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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 938 895 913
Sales growth (%) 18,9 -4,6 2
EBITDA -14 52 61
EBITDA margin (%) -1,5 5,8 6,7
EBIT adj 5 34 41
EBIT adj margin (%) 0,5 3,8 4,5
Pretax profit -48 19 31
EPS rep -2,95 1,05 1,53
EPS growth (%) -292,3 135,7 45,2
EPS adj -0,28 1,19 1,62
DPS 0 0,4 0,55
EV/EBITDA (x) -30,7 3,5 2,7
EV/EBIT adj (x) 93,6 5,3 4,1
P/E (x) -6,6 9,5 6,5
P/E adj (x) -69,9 8,4 6,2
EV/sales (x) 0,5 0,2 0,2
FCF yield (%) -40,3 7,8 12,4
Dividend yield (%) 0 4 5,5
Net IB debt/EBITDA -11,5 0,9 0,6
SEKm 2018 2019e 2020e
Other operating items -952 -844 -852
EBITDA -14 52 61
Depreciation on tangibles -20 -20 -20
Depreciation on intangibles 0 0 0
EBITA -34 32 41
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT -34 32 41
Other financial items 0 0 0
Net financial items -14 -12 -11
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit -48 19 31
Tax 5 -4 -7
Net profit -43 15 24
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -43 15 24
EPS -2,95 1,05 1,53
EPS Adj -0,28 1,19 1,62
Total extraordinary items after tax -39 -2 0
Tax rate (%) -11 -20 -23,1
Gross margin (%) 100 100 100
EBITDA margin (%) -1,5 5,8 6,7
EBITA margin (%) -3,7 3,5 4,5
EBIT margin (%) -3,7 3,5 4,5
Pretax margin (%) -5,2 2,1 3,4
Net margin (%) -4,6 1,7 2,6
Growth rates Y/Y 2018 2019 2020
Sales growth (%) 18,9 -4,6 2
EBITDA growth (%) -131,9 464,4 18,8
EBIT growth (%) -216,7 192,1 30,6
Net profit growth (%) -294,5 135,7 54
EPS growth (%) -292,3 135,7 45,2
Profitability 2018 2019 2020
ROE (%) -33,1 12,6 17
ROE Adj (%) -3,1 14,3 17
ROCE (%) -17,6 14,2 23,2
ROCE Adj(%) 2,5 15,1 23,2
ROIC (%) -8 6 7,4
ROIC Adj (%) 1,1 6,4 7,4
Adj earnings numbers 2018 2019 2020
EBITDA Adj 25 54 61
EBITDA Adj margin (%) 2,6 6 6,7
EBITA Adj 5 34 41
EBITA Adj margin (%) 0,5 3,8 4,5
EBIT Adj 5 34 41
EBIT Adj margin (%) 0,5 3,8 4,5
Pretax profit Adj -9 21 31
Net profit Adj -4 17 24
Net profit to shareholders Adj -4 17 24
Net Adj margin (%) -0,4 1,9 2,6
Sales 938 895 913
COGS 0 0 0
Gross profit 938 895 913
SEKm 2018 2019e 2020e
EBITDA -14 52 61
Net financial items -14 -12 -11
Paid tax 5 -4 -7
Non-cash items 1 1 2
Cash flow before change in WC -22 36 45
Change in WC 1 -12 1
Operating cash flow -33 35 43
CAPEX tangible fixed assets -82 -24 -25
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 0 0 0
Free cash flow -114 11 18
Dividend paid 7 0 6
Share issues and buybacks 0 0 0
Other non cash items -89 105 -13
Decrease in net IB debt -196 117 10
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 106 110 115
Other fixed assets 26 27 28
Fixed assets 347 352 358
Inventories 6 5 5
Receivables 87 100 99
Other current assets 110 98 97
Cash and liquid assets 38 154 165
Total assets 587 709 724
Shareholders equity 114 130 149
Minority 0 0 0
Total equity 114 130 149
Long-term debt 200 200 200
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 273 378 374
Total liabilities and equity 455 529 587
Net IB debt 163 46 35
Net IB debt excl. pension debt 163 46 35
Capital invested 414 430 434
Working capital 93 105 104
EV breakdown 2018 2019 2020
Market cap. diluted (m) 284 146 146
Net IB debt Adj 163 46 35
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 435 179 167
Capital efficiency (%) 2018 2019 2020
Total assets turnover (%) 168,1 138,2 127,5
Capital invested turnover (%) 246,2 212,1 211,4
Capital employed turnover (%) 482,3 396,1 507
Inventories / sales (%) 0,6 0,6 0,6
Customer advances / sales (%) 0 0 0
Payables / sales (%) 0 0 0
Working capital / sales (%) 10 11 11,4
Financial risk and debt service 2018 2019 2020
Net debt / equity (%) 143,1 35,3 23,8
Net debt / market cap (%) 52,5 31,5 24,3
Equity ratio (%) 19,4 18,3 20,6
Net IB debt adj. / equity (%) 143,1 35,3 23,8
Current ratio (%) 88 94,3 97,5
EBITDA / net interest (%) -101 416,4 584
Net IB debt / EBITDA (%) -1147,3 88,9 57,8
Interest cover (%) -240,3 250,3 380,2
SEKm 2018 2019e 2020e
Shares outstanding adj. 15 15 15
Fully diluted shares Adj 15 15 15
EPS -2,95 1,05 1,53
Dividend per share Adj 0 0,4 0,6
EPS Adj -0,28 1,19 1,62
BVPS 7,79 8,91 10,21
BVPS Adj -6,97 -5,85 -4,55
Net IB debt / share 11,1 3,1 2,4
Share price 21,23 10 10
Market cap. (m) 310 146 146
Valuation 2018 2019 2020
P/E -6,6 9,5 6,5
EV/sales 0,46 0,2 0,18
EV/EBITDA -30,7 3,5 2,7
EV/EBITA -12,7 5,7 4,1
EV/EBIT -12,7 5,7 4,1
Dividend yield (%) 0 4 5,5
FCF yield (%) -40,3 7,8 12,4
P/BVPS 2,5 1,12 0,98
P/BVPS Adj -2,79 -1,71 -2,2
P/E Adj -69,9 8,4 6,2
EV/EBITDA Adj 17,5 3,3 2,7
EV/EBITA Adj 93,6 5,3 4,1
EV/EBIT Adj 93,6 5,3 4,1
EV/cap. employed 1,6 1 0,9
Investment ratios 2018 2019 2020
Capex / sales 8,7 2,7 2,7
Capex / depreciation 403,8 120 125,6
Capex tangibles / tangible fixed assets 77 21,8 21,8
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 19,1 18,2 17,4

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Main shareholders

Moment Group

Main shareholders Share capital % Voting shares % Verified
Bo Wallblom 23.7 % 23.7 % 31 Dec 2018
Engströms Trä I Brynje AB 14.4 % 14.4 % 31 Dec 2018
Stefan Gerhardsson 5.7 % 5.7 % 31 Dec 2018
Krister Classon 3.8 % 3.8 % 31 Dec 2018
Jan Löngårdh 3.8 % 3.8 % 31 Dec 2018
Thomas Petersson 3.4 % 3.4 % 31 Dec 2018
Jan Axel Vilhelm Andersson 3.1 % 3.1 % 31 Dec 2018
Avanza Pension 2.3 % 2.3 % 31 Dec 2018
Hans Lundahl 2.0 % 2.0 % 31 Dec 2018
Bo Andersson 2.0 % 2.0 % 31 Dec 2018
Source: Holdings by Modular Finance AB

Insider list

Moment Group

Name Quantity Code Date
WALLBLOMGRUPPEN AB -1 200 000 AKLÅN 19 Dec 2018
Carl Henric Wallblom -1 200 000 AKLÅN 6 Dec 2018
Carl Henric Wallblom -1 200 000 AKLÅN 6 Dec 2018
Per Mattisson + 2 731 BUY 22 Mar 2018
Per Mattisson + 2 300 BUY 19 Mar 2018
Per Mattisson + 2 300 BUY 19 Mar 2018
Per Mattisson + 2 330 BUY 12 Dec 2017
Per Mattisson + 1 750 BUY 8 Dec 2017
Per Mattisson + 1 443 BUY 7 Dec 2017
Per Mattisson + 9 000 BUY 23 Nov 2017

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