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Moment Group

Nordic leader in the experience industry

Moment Group is one of the leading players within the Scandinavian experience industry. The Group creates experiences for more than 2 million guests every year – both private individuals and business customers. The group is divided into four business areas: Event, Immersive Experiences, Live Entertainment and Venues. With most of Scandinavia's leading brands in its portfolio, Moment Group’s entertainment and events offerings cater to broad demand in the experience industry. The experience sector is growing and Moment Group aims to grow at 10% annually, while achieving an annual EBIT margin of 6%.

The group has a strong position in live entertainment in the Nordics with several popular arenas and concepts. With steady sector growth, Moment Group is positioned to enjoy a leading position and increase both volumes and prices. We believe there is upside potential in optimising prices throughout Moment Group’s offering, which could have a large impact on profitability as the cost structure is largely fixed. With a broad expert knowledge of the industry, Moment Group should be able to create value through its M&A agenda, both in terms of stand-alone value creation and synergies.

Moment Group’s cost structure is largely fixed, especially in terms of single events. A planned event can be a success or failure depending on the seat vacancies – the group sells roughly 700,000 tickets a year to different shows. For example, a ticket price of SEK 500 means that a difference of 20,000 sold tickets approximately can affect the profit positively or negatively by SEK 10m. Selections, planning and sales of events are therefore crucial to the company’s long-term profit stability.

SEKm 2018 2019e 2020e
Sales 938 841 884
Sales growth (%) 18,9 -10,4 5,1
EBITDA -14 73 109
EBITDA margin (%) -1,5 8,7 12,3
EBIT adj 10 10 39
EBIT adj margin (%) 1,1 1,2 4,4
Pretax profit -48 -20 16
EPS rep -2,95 -1,83 1,53
EPS growth (%) -292,3 38,1 183,8
EPS adj 0,12 -1,62 0,43
DPS 0 0,4 0,55
EV/EBITDA (x) -30,7 7 4,3
EV/EBIT adj (x) 41,6 50,3 12
P/E (x) -6,6 -2,4 2,9
P/E adj (x) 163,2 -2,7 10,2
EV/sales (x) 0,5 0,6 0,5
FCF yield (%) -40,3 21,9 51,5
Dividend yield (%) 0 9,1 12,5
Net IB debt/EBITDA -11,5 5,6 3,3
SEKm 2018 2019e 2020e
Other operating items -952 -768 -775
EBITDA -14 73 109
Depreciation on tangibles -20 -69 -70
Depreciation on intangibles 0 0 0
EBITA -34 4 39
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT -34 4 39
Other financial items 0 0 0
Net financial items -14 -24 -24
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit -48 -20 16
Tax 5 4 -4
Net profit -43 -16 12
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -43 -16 12
EPS -2,95 -1,83 1,53
EPS Adj 0,12 -1,62 0,43
Total extraordinary items after tax -44,8 -6 0
Tax rate (%) -11 -20,3 -25
Gross margin (%) 100 100 100
EBITDA margin (%) -1,5 8,7 12,3
EBITA margin (%) -3,7 0,5 4,4
EBIT margin (%) -3,7 0,5 4,4
Pretax margin (%) -5,2 -2,3 1,8
Net margin (%) -4,6 -1,9 1,3
Growth rates Y/Y 2018 2019 2020
Sales growth (%) 18,9 -10,4 5,1
EBITDA growth (%) -131,9 616,7 48,9
EBIT growth (%) -216,7 112,3 826
Net profit growth (%) -294,5 63,8 174,6
EPS growth (%) -292,3 38,1 183,8
Profitability 2018 2019 2020
ROE (%) -33,1 -12,3 8,2
ROE Adj (%) 1,3 -7,6 8,2
ROCE (%) -13,6 0,9 5,6
ROCE Adj(%) 4,2 2 5,6
ROIC (%) -7,6 0,5 3,7
ROIC Adj (%) 2,3 1,3 3,7
Adj earnings numbers 2018 2019 2020
EBITDA Adj 31 79 109
EBITDA Adj margin (%) 3,3 9,4 12,3
EBITA Adj 10 10 39
EBITA Adj margin (%) 1,1 1,2 4,4
EBIT Adj 10 10 39
EBIT Adj margin (%) 1,1 1,2 4,4
Pretax profit Adj -4 -14 16
Net profit Adj 2 -10 12
Net profit to shareholders Adj 2 -10 12
Net Adj margin (%) 0,2 -1,1 1,3
Sales 938 841 884
COGS 0 0 0
Gross profit 938 841 884
SEKm 2018 2019e 2020e
EBITDA -14 73 109
Net financial items -14 -24 -24
Paid tax 5 4 -4
Non-cash items 1 1 2
Cash flow before change in WC -22 54 83
Change in WC 1 -18 11
Operating cash flow -33 32 83
CAPEX tangible fixed assets -82 -15 -22
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 0 0 0
Free cash flow -114 17 61
Dividend paid 7 0 11
Share issues and buybacks 0 0 0
Other non cash items -22 -363 21
Decrease in net IB debt -196 -219 55
Balance Sheet (SEKm) 2018 2019 2020
Goodwill 212 212 212
Indefinite intangible assets 0 0 0
Definite intangible assets 3 3 3
Tangible fixed assets 106 477 429
Other fixed assets 26 27 29
Fixed assets 347 719 672
Inventories 6 6 5
Receivables 87 105 95
Other current assets 110 103 83
Cash and liquid assets 38 162 205
Total assets 587 1095 1061
Shareholders equity 114 140 143
Minority 0 0 0
Total equity 114 140 143
Long-term debt 200 569 569
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 0 0 0
Other long-term liabilities 0 0 0
Short-term debt 0 0 0
Accounts payable 0 0 0
Other current liabilities 273 400 362
Total liabilities and equity 455 529 587
Net IB debt 163 407 364
Net IB debt excl. pension debt 163 407 364
Capital invested 440 830 773
Working capital 93 111 100
EV breakdown 2018 2019 2020
Market cap. diluted (m) 284 119 119
Net IB debt Adj 163 407 364
Market value of minority 0 0 0
Reversal of shares and participations -11 -12 -14
Reversal of conv. debt assumed equity 0 0 0
EV 435 514 469
Capital efficiency (%) 2018 2019 2020
Total assets turnover (%) 168,1 100 82
Capital invested turnover (%) 233,3 132,4 110,3
Capital employed turnover (%) 372,3 164,4 124,4
Inventories / sales (%) 0,6 0,7 0,6
Customer advances / sales (%) 0 0 0
Payables / sales (%) 0 0 0
Working capital / sales (%) 10 12,1 12
Financial risk and debt service 2018 2019 2020
Net debt / equity (%) 143,1 291,4 253,6
Net debt / market cap (%) 52,5 342,9 306,2
Equity ratio (%) 19,4 12,8 13,5
Net IB debt adj. / equity (%) 143,1 291,4 253,6
Current ratio (%) 88 93,8 107,2
EBITDA / net interest (%) -101 307,6 464
Net IB debt / EBITDA (%) -1147,3 556,5 333,6
Interest cover (%) -240,3 18,4 164,7
SEKm 2018 2019e 2020e
Shares outstanding adj. 15 27 27
Fully diluted shares Adj 15 27 27
EPS -2,95 -1,83 1,53
Dividend per share Adj 0 0,4 0,6
EPS Adj 0,12 -1,62 0,43
BVPS 7,79 9,59 9,83
BVPS Adj -6,97 -5,15 -4,91
Net IB debt / share 11,1 27,9 24,9
Share price 21,23 4,4 4,4
Market cap. (m) 310 119 119
Valuation 2018 2019 2020
P/E -6,6 -2,4 2,9
EV/sales 0,46 0,61 0,53
EV/EBITDA -30,7 7 4,3
EV/EBITA -12,7 122 12
EV/EBIT -12,7 122 12
Dividend yield (%) 0 9,1 12,5
FCF yield (%) -40,3 21,9 51,5
P/BVPS 2,5 0,46 0,45
P/BVPS Adj -2,79 -0,85 -0,9
P/E Adj 163,2 -2,7 10,2
EV/EBITDA Adj 14,2 6,5 4,3
EV/EBITA Adj 41,6 50,3 12
EV/EBIT Adj 41,6 50,3 12
EV/cap. employed 1,4 0,7 0,7
Investment ratios 2018 2019 2020
Capex / sales 8,7 1,8 2,4
Capex / depreciation 403,8 21,7 30,7
Capex tangibles / tangible fixed assets 77 3,1 5
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 19,1 14,5 16,3

Equity research

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Media

Moment Group - Interview with CEO Pelle Mattisson (in Swedish)
Moment Group - Company presentation with CEO Pelle Mattisson (in Swedish)

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Main shareholders

Moment Group

Main shareholders Share capital % Voting shares % Verified
Bo Wallblom 24.3 % 24.3 % 30 Jun 2019
Engströms Trä I Brynje AB 14.4 % 14.4 % 30 Jun 2019
Jan Löngårdh 3.8 % 3.8 % 30 Jun 2019
Stefan Gerhardsson 3.3 % 3.3 % 30 Jun 2019
Avanza Pension 3.2 % 3.2 % 30 Jun 2019
Thomas Petersson 2.8 % 2.8 % 30 Jun 2019
Krister Classon 2.1 % 2.1 % 30 Jun 2019
Fredrik Grevelius 1.9 % 1.9 % 30 Jun 2019
Jan Axel Vilhelm Andersson 1.7 % 1.7 % 30 Jun 2019
Hans Lundahl 1.7 % 1.7 % 30 Jun 2019
Source: Holdings by Modular Finance AB

Insider list

Moment Group

Name Quantity Code Date
Jan Friedman + 73 584 BUY 13 Jun 2019
Carl Henric Wallblom +2 689 958 BUY 12 Jun 2019
Carl Henric Wallblom +2 689 958 BUY 12 Jun 2019
Carl Henric Wallblom -2 689 958 SELL 12 Jun 2019
Carl Henric Wallblom + 183 963 BUY 11 Jun 2019
Jan Friedman + 9 397 BUY 31 May 2019
Jan Friedman + 61 855 BUY 31 May 2019
Carl Henric Wallblom +1 195 536 SUBS 28 May 2019
Carl Henric Wallblom +1 195 536 SUBS 28 May 2019
Carl Henric Wallblom +1 195 536 SUBS 28 May 2019

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