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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 2019 2020e 2021e
Sales 2353 2408 2491
Sales growth (%) 0,4 2,3 3,5
EBITDA 550 606 495
EBITDA margin (%) 23,4 25,2 19,9
EBIT adj 422 474 363
EBIT adj margin (%) 17,9 19,7 14,6
Pretax profit 283 444 331
EPS rep 1,27 3,48 2,15
EPS growth (%) 200,9 173,2 -38,2
EPS adj 1,22 1,78 2,15
DPS 0,9 1,79 1,4
EV/EBITDA (x) 5,4 3 3,5
EV/EBIT adj (x) 7,1 3,8 4,8
P/E (x) 20,7 4,7 7,6
P/E adj (x) 21,6 9,2 7,6
EV/sales (x) 1,3 0,7 0,7
FCF yield (%) -72,2 6,4 18,6
Dividend yield (%) 3,4 10,9 8,5
Net IB debt/EBITDA 0,5 -0,1 -0,3
SEKm 2019 2020e 2021e
Sales 2353 2408 2491
COGS -372 -448 -452
Gross profit 1981 1960 2039
Other operating items -1431 -1354 -1544
EBITDA 550 606 495
Depreciation on tangibles 0 0 0
Depreciation on intangibles -75 -92 -92
EBITA 422 474 363
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 422 474 363
Other financial items -103 0 0
Net financial items -139 -30 -32
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 283 444 331
Tax -136 -72 -83
Net profit 147 372 248
Minority interest -80 -59 -58
Net profit discontinued 45 -4 0
Net profit to shareholders 112 309 191
EPS 1,27 3,48 2,15
EPS Adj 1,22 1,78 2,15
Total extraordinary items after tax 11 0 0
Tax rate (%) -48,1 -16,3 -25
Gross margin (%) 84,2 81,4 81,9
EBITDA margin (%) 23,4 25,2 19,9
EBITA margin (%) 17,9 19,7 14,6
EBIT margin (%) 17,9 19,7 14,6
Pretax margin (%) 12 18,4 13,3
Net margin (%) 6,2 15,4 10
Growth rates Y/Y 2019 2020 2021
Sales growth (%) 0,4 2,3 3,5
EBITDA growth (%) 69,2 10,2 -18,3
EBIT growth (%) 43,5 12,3 -23,4
Net profit growth (%) -4,5 152,9 -33,2
EPS growth (%) 200,9 173,2 -38,2
Profitability 2019 2020 2021
ROE (%) 7,6 18,9 10,8
ROE Adj (%) 3,8 19,1 10,8
ROCE (%) 12,6 16,6 12,5
ROCE Adj(%) 12,6 16,6 12,5
ROIC (%) 11,6 20 14,2
ROIC Adj (%) 11,6 20 14,2
Adj earnings numbers 2019 2020 2021
EBITDA Adj 550 606 495
EBITDA Adj margin (%) 23,4 25,2 19,9
EBITA Adj 422 474 363
EBITA Adj margin (%) 17,9 19,7 14,6
EBIT Adj 422 474 363
EBIT Adj margin (%) 17,9 19,7 14,6
Pretax profit Adj 283 444 331
Net profit Adj 136 372 248
Net profit to shareholders Adj 56 313 191
Net Adj margin (%) 5,8 15,4 10
SEKm 2019 2020e 2021e
EBITDA 550 606 495
Net financial items -139 -30 -32
Paid tax -135 -72 -83
Non-cash items -207 0 0
Cash flow before change in WC 69 504 380
Change in WC -242 -24 -99
Operating cash flow -1834 93 370
CAPEX tangible fixed assets 0 0 0
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 148 0 -100
Free cash flow -1686 93 270
Dividend paid -104 -80 -154
Share issues and buybacks 0 0 0
Other non cash items 1582 316 -48
Decrease in net IB debt -3708 35 65
Balance Sheet (SEKm) 2019 2020 2021
Goodwill 627 535 443
Indefinite intangible assets 0 0 0
Definite intangible assets 0 0 0
Tangible fixed assets 25 27 27
Other fixed assets 353 353 353
Fixed assets 1188 1059 927
Inventories 0 0 0
Receivables 690 690 690
Other current assets 1298 539 539
Cash and liquid assets 881 1168 1194
Total assets 4057 3456 3350
Shareholders equity 1522 1751 1787
Minority 214 214 214
Total equity 1736 1965 2001
Long-term debt 960 960 960
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 27 27 27
Other long-term liabilities 9 5 2
Short-term debt 0 0 0
Accounts payable 824 330 231
Other current liabilities 311 22 22
Total liabilities and equity 4057 3456 3350
Net IB debt 269 -60 -127
Net IB debt excl. pension debt 269 -60 -127
Capital invested 2041 1936 1903
Working capital 853 877 976
EV breakdown 2019 2020 2021
Market cap. diluted (m) 2274 1415 1415
Net IB debt Adj 269 -60 -127
Market value of minority 790 790 790
Reversal of shares and participations -353 -353 -353
Reversal of conv. debt assumed equity 0 0 0
EV 2980 1792 1725
Capital efficiency (%) 2019 2020 2021
Total assets turnover (%) 42,5 64,1 73,2
Capital invested turnover (%) 124,5 121,1 129,8
Capital employed turnover (%) 89,1 80,8 81,1
Inventories / sales (%) 0 0 0
Customer advances / sales (%) 0 0 0
Payables / sales (%) 33,8 24 11,2
Working capital / sales (%) 31,1 35,9 37,2
Financial risk and debt service 2019 2020 2021
Net debt / equity (%) 15,5 -3 -6,3
Net debt / market cap (%) 11,8 -4,2 -9
Equity ratio (%) 42,8 56,8 59,7
Net IB debt adj. / equity (%) 15,5 -3 -6,3
Current ratio (%) 252,8 681,9 958,9
EBITDA / net interest (%) 1527,8 2020,3 1546,7
Net IB debt / EBITDA (%) 48,9 -9,9 -25,7
Interest cover (%) 887,8 954 736,5
SEKm 2019 2020e 2021e
Shares outstanding adj. 86 86 86
Fully diluted shares Adj 86 86 86
EPS 1,27 3,48 2,15
Dividend per share Adj 0,9 1,8 1,4
EPS Adj 1,22 1,78 2,15
BVPS 17,64 20,29 20,71
BVPS Adj 10,37 14,09 15,58
Net IB debt / share 3,1 -0,7 -1,5
Share price 26,31 16,4 16,4
Market cap. (m) 2270 1415 1415
Valuation 2019 2020 2021
P/E 20,7 4,7 7,6
EV/sales 1,27 0,74 0,69
EV/EBITDA 5,4 3 3,5
EV/EBITA 7,1 3,8 4,8
EV/EBIT 7,1 3,8 4,8
Dividend yield (%) 3,4 10,9 8,5
FCF yield (%) -72,2 6,4 18,6
P/BVPS 1,49 0,81 0,79
P/BVPS Adj 2,54 1,16 1,05
P/E Adj 21,6 9,2 7,6
EV/EBITDA Adj 5,4 3 3,5
EV/EBITA Adj 7,1 3,8 4,8
EV/EBIT Adj 7,1 3,8 4,8
EV/cap. employed 1 0,6 0,6
Investment ratios 2019 2020 2021
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 50.6 % 49.9 % 9 Mar 2020
Petter Stordalen (Strawberry Capital AS) 5.4 % 5.4 % 31 Jan 2020
Rutger Arnhult 3.8 % 3.9 % 31 Dec 2019
Avanza Pension 2.9 % 2.6 % 31 Dec 2019
Alcur Fonder 2.5 % 2.2 % 31 Dec 2019
Knut Pedersen 2.3 % 2.1 % 31 Dec 2019
Nordnet Pensionsförsäkring 2.2 % 2.0 % 31 Dec 2019
Thomas Andersson Borstam 1.9 % 1.7 % 31 Dec 2019
Familjen Hedberg 1.2 % 1.0 % 31 Dec 2019
MP Pensjon PK 1.1 % 1.0 % 31 Dec 2019
Source: Holdings by Modular Finance AB

Insider list - Catella

Name Quantity Code Date
Per Johan Claesson +1 766 667 Redemp 9 Mar 2020
Per Johan Claesson -1 766 667 Redemp 9 Mar 2020
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 - 8 136 SELL 21 Mar 2019
Johan Nordenfalk - 3 524 SELL 21 Mar 2019
Johan Nordenfalk - 2 658 SELL 21 Mar 2019
Johan Nordenfalk - 5 502 SELL 21 Mar 2019

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