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Moment Group

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 2019 2020e 2021e
Sales 804 519 688
Sales growth (%) -14,3 -35,5 32,5
EBITDA 52 -25 101
EBITDA margin (%) 6,5 -4,8 14,7
EBIT adj -13 -75 31
EBIT adj margin (%) -1,6 -14,5 4,5
Pretax profit -70 -117 10
EPS rep -2,67 -3,12 0,21
EPS growth (%) 19,8 -16,8 106,8
EPS adj -1,52 -2,55 0,21
DPS 0 0,15 0,2
EV/EBITDA (x) 10,1 -18,1 4
EV/EBIT adj (x) -40,6 -6 13,2
P/E (x) -1,9 -0,7 10,2
P/E adj (x) -3,3 -0,8 10,2
EV/sales (x) 0,7 0,9 0,6
FCF yield (%) 11,1 -69,3 80,7
Dividend yield (%) 0 7 9,3
Net IB debt/EBITDA 7,8 -15,7 3,5
N/A N/A N/A
SEKm 2019 2020e 2021e
Other operating items -752 -544 -587
EBITDA 52 -25 101
Depreciation on tangibles -51 -26 -25
Depreciation on intangibles 0 0 0
EBITA -44 -96 31
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT -44 -96 31
Other financial items 0 0 0
Net financial items -26 -23 -23
Associated income 0 3 3
Other EO items 0 0 0
Pretax profit -70 -117 10
Tax -2 0 -2
Net profit -72 -117 8
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -72 -117 8
EPS -2,67 -3,12 0,21
EPS Adj -1,52 -2,55 0,21
Total extraordinary items after tax -31 -21 0
Tax rate (%) 2,9 0 -23
Gross margin (%) 100 100 100
EBITDA margin (%) 6,5 -4,8 14,7
EBITA margin (%) -5,5 -18,5 4,5
EBIT margin (%) -5,5 -18,5 4,5
Pretax margin (%) -8,7 -22,9 1,1
Net margin (%) -9 -22,9 0,8
Growth rates Y/Y 2019 2020 2021
Sales growth (%) -14,3 -35,5 32,5
EBITDA growth (%) 365,2 -148,1 502,7
EBIT growth (%) -10,6 -118,2 132
Net profit growth (%) -48,5 -61,8 106,8
EPS growth (%) 19,8 -16,8 106,8
Profitability 2019 2020 2021
ROE (%) -68,4 -236,6 86
ROE Adj (%) -38,9 -194 86
ROCE (%) -9,9 -18 7,5
ROCE Adj(%) -2,9 -14 7,5
ROIC (%) -11,6 -21,4 6,2
ROIC Adj (%) -3,4 -16,8 6,2
Adj earnings numbers 2019 2020 2021
EBITDA Adj 83 -4 101
EBITDA Adj margin (%) 10,3 -0,8 14,7
EBITA Adj -13 -75 31
EBITA Adj margin (%) -1,6 -14,5 4,5
EBIT Adj -13 -75 31
EBIT Adj margin (%) -1,6 -14,5 4,5
Pretax profit Adj -39 -96 10
Net profit Adj -41 -96 8
Net profit to shareholders Adj -41 -96 8
Net Adj margin (%) -5,1 -18,9 0,8
Sales 804 519 688
COGS 0 0 0
Gross profit 804 519 688
N/A N/A N/A
SEKm 2019 2020e 2021e
EBITDA 52 -25 101
Net financial items -26 -23 -23
Paid tax -2 0 -2
Non-cash items 2 3 3
Cash flow before change in WC 26 -46 78
Change in WC -3 0 0
Operating cash flow 23 -46 78
CAPEX tangible fixed assets -8 -10 -13
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 0 0 0
Free cash flow 15 -56 65
Dividend paid 0 0 7
Share issues and buybacks 0 21 0
Other non cash items -331 37 -43
Decrease in net IB debt -243 14 42
Balance Sheet (SEKm) 2019 2020 2021
Goodwill 212 212 212
Indefinite intangible assets 0 0 0
Definite intangible assets 2 2 2
Tangible fixed assets 95 79 67
Other fixed assets 37 42 47
Fixed assets 626 616 552
Inventories 6 3 5
Receivables 73 54 76
Other current assets 131 54 68
Cash and liquid assets 77 65 76
Total assets 913 791 777
Shareholders equity 97 1 17
Minority 0 0 0
Total equity 97 1 17
Long-term debt 202 196 196
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 334 334 334
Total liabilities and equity 913 791 777
Net IB debt 405 391 350
Net IB debt excl. pension debt 405 391 350
Capital invested 502 393 366
Working capital -124 -223 -185
EV breakdown 2019 2020 2021
Market cap. diluted (m) 136 80 80
Net IB debt Adj 405 391 350
Market value of minority 0 0 0
Reversal of shares and participations -13 -18 -23
Reversal of conv. debt assumed equity 0 0 0
EV 528 453 407
Capital efficiency (%) 2019 2020 2021
Total assets turnover (%) 107,2 60,9 87,7
Capital invested turnover (%) 206,5 115,9 181,1
Capital employed turnover (%) 180 100,1 152,7
Inventories / sales (%) 0,7 0,9 0,6
Customer advances / sales (%) 0 0 0
Payables / sales (%) 0 0 0
Working capital / sales (%) -12,1 -33,4 -29,7
Financial risk and debt service 2019 2020 2021
Net debt / equity (%) 417,9 26363,2 2075,8
Net debt / market cap (%) 188,7 486,8 434,7
Equity ratio (%) 10,6 0,2 2,2
Net IB debt adj. / equity (%) 417,9 26363,2 2075,8
Current ratio (%) 46,7 29,6 39,9
EBITDA / net interest (%) 200 -108,8 438
Net IB debt / EBITDA (%) 779,6 -1565 347,1
Interest cover (%) -169,2 -417,5 132,9
N/A N/A N/A
SEKm 2019 2020e 2021e
Shares outstanding adj. 27 37 37
Fully diluted shares Adj 27 37 37
EPS -2,67 -3,12 0,21
Dividend per share Adj 0 0,2 0,2
EPS Adj -1,52 -2,55 0,21
BVPS 3,59 0,04 0,45
BVPS Adj -4,33 -5,68 -5,27
Net IB debt / share 15 10,5 9,3
Share price 7,95 2,15 2,15
Market cap. (m) 215 80 80
Valuation 2019 2020 2021
P/E -1,9 -0,7 10,2
EV/sales 0,66 0,87 0,59
EV/EBITDA 10,1 -18,1 4
EV/EBITA -12 -4,7 13,2
EV/EBIT -12 -4,7 13,2
Dividend yield (%) 0 7 9,3
FCF yield (%) 11,1 -69,3 80,7
P/BVPS 1,4 54,15 4,77
P/BVPS Adj -1,16 -0,38 -0,41
P/E Adj -3,3 -0,8 10,2
EV/EBITDA Adj 6,4 -112,9 4
EV/EBITA Adj -40,6 -6 13,2
EV/EBIT Adj -40,6 -6 13,2
EV/cap. employed 0,9 1 0,9
Investment ratios 2019 2020 2021
Capex / sales 1 2 1,9
Capex / depreciation 15,7 39,1 51,8
Capex tangibles / tangible fixed assets 8,4 12,9 19,3
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 53,7 32,8 37,2
N/A N/A N/A

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)

Main shareholders - Moment Group

Main shareholders Share capital % Voting shares % Verified
Bo Wallblom 20.3 % 20.3 % 30 Sep 2020
Verna Fastigheter AB 16.7 % 16.7 % 30 Sep 2020
Kenneth Engström 13.3 % 13.3 % 30 Sep 2020
Thomas Wernhoff 4.0 % 4.0 % 30 Sep 2020
Jan Ludvig Löngårdh 3.1 % 3.1 % 30 Sep 2020
Stefan Gerhardsson 2.8 % 2.8 % 30 Sep 2020
Thomas Petersson 2.4 % 2.4 % 30 Sep 2020
TF Group Scandinavia AB 1.9 % 1.9 % 30 Sep 2020
Avanza Pension 1.8 % 1.8 % 30 Sep 2020
Krister Classon 1.7 % 1.7 % 30 Sep 2020
Source: Holdings by Modular Finance AB

Insider list - Moment Group

Name Quantity Code Date
JOHAN VON ESSEN +5 400 280 BUY 17 Jun 2020
Hans Thyrén +5 400 280 BUY 11 Jun 2020
Otto Drakenberg + 15 000 BUY 11 Jun 2020
Johan von Essen +5 400 280 BUY 11 Jun 2020
Otto Drakenberg + 60 000 BUY 10 Jun 2020
Otto Drakenberg + 20 000 BUY 8 Jun 2020
Otto Drakenberg + 20 000 BUY 8 Jun 2020
Otto Drakenberg + 25 000 BUY 8 Jun 2020
Johan von Essen +3 600 187 SUBS 29 May 2020
Emil Ahlberg + 17 000 BUY 9 Mar 2020

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