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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.

SEKm 2018 2019e 2020e
Sales 2344 2468 2591
Sales growth (%) -4,8 5,3 5
EBITDA 323 560 546
EBITDA margin (%) 13,8 22,7 21,1
EBIT adj 292 441 422
EBIT adj margin (%) 12,5 17,9 16,3
Pretax profit 275 403 392
EPS rep -1,26 2,57 3,64
EPS growth (%) -158,3 303,1 41,9
EPS adj 0,77 2,12 2,25
DPS 1,2 1,3 1,39
EV/EBITDA (x) 7,3 4,5 3,8
EV/EBIT adj (x) 8 5,7 4,9
P/E (x) -18,4 10,4 7,3
P/E adj (x) 30,2 12,6 11,9
EV/sales (x) 1 1 0,8
FCF yield (%) -6,6 18,8 -1,5
Dividend yield (%) 5,2 4,9 5,2
Net IB debt/EBITDA 0,2 0 -0,8
SEKm 2018 2019e 2020e
Sales 2344 2468 2591
COGS -437 -463 -504
Gross profit 1907 2005 2087
Other operating items -1584 -1445 -1542
EBITDA 323 560 546
Depreciation on tangibles 0 0 0
Depreciation on intangibles -31 -119 -124
EBITA 292 441 422
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 292 441 422
Other financial items -8 -9 0
Net financial items -17 -38 -30
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 275 403 392
Tax -121 -117 -98
Net profit 154 286 294
Minority interest -84 -98 -94
Net profit discontinued -180 39 124
Net profit to shareholders -110 227 323
EPS -1,26 2,57 3,64
EPS Adj 0,77 2,12 2,25
Total extraordinary items after tax 0 0 0
Tax rate (%) -44 -29 -25
Gross margin (%) 81,4 81,3 80,6
EBITDA margin (%) 13,8 22,7 21,1
EBITA margin (%) 12,5 17,9 16,3
EBIT margin (%) 12,5 17,9 16,3
Pretax margin (%) 11,7 16,3 15,1
Net margin (%) 6,6 11,6 11,3
Growth rates Y/Y 2018 2019 2020
Sales growth (%) -4,8 5,3 5
EBITDA growth (%) -17 73,4 -2,6
EBIT growth (%) -19,1 51 -4,4
Net profit growth (%) -45,8 85,9 2,6
EPS growth (%) -158,3 303,1 41,9
Profitability 2018 2019 2020
ROE (%) -6,9 15,1 19,3
ROE Adj (%) 4,4 12,5 11,9
ROCE (%) 7,8 18,4 16,8
ROCE Adj(%) 7,8 18,4 16,8
ROIC (%) 10,1 24,7 21,2
ROIC Adj (%) 10,1 24,7 21,2
Adj earnings numbers 2018 2019 2020
EBITDA Adj 323 560 546
EBITDA Adj margin (%) 13,8 22,7 21,1
EBITA Adj 292 441 422
EBITA Adj margin (%) 12,5 17,9 16,3
EBIT Adj 292 441 422
EBIT Adj margin (%) 12,5 17,9 16,3
Pretax profit Adj 275 403 392
Net profit Adj 154 286 294
Net profit to shareholders Adj 70 188 199
Net Adj margin (%) 6,6 11,6 11,3
SEKm 2018 2019e 2020e
EBITDA 323 560 546
Net financial items -17 -38 -30
Paid tax -121 -117 -98
Non-cash items -45 0 0
Cash flow before change in WC 140 405 418
Change in WC 1239 -67 -245
Operating cash flow 344 365 163
CAPEX tangible fixed assets 0 0 0
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals -479 80 -200
Free cash flow -135 445 -37
Dividend paid -84 -104 -112
Share issues and buybacks 0 0 0
Other non cash items 174 0 0
Decrease in net IB debt 3654 -2699 -749
Balance Sheet (SEKm) 2018 2019 2020
Goodwill 646 618 556
Indefinite intangible assets 0 0 0
Definite intangible assets 0 0 0
Tangible fixed assets 29 264 202
Other fixed assets 453 502 502
Fixed assets 1128 1385 1261
Inventories 0 0 0
Receivables 743 657 657
Other current assets 4451 1173 214
Cash and liquid assets 687 748 1196
Total assets 7009 3963 3328
Shareholders equity 1442 1565 1776
Minority 205 228 228
Total equity 1647 1793 2004
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 2 267 134
Short-term debt 0 0 0
Accounts payable 765 612 367
Other current liabilities 3818 513 46
Total liabilities and equity 5651 6396 7009
Net IB debt 61 0 -448
Net IB debt excl. pension debt 61 0 -448
Capital invested 1106 1430 1550
Working capital -22 45 290
EV breakdown 2018 2019 2020
Market cap. diluted (m) 1951 2246 2246
Net IB debt Adj 61 0 -448
Market value of minority 790 790 790
Reversal of shares and participations -453 -502 -502
Reversal of conv. debt assumed equity 0 0 0
EV 2349 2534 2085
Capital efficiency (%) 2018 2019 2020
Total assets turnover (%) 35 45 71,1
Capital invested turnover (%) 145,5 194,7 173,9
Capital employed turnover (%) 60,6 100 97,9
Inventories / sales (%) 0 0 0
Customer advances / sales (%) 0 0 0
Payables / sales (%) 35,4 27,9 18,9
Working capital / sales (%) 25,5 0,5 6,5
Financial risk and debt service 2018 2019 2020
Net debt / equity (%) 3,7 0 -22,4
Net debt / market cap (%) 3,3 0 -20
Equity ratio (%) 23,5 45,3 60,2
Net IB debt adj. / equity (%) 3,7 0 -22,4
Current ratio (%) 128,3 229,1 500,1
EBITDA / net interest (%) 3588,9 1931,1 1818,5
Net IB debt / EBITDA (%) 18,9 0 -82,2
Interest cover (%) 1148,1 907,9 853
SEKm 2018 2019e 2020e
Shares outstanding adj. 84 84 84
Fully diluted shares Adj 84 84 84
EPS -1,26 2,57 3,64
Dividend per share Adj 1,2 1,3 1,4
EPS Adj 0,77 2,12 2,25
BVPS 17,14 18,61 21,11
BVPS Adj 9,46 11,26 14,5
Net IB debt / share 0,7 0 -5,3
Share price 22,05 26,7 26,7
Market cap. (m) 1854 2246 2246
Valuation 2018 2019 2020
P/E -18,4 10,4 7,3
EV/sales 1 1,03 0,8
EV/EBITDA 7,3 4,5 3,8
EV/EBITA 8 5,7 4,9
EV/EBIT 8 5,7 4,9
Dividend yield (%) 5,2 4,9 5,2
FCF yield (%) -6,6 18,8 -1,5
P/BVPS 1,35 1,43 1,26
P/BVPS Adj 2,45 2,37 1,84
P/E Adj 30,2 12,6 11,9
EV/EBITDA Adj 7,3 4,5 3,8
EV/EBITA Adj 8 5,7 4,9
EV/EBIT Adj 8 5,7 4,9
EV/cap. employed 1 1 0,8
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

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Main shareholders - Catella

Main shareholders Share capital % Voting shares % Verified
Claesson & Anderzén 48.3 % 47.8 % 30 Sep 2019
Swedbank Robur Fonder 5.8 % 5.9 % 30 Sep 2019
Petter Stordalen (Strawberry Capital AS) 4.2 % 4.4 % 30 Sep 2019
Knut Pedersen 3.5 % 3.1 % 30 Sep 2019
Avanza Pension 2.6 % 2.3 % 30 Sep 2019
Thomas Andersson Borstam 1.9 % 1.7 % 30 Sep 2019
Nordnet Pensionsförsäkring 1.7 % 1.6 % 30 Sep 2019
Svein Støle 1.4 % 1.2 % 30 Sep 2019
MP Pensjon PK 1.1 % 1.0 % 30 Sep 2019
Rutger Arnhult 0.9 % 0.8 % 30 Sep 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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