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Catella

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 2379 2532
Sales growth (%) -4,8 1,5 6,4
EBITDA 325 688 525
EBITDA margin (%) 13,9 28,9 20,7
EBIT adj 294 564 405
EBIT adj margin (%) 12,5 23,7 16
Pretax profit 275 427 375
EPS rep -1,26 2,91 2,33
EPS growth (%) -158,3 330,4 -19,8
EPS adj 0,77 2,88 2,18
DPS 1,2 1,25 1,34
EV/EBITDA (x) 7,2 3,9 4,4
EV/EBIT adj (x) 8 4,7 5,6
P/E (x) -18,4 8,6 10,7
P/E adj (x) 30,2 8,6 11,4
EV/sales (x) 1 1,1 0,9
FCF yield (%) -6,6 19,8 0,8
Dividend yield (%) 5,2 5 5,4
Net IB debt/EBITDA 0,2 0,1 -0,6
SEKm 2018 2019e 2020e
Sales 2344 2379 2532
COGS -437 -422 -493
Gross profit 1907 1957 2039
Other operating items -1582 -1269 -1513
EBITDA 325 688 525
Depreciation on tangibles 0 0 0
Depreciation on intangibles -31 -69 -72
EBITA 294 564 405
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 294 564 405
Other financial items -8 -110 0
Net financial items -19 -137 -30
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 275 427 375
Tax -121 -158 -94
Net profit 154 269 281
Minority interest -84 -89 -89
Net profit discontinued -180 78 14
Net profit to shareholders -110 258 207
EPS -1,26 2,91 2,33
EPS Adj 0,77 2,88 2,18
Total extraordinary items after tax 0 21,3 0
Tax rate (%) -44 -37,1 -25
Gross margin (%) 81,4 82,3 80,5
EBITDA margin (%) 13,9 28,9 20,7
EBITA margin (%) 12,5 23,7 16
EBIT margin (%) 12,5 23,7 16
Pretax margin (%) 11,7 17,9 14,8
Net margin (%) 6,6 11,3 11,1
Growth rates Y/Y 2018 2019 2020
Sales growth (%) -4,8 1,5 6,4
EBITDA growth (%) -16,5 111,7 -23,7
EBIT growth (%) -18,6 91,8 -28,1
Net profit growth (%) -45,8 74,5 4,7
EPS growth (%) -158,3 330,4 -19,8
Profitability 2018 2019 2020
ROE (%) -6,9 16,6 12,1
ROE Adj (%) 4,4 10,2 11,3
ROCE (%) 7,9 18,3 14,9
ROCE Adj(%) 7,9 18,3 14,9
ROIC (%) 10,2 31,1 24,1
ROIC Adj (%) 10,2 31,1 24,1
Adj earnings numbers 2018 2019 2020
EBITDA Adj 325 688 525
EBITDA Adj margin (%) 13,9 28,9 20,7
EBITA Adj 294 564 405
EBITA Adj margin (%) 12,5 23,7 16
EBIT Adj 294 564 405
EBIT Adj margin (%) 12,5 23,7 16
Pretax profit Adj 275 427 375
Net profit Adj 154 247 281
Net profit to shareholders Adj 70 159 193
Net Adj margin (%) 6,6 10,4 11,1
SEKm 2018 2019e 2020e
EBITDA 325 688 525
Net financial items -19 -137 -30
Paid tax -121 -158 -94
Non-cash items -45 0 0
Cash flow before change in WC 140 393 401
Change in WC 1239 -19 -245
Operating cash flow 344 358 217
CAPEX tangible fixed assets 0 0 0
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals -479 80 -200
Free cash flow -135 438 17
Dividend paid -84 -104 -108
Share issues and buybacks 0 0 0
Other non cash items 381 -320 460
Decrease in net IB debt 3861 -3420 37
Balance Sheet (SEKm) 2018 2019 2020
Goodwill 646 639 579
Indefinite intangible assets 0 0 0
Definite intangible assets 0 0 0
Tangible fixed assets 29 27 27
Other fixed assets 453 331 331
Fixed assets 1128 1179 1107
Inventories 0 0 0
Receivables 743 609 609
Other current assets 4451 1175 400
Cash and liquid assets 687 883 1240
Total assets 7009 3846 3356
Shareholders equity 1442 1661 1760
Minority 205 228 228
Total equity 1647 1889 1988
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 0 0
Short-term debt 0 0 0
Accounts payable 765 612 367
Other current liabilities 3818 386 54
Total liabilities and equity 5651 6396 7009
Net IB debt 61 47 -322
Net IB debt excl. pension debt 61 47 -322
Capital invested 1106 1176 1349
Working capital -22 -3 242
EV breakdown 2018 2019 2020
Market cap. diluted (m) 1951 2148 2148
Net IB debt Adj 61 47 -322
Market value of minority 790 790 790
Reversal of shares and participations -453 -331 -331
Reversal of conv. debt assumed equity 0 0 0
EV 2349 2654 2285
Capital efficiency (%) 2018 2019 2020
Total assets turnover (%) 35 43,8 70,3
Capital invested turnover (%) 145,5 208,5 200,6
Capital employed turnover (%) 60,6 91,3 88,5
Inventories / sales (%) 0 0 0
Customer advances / sales (%) 0 0 0
Payables / sales (%) 35,4 28,9 19,3
Working capital / sales (%) 25,5 -0,5 4,7
Financial risk and debt service 2018 2019 2020
Net debt / equity (%) 3,7 2,5 -16,2
Net debt / market cap (%) 3,3 2,2 -15
Equity ratio (%) 23,5 49,1 59,2
Net IB debt adj. / equity (%) 3,7 2,5 -16,2
Current ratio (%) 128,3 267,2 534,1
EBITDA / net interest (%) 2954,5 2548,3 1751
Net IB debt / EBITDA (%) 18,8 6,8 -61,3
Interest cover (%) 1075,9 1196 821,7
SEKm 2018 2019e 2020e
Shares outstanding adj. 84 86 86
Fully diluted shares Adj 84 86 86
EPS -1,26 2,91 2,33
Dividend per share Adj 1,2 1,3 1,3
EPS Adj 0,77 2,88 2,18
BVPS 17,14 19,25 20,4
BVPS Adj 9,46 11,85 13,69
Net IB debt / share 0,7 0,5 -3,7
Share price 22,05 24,9 24,9
Market cap. (m) 1854 2148 2148
Valuation 2018 2019 2020
P/E -18,4 8,6 10,7
EV/sales 1 1,12 0,9
EV/EBITDA 7,2 3,9 4,4
EV/EBITA 8 4,7 5,6
EV/EBIT 8 4,7 5,6
Dividend yield (%) 5,2 5 5,4
FCF yield (%) -6,6 19,8 0,8
P/BVPS 1,35 1,29 1,22
P/BVPS Adj 2,45 2,1 1,82
P/E Adj 30,2 8,6 11,4
EV/EBITDA Adj 7,2 3,9 4,4
EV/EBITA Adj 8 4,7 5,6
EV/EBIT Adj 8 4,7 5,6
EV/cap. employed 1 0,9 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 48.6 % 48.0 % 30 Nov 2019
Petter Stordalen (Strawberry Capital AS) 4.5 % 4.6 % 30 Nov 2019
Swedbank Robur Fonder 4.3 % 3.9 % 30 Nov 2019
Avanza Pension 2.7 % 2.4 % 30 Nov 2019
Knut Pedersen 2.3 % 2.1 % 30 Nov 2019
Thomas Andersson Borstam 1.9 % 1.7 % 30 Nov 2019
Nordnet Pensionsförsäkring 1.9 % 1.7 % 31 Oct 2019
Svein Støle 1.4 % 1.2 % 30 Sep 2019
MP Pensjon PK 1.1 % 1.0 % 31 Oct 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 - 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 - 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

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