dec 2020
Alcur Fonder 5.0 % 4.5 % 22 Jan 2021
Rutger Arnhult 3.4 % 3.6 % 31 Dec 2020
Petter Stordalen (Strawberry Capital AS) 2.9 % 3.2 % 31 Dec 2020
Avanza Pension 3.4 % 3.1 % 31 Dec 2020
Nordnet Pensionsförsäkring 2.7 % 2.5 % 31 Dec 2020
Nordea Fonder 2.4 % 2.1 % 31 Dec 2020
Thomas Andersson Borstam 1.5 % 1.4 % 31 Dec 2020
Swedbank Försäkring 1.3 % 1.1 % 31 Dec 2020
Familjen Hedberg 1.1 % 1.0 % 31 Dec 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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