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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 2314 2447
Sales growth (%) -4,8 -1,3 5,8
EBITDA 323 450 488
EBITDA margin (%) 13,8 19,5 19,9
EBIT adj 292 414 452
EBIT adj margin (%) 12,5 17,9 18,5
Pretax profit 275 412 450
EPS rep -1,26 4,37 2,63
EPS growth (%) -158,3 446,2 -40
EPS adj 0,77 2,34 2,63
DPS 1,2 1,3 1,4
EV/EBITDA (x) 4,8 2,3 1,9
EV/EBIT adj (x) 5,3 2,5 2
P/E (x) -18,4 6,1 10,2
P/E adj (x) 30,2 11,5 10,2
EV/sales (x) 0,7 0,5 0,4
FCF yield (%) -6,6 18,9 8,4
Dividend yield (%) 5,2 4,8 5,2
Net IB debt/EBITDA 0,2 -1,7 -1,8
SEKm 2018 2019e 2020e
Sales 2344 2314 2447
COGS -437 -435 -461
Gross profit 1907 1879 1986
Other operating items -1584 -1429 -1498
EBITDA 323 450 488
Depreciation on tangibles 0 0 0
Depreciation on intangibles -31 -36 -36
EBITA 292 414 452
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 292 414 452
Other financial items -8 0 0
Net financial items -17 -2 -2
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 275 412 450
Tax -121 -103 -112
Net profit 154 309 337
Minority interest -84 -101 -104
Net profit discontinued -180 180 0
Net profit to shareholders -110 388 233
EPS -1,26 4,37 2,63
EPS Adj 0,77 2,34 2,63
Total extraordinary items after tax 0 0 0
Tax rate (%) -44 -25 -25
Gross margin (%) 81,4 81,2 81,2
EBITDA margin (%) 13,8 19,5 19,9
EBITA margin (%) 12,5 17,9 18,5
EBIT margin (%) 12,5 17,9 18,5
Pretax margin (%) 11,7 17,8 18,4
Net margin (%) 6,6 13,4 13,8
Growth rates Y/Y 2018 2019 2020
Sales growth (%) -4,8 -1,3 5,8
EBITDA growth (%) -17 39,4 8,3
EBIT growth (%) -19,1 41,9 9
Net profit growth (%) -45,8 100,8 9
EPS growth (%) -158,3 446,2 -40
Profitability 2018 2019 2020
ROE (%) -6,9 24,5 13
ROE Adj (%) 4,4 13,1 13
ROCE (%) 15,6 29,9 40,2
ROCE Adj(%) 15,6 29,9 40,2
ROIC (%) 14 44,7 50,4
ROIC Adj (%) 14 44,7 50,4
Adj earnings numbers 2018 2019 2020
EBITDA Adj 323 450 488
EBITDA Adj margin (%) 13,8 19,5 19,9
EBITA Adj 292 414 452
EBITA Adj margin (%) 12,5 17,9 18,5
EBIT Adj 292 414 452
EBIT Adj margin (%) 12,5 17,9 18,5
Pretax profit Adj 275 412 450
Net profit Adj 154 309 337
Net profit to shareholders Adj 70 208 233
Net Adj margin (%) 6,6 13,4 13,8
SEKm 2018 2019e 2020e
EBITDA 323 450 488
Net financial items -17 -2 -2
Paid tax -121 -103 -112
Non-cash items -45 0 0
Cash flow before change in WC 140 345 373
Change in WC 1187 0 0
Operating cash flow 344 366 399
CAPEX tangible fixed assets 0 0 0
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals -479 84 -200
Free cash flow -135 450 199
Dividend paid -84 -101 -109
Share issues and buybacks 0 0 0
Other non cash items 3925 -3741 0
Decrease in net IB debt 3706 -3392 90
Balance Sheet (SEKm) 2018 2019 2020
Goodwill 646 626 600
Indefinite intangible assets 0 0 0
Definite intangible assets 0 0 0
Tangible fixed assets 29 29 29
Other fixed assets 453 453 453
Fixed assets 1128 1108 1082
Inventories 0 0 0
Receivables 743 743 743
Other current assets 4451 204 204
Cash and liquid assets 687 1036 1125
Total assets 7009 3090 3154
Shareholders equity 1442 1729 1852
Minority 205 205 205
Total equity 1647 1934 2057
Long-term debt 748 283 224
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 713 713 713
Other current liabilities 3872 131 131
Total liabilities and equity 5651 6396 7009
Net IB debt 61 -752 -902
Net IB debt excl. pension debt 61 -752 -902
Capital invested 705 685 659
Working capital 30 30 30
EV breakdown 2018 2019 2020
Market cap. diluted (m) 1951 2258 2258
Net IB debt Adj 61 -752 -902
Market value of minority 0 0 0
Reversal of shares and participations -453 -453 -453
Reversal of conv. debt assumed equity 0 0 0
EV 1559 1053 904
Capital efficiency (%) 2018 2019 2020
Total assets turnover (%) 35 45,8 78,4
Capital invested turnover (%) 200,4 333 364,3
Capital employed turnover (%) 121 160,1 209,4
Inventories / sales (%) 0 0 0
Customer advances / sales (%) 0 0 0
Payables / sales (%) 34,3 30,8 29,1
Working capital / sales (%) 26,6 1,3 1,2
Financial risk and debt service 2018 2019 2020
Net debt / equity (%) 3,7 -38,9 -43,8
Net debt / market cap (%) 3,3 -33,3 -39,9
Equity ratio (%) 23,5 62,6 65,2
Net IB debt adj. / equity (%) 3,7 -38,9 -43,8
Current ratio (%) 128,3 234,9 245,6
EBITDA / net interest (%) 3588,9 22512,5 24377,4
Net IB debt / EBITDA (%) 18,9 -167,1 -185
Interest cover (%) 1148,1 2161,3 2347,7
SEKm 2018 2019e 2020e
Shares outstanding adj. 84 84 84
Fully diluted shares Adj 84 84 84
EPS -1,26 4,37 2,63
Dividend per share Adj 1,2 1,3 1,4
EPS Adj 0,77 2,34 2,63
BVPS 17,14 20,55 22,02
BVPS Adj 9,46 13,12 14,89
Net IB debt / share 0,7 -8,9 -10,7
Share price 22,05 26,85 26,85
Market cap. (m) 1854 2258 2258
Valuation 2018 2019 2020
P/E -18,4 6,1 10,2
EV/sales 0,67 0,46 0,37
EV/EBITDA 4,8 2,3 1,9
EV/EBITA 5,3 2,5 2
EV/EBIT 5,3 2,5 2
Dividend yield (%) 5,2 4,8 5,2
FCF yield (%) -6,6 18,9 8,4
P/BVPS 1,35 1,31 1,22
P/BVPS Adj 2,45 2,05 1,8
P/E Adj 30,2 11,5 10,2
EV/EBITDA Adj 4,8 2,3 1,9
EV/EBITA Adj 5,3 2,5 2
EV/EBIT Adj 5,3 2,5 2
EV/cap. employed 0,9 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

Equity research

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Main shareholders

Catella

Main shareholders Share capital % Voting shares % Verified
Claesson & Anderzén 49.5 % 48.9 % 7 Mar 2019
Swedbank Robur Fonder 6.0 % 6.2 % 31 Jan 2019
Petter Stordalen (Strawberry Capital AS) 4.3 % 4.5 % 28 Feb 2019
Avanza Pension 2.8 % 2.5 % 28 Feb 2019
Knut Pedersen 2.0 % 1.8 % 28 Feb 2019
Thomas Andersson Borstam 1.9 % 1.7 % 31 Dec 2018
Nordnet Pensionsförsäkring 1.8 % 1.6 % 28 Feb 2019
Alcur Fonder 1.7 % 1.6 % 31 Dec 2018
MP Pensjon PK 1.2 % 1.0 % 28 Feb 2019
Swedbank Försäkring 1.1 % 0.9 % 31 Dec 2018
Source: Holdings by Modular Finance AB

Insider list

Catella

Name Quantity Code Date
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
Johan Nordenfalk - 3 857 SELL 19 Mar 2019

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