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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 2020 2021e 2022e
Sales 2047 1718 1961
Sales growth (%) -13 -16,1 14,1
EBITDA 503 79 330
EBITDA margin (%) 24,6 4,6 16,8
EBIT adj 393 -59 220
EBIT adj margin (%) 19,2 -3,4 11,2
Pretax profit 284 13 160
EPS rep 0,73 0,68 1,35
EPS growth (%) -42,5 -7,3 99,2
EPS adj 2,52 0,38 1,35
DPS 0,9 0,91 0,91
EV/EBITDA (x) 5,4 26,5 6,1
EV/EBIT adj (x) 6,9 -35,8 9,1
P/E (x) 37 43,2 21,7
P/E adj (x) 10,8 78,3 21,7
EV/sales (x) 1,3 1,2 1
FCF yield (%) 16,2 2 5
Dividend yield (%) 3,3 3,1 3,1
Net IB debt/EBITDA 0 -0,1 -0,4
Lease adj. FCF yield (%) 16,2 2 5
Lease adj. ND/EBITDA -0,3 -0,6 -0,6
SEKm 2020 2021e 2022e
Leasing payments 0 0 0
Depreciation and amortisation -110 -138 -109
Of which leasing depreciation -58 -63 -56
EO items 0 0 0
Impairment and PPA amortisation 0 0 0
EBITDA lease Adj 522 219 330
EBITDA lease Adj margin (%) 25,5 12,8 16,8
Sales 2047 1718 1961
COGS -300 -199 -203
Gross profit 1747 1519 1759
Other operating items -1244 -1440 -1429
EBITDA 503 79 330
Depreciation on tangibles 0 0 0
Depreciation on intangibles -75 -47 -52
EBITA 393 -59 220
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 393 -59 220
Other financial items -103 -25 0
Net financial items -109 72 -60
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 284 13 160
Tax -151 2 -40
Net profit 133 15 120
Minority interest -9 53 0
Net profit discontinued -60 -8 0
Net profit to shareholders 64 60 120
EPS 0,73 0,68 1,35
EPS Adj 2,52 0,38 1,35
Total extraordinary items after tax 0 0,4 0
Tax rate (%) -53,2 12,2 -25
Gross margin (%) 85,3 88,4 89,7
EBITDA margin (%) 24,6 4,6 16,8
EBITA margin (%) 19,2 -3,4 11,2
EBIT margin (%) 19,2 -3,4 11,2
Pretax margin (%) 13,9 0,8 8,2
Net margin (%) 6,5 0,9 6,1
Growth rates Y/Y 2020 2021 2022
Sales growth (%) -13 -16,1 14,1
EBITDA growth (%) -8,5 -84,2 315,5
EBIT growth (%) -6,9 -115 474,6
Net profit growth (%) -9,5 -88,8 708,8
EPS growth (%) -42,5 -7,3 99,2
Profitability 2020 2021 2022
ROE (%) 4,1 3,4 6,1
ROE Adj (%) 7,9 3,8 6,1
ROCE (%) 10,8 2,2 5,8
ROCE Adj(%) 10,8 2,2 5,8
ROIC (%) 9,6 -3,4 8
ROIC Adj (%) 9,6 -3,4 8
Adj earnings numbers 2020 2021 2022
EBITDA Adj 503 79 330
EBITDA Adj margin (%) 24,6 4,6 16,8
EBITA Adj 393 -59 220
EBITA Adj margin (%) 19,2 -3,4 11,2
EBIT Adj 393 -59 220
EBIT Adj margin (%) 19,2 -3,4 11,2
Pretax profit Adj 284 13 160
Net profit Adj 133 14 120
Net profit to shareholders Adj 124 68 120
Net Adj margin (%) 6,5 0,8 6,1
SEKm 2020 2021e 2022e
EBITDA 503 79 330
Net financial items -109 72 -60
Paid tax -151 2 -40
Non-cash items -89 0 0
Cash flow before change in WC 154 153 230
Change in WC 11 0 0
Operating cash flow 165 153 230
CAPEX tangible fixed assets 0 0 0
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 225 -100 -100
Free cash flow 390 53 130
Dividend paid 0 -80 -80
Share issues and buybacks 0 0 0
Other non cash items -106 22 58
Decrease in net IB debt -3708 318 246
Balance Sheet (SEKm) 2020 2021 2022
Goodwill 443 368 314
Indefinite intangible assets 0 0 0
Definite intangible assets 0 0 0
Tangible fixed assets 30 25 25
Other fixed assets 353 410 410
Fixed assets 1045 938 828
Other intangible assets 0 0 0
Right-of-use asset 157 120 64
Total other fixed assets 415 425 425
Leasing liability 163 125 66
Total other long-term liabilities 22 21 21
Net IB debt excl. leasing -178 -135 -184
Net IB debt / EBITDA lease Adj (%) -34,1 -61,3 -55,9
Lease liability amortisation 0 0 0
Inventories 0 0 0
Receivables 481 766 708
Other current assets 1225 998 1098
Cash and liquid assets 1482 1828 1877
Total assets 4233 4530 4512
Shareholders equity 1612 1942 1982
Minority 185 145 145
Total equity 1797 2088 2128
Long-term debt 1304 1693 1693
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 27 27 27
Other long-term liabilities 9 18 9
Short-term debt 0 0 0
Accounts payable 794 556 556
Other current liabilities 153 48 48
Total liabilities and equity 4233 4530 4512
Net IB debt -15 -10 -118
Net IB debt excl. pension debt -15 -10 -118
Capital invested 1804 2099 2030
Working capital 759 1161 1202
EV breakdown 2020 2021 2022
Market cap. diluted (m) 2338 2537 2537
Net IB debt Adj -15 -10 -118
Market value of minority 790 0 0
Reversal of shares and participations -415 -425 -425
Reversal of conv. debt assumed equity 0 0 0
EV 2698 2102 1994
Capital efficiency (%) 2020 2021 2022
Total assets turnover (%) 49,4 39,2 43,4
Capital invested turnover (%) 124,5 110,2 128,6
Capital employed turnover (%) 89,1 67,7 61,9
Inventories / sales (%) 0 0 0
Customer advances / sales (%) 0 0 0
Payables / sales (%) 33,8 36,1 27,9
Working capital / sales (%) 39,4 55,9 60,2
Financial risk and debt service 2020 2021 2022
Net debt / equity (%) -0,8 -0,5 -5,5
Net debt / market cap (%) -0,8 -0,4 -4,6
Equity ratio (%) 42,5 46,1 47,2
Net IB debt adj. / equity (%) -0,8 -0,5 -5,5
Current ratio (%) 336,6 595 610
EBITDA / net interest (%) 1226,8 136,8 549,3
Net IB debt / EBITDA (%) -3 -12,5 -35,7
Interest cover (%) 848,9 -82,4 350,2
SEKm 2020 2021e 2022e
Lease adj. FCF yield (%) 16,2 2 5
Shares outstanding adj. 86 86 86
Fully diluted shares Adj 86 86 86
EPS 0,73 0,68 1,35
Dividend per share Adj 0,9 0,9 0,9
EPS Adj 2,52 0,38 1,35
BVPS 18,68 22,51 22,98
BVPS Adj 13,55 18,25 19,33
Net IB debt / share -0,2 -0,1 -1,4
Share price 22,87 29,4 29,4
Market cap. (m) 1973 2537 2537
Valuation 2020 2021 2022
P/E 37 43,2 21,7
EV/sales 1,32 1,22 1,02
EV/EBITDA 5,4 26,5 6,1
EV/EBITA 6,9 -35,8 9,1
EV/EBIT 6,9 -35,8 9,1
Dividend yield (%) 3,3 3,1 3,1
FCF yield (%) 16,2 2 5
P/BVPS 1,45 1,31 1,28
P/BVPS Adj 2 1,61 1,52
P/E Adj 10,8 78,3 21,7
EV/EBITDA Adj 5,4 26,5 6,1
EV/EBITA Adj 6,9 -35,8 9,1
EV/EBIT Adj 6,9 -35,8 9,1
EV/cap. employed 0,8 0,5 0,5
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

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Main shareholders - Catella

Main shareholders Share capital % Voting shares % Verified
Claesson & Anderzén 49.4 % 48.8 % 31 Mar 2021
Alcur Fonder 5.5 % 4.9 % 31 Mar 2021
Rutger Arnhult 3.4 % 3.6 % 31 Mar 2021
Petter Stordalen (Strawberry Capital AS) 2.9 % 3.2 % 31 Mar 2021
Avanza Pension 3.1 % 2.8 % 31 Mar 2021
Nordnet Pensionsförsäkring 2.8 % 2.6 % 31 Mar 2021
Nordea Fonder 2.4 % 2.1 % 31 Mar 2021
Thomas Andersson Borstam 1.5 % 1.3 % 31 Mar 2021
Swedbank Försäkring 1.2 % 1.0 % 31 Mar 2021
Familjen Hedberg 1.1 % 1.0 % 31 Mar 2021
Source: Holdings by Modular Finance AB

Insider list - Catella

Name Quantity Code Date
Tobias Alsborger + 12 000 BUY 11 May 2021
Kurt Jan Erik Roxendal +2 500 000 BUY 9 Mar 2021
Kurt Jan Erik Roxendal -2 000 000 Redemp 9 Mar 2021
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

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