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Catella

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 2018 2019e 2020e
Sales 2344 2225 2380
Sales growth (%) -4,8 -5,1 7
EBITDA 323 455 506
EBITDA margin (%) 13,8 20,4 21,3
EBIT adj 292 347 398
EBIT adj margin (%) 12,5 15,6 16,7
Pretax profit 275 321 386
EPS rep -1,26 2,05 3,46
EPS growth (%) -158,3 262 69
EPS adj 0,77 1,49 2,17
DPS 1,2 1,3 1,4
EV/EBITDA (x) 4,8 4,6 3
EV/EBIT adj (x) 5,3 6 3,8
P/E (x) -18,4 14,1 8,3
P/E adj (x) 30,2 19,3 13,2
EV/sales (x) 0,7 0,9 0,6
FCF yield (%) -6,6 14,9 -1,5
Dividend yield (%) 5,2 4,5 4,9
Net IB debt/EBITDA 0,2 0,3 -0,8
SEKm 2018 2019e 2020e
Sales 2344 2225 2380
COGS -437 -402 -461
Gross profit 1907 1824 1919
Other operating items -1584 -1369 -1413
EBITDA 323 455 506
Depreciation on tangibles 0 0 0
Depreciation on intangibles -31 -108 -108
EBITA 292 347 398
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 292 347 398
Other financial items -8 -10 0
Net financial items -17 -26 -12
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 275 321 386
Tax -121 -92 -97
Net profit 154 229 290
Minority interest -84 -97 -97
Net profit discontinued -180 49 114
Net profit to shareholders -110 181 307
EPS -1,26 2,05 3,46
EPS Adj 0,77 1,49 2,17
Total extraordinary items after tax 0 0 0
Tax rate (%) -44 -28,6 -25
Gross margin (%) 81,4 81,9 80,6
EBITDA margin (%) 13,8 20,4 21,3
EBITA margin (%) 12,5 15,6 16,7
EBIT margin (%) 12,5 15,6 16,7
Pretax margin (%) 11,7 14,4 16,2
Net margin (%) 6,6 10,3 12,2
Growth rates Y/Y 2018 2019 2020
Sales growth (%) -4,8 -5,1 7
EBITDA growth (%) -17 40,8 11,4
EBIT growth (%) -19,1 18,8 14,9
Net profit growth (%) -45,8 48,8 26,5
EPS growth (%) -158,3 262 69
Profitability 2018 2019 2020
ROE (%) -6,9 12,2 18,9
ROE Adj (%) 4,4 8,9 11,9
ROCE (%) 7,8 14,7 16,3
ROCE Adj(%) 7,8 14,7 16,3
ROIC (%) 10 20,9 22,7
ROIC Adj (%) 10 20,9 22,7
Adj earnings numbers 2018 2019 2020
EBITDA Adj 323 455 506
EBITDA Adj margin (%) 13,8 20,4 21,3
EBITA Adj 292 347 398
EBITA Adj margin (%) 12,5 15,6 16,7
EBIT Adj 292 347 398
EBIT Adj margin (%) 12,5 15,6 16,7
Pretax profit Adj 275 321 386
Net profit Adj 154 229 290
Net profit to shareholders Adj 70 132 193
Net Adj margin (%) 6,6 10,3 12,2
SEKm 2018 2019e 2020e
EBITDA 323 455 506
Net financial items -17 -26 -12
Paid tax -121 -92 -97
Non-cash items -45 0 0
Cash flow before change in WC 140 337 398
Change in WC 1187 -32 -120
Operating cash flow 344 301 161
CAPEX tangible fixed assets 0 0 0
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals -479 80 -200
Free cash flow -135 381 -39
Dividend paid -84 -101 -109
Share issues and buybacks 0 0 0
Other non cash items 3925 -2871 -696
Decrease in net IB debt 3706 -2590 -844
Balance Sheet (SEKm) 2018 2019 2020
Goodwill 646 646 699
Indefinite intangible assets 0 0 0
Definite intangible assets 0 0 0
Tangible fixed assets 29 29 29
Other fixed assets 453 476 506
Fixed assets 1128 1151 1233
Inventories 0 0 0
Receivables 743 632 695
Other current assets 4451 1682 447
Cash and liquid assets 687 611 1145
Total assets 7009 4076 3520
Shareholders equity 1442 1522 1720
Minority 205 205 205
Total equity 1647 1727 1925
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 713 570 513
Other current liabilities 3872 1001 305
Total liabilities and equity 5651 6396 7009
Net IB debt 61 137 -397
Net IB debt excl. pension debt 61 137 -397
Capital invested 1158 1213 1415
Working capital 30 62 182
EV breakdown 2018 2019 2020
Market cap. diluted (m) 1951 2423 2423
Net IB debt Adj 61 137 -397
Market value of minority 0 0 0
Reversal of shares and participations -453 -476 -506
Reversal of conv. debt assumed equity 0 0 0
EV 1559 2084 1520
Capital efficiency (%) 2018 2019 2020
Total assets turnover (%) 35 40,1 62,7
Capital invested turnover (%) 143,1 187,7 181,2
Capital employed turnover (%) 60,6 91,4 92,5
Inventories / sales (%) 0 0 0
Customer advances / sales (%) 0 0 0
Payables / sales (%) 34,3 28,8 22,8
Working capital / sales (%) 26,6 2,1 5,1
Financial risk and debt service 2018 2019 2020
Net debt / equity (%) 3,7 7,9 -20,6
Net debt / market cap (%) 3,3 5,7 -16,4
Equity ratio (%) 23,5 42,4 54,7
Net IB debt adj. / equity (%) 3,7 7,9 -20,6
Current ratio (%) 128,3 186,1 279,4
EBITDA / net interest (%) 3588,9 2842,6 4220,4
Net IB debt / EBITDA (%) 18,9 30,1 -78,4
Interest cover (%) 1148,1 1018,9 1307,7
SEKm 2018 2019e 2020e
Shares outstanding adj. 84 84 84
Fully diluted shares Adj 84 84 84
EPS -1,26 2,05 3,46
Dividend per share Adj 1,2 1,3 1,4
EPS Adj 0,77 1,49 2,17
BVPS 17,14 18,1 20,44
BVPS Adj 9,46 10,42 12,14
Net IB debt / share 0,7 1,6 -4,7
Share price 22,05 28,8 28,8
Market cap. (m) 1854 2423 2423
Valuation 2018 2019 2020
P/E -18,4 14,1 8,3
EV/sales 0,67 0,94 0,64
EV/EBITDA 4,8 4,6 3
EV/EBITA 5,3 6 3,8
EV/EBIT 5,3 6 3,8
Dividend yield (%) 5,2 4,5 4,9
FCF yield (%) -6,6 14,9 -1,5
P/BVPS 1,35 1,59 1,41
P/BVPS Adj 2,45 2,76 2,37
P/E Adj 30,2 19,3 13,2
EV/EBITDA Adj 4,8 4,6 3
EV/EBITA Adj 5,3 6 3,8
EV/EBIT Adj 5,3 6 3,8
EV/cap. employed 0,7 0,8 0,6
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

Equity research

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Main shareholders

Catella

Main shareholders Share capital % Voting shares % Verified
Claesson & Anderzén 48.3 % 47.8 % 30 Jun 2019
Swedbank Robur Fonder 5.8 % 6.0 % 30 Jun 2019
Petter Stordalen (Strawberry Capital AS) 4.2 % 4.4 % 30 Jun 2019
Knut Pedersen 3.5 % 3.1 % 30 Jun 2019
Avanza Pension 2.6 % 2.4 % 30 Jun 2019
Thomas Andersson Borstam 1.9 % 1.7 % 30 Jun 2019
Nordnet Pensionsförsäkring 1.7 % 1.5 % 30 Jun 2019
Alcur Fonder 1.6 % 1.4 % 30 Jun 2019
MP Pensjon PK 1.1 % 1.0 % 30 Jun 2019
Swedbank Försäkring 0.9 % 0.8 % 30 Jun 2019
Source: Holdings by Modular Finance AB

Insider list

Catella

Name Quantity Code Date
Knut Arill Pedersen +1 333 334 Redemp 27 Mar 2019
Marcus Holmstrand + 100 000 Redemp 22 Mar 2019
Johan Nordenfalk - 2 658 SELL 21 Mar 2019
Johan Nordenfalk - 2 658 SELL 21 Mar 2019
Johan Nordenfalk - 5 502 SELL 21 Mar 2019
Johan Nordenfalk - 8 136 SELL 21 Mar 2019
Johan Nordenfalk - 3 524 SELL 21 Mar 2019
Johan Nordenfalk - 2 575 SELL 19 Mar 2019
Johan Nordenfalk - 2 575 SELL 19 Mar 2019
Johan Nordenfalk - 5 500 SELL 19 Mar 2019

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