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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 2020 2021e 2022e
Sales 312 494 816
Sales growth (%) -61,2 58,4 65,1
EBITDA -84 34 71
EBITDA margin (%) -26,9 7 8,7
EBIT adj -163 -1 28
EBIT adj margin (%) -52,2 -0,1 3,4
Pretax profit -207 -22 9
EPS rep -6,39 -0,67 0,21
EPS growth (%) -139,6 89,6 131,1
EPS adj -5,74 -0,67 0,21
DPS 0,15 0,2 0,2
EV/EBITDA (x) -4,7 10,7 4,8
EV/EBIT adj (x) -2,4 -652,4 12,3
P/E (x) 0 -0,8 2,6
P/E adj (x) -0,1 -0,8 2,6
EV/sales (x) 1,3 0,7 0,4
FCF yield (%) -1200,6 49,1 260,3
Dividend yield (%) 51,5 37,7 37,7
Net IB debt/EBITDA -4,8 10,8 5
Lease adj. FCF yield (%) -1073,4 119 330,2
Lease adj. ND/EBITDA -2,8 3 1,5
SEKm 2020 2021e 2022e
Other operating items -396 -460 -746
EBITDA -84 34 71
Depreciation on tangibles -55 10 2
Depreciation on intangibles 0 0 0
EBITA -184 -1 28
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT -184 -1 28
Other financial items 0 0 0
Net financial items -25 -23 -22
Associated income 2 2 3
Other EO items 0 0 0
Pretax profit -207 -22 9
Tax 0 0 -2
Net profit -207 -22 7
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -207 -22 7
EPS -6,39 -0,67 0,21
EPS Adj -5,74 -0,67 0,21
Total extraordinary items after tax -21 0 0
Tax rate (%) 0 0 -23
Gross margin (%) 100 100 100
EBITDA margin (%) -26,9 7 8,7
EBITA margin (%) -59 -0,1 3,4
EBIT margin (%) -59 -0,1 3,4
Pretax margin (%) -67 -4,8 0,8
Net margin (%) -67 -4,8 0,5
Growth rates Y/Y 2020 2021 2022
Sales growth (%) -61,2 58,4 65,1
EBITDA growth (%) -261,5 141 105,3
EBIT growth (%) -318,2 99,7 5019,9
Net profit growth (%) -187,5 89,6 131,1
EPS growth (%) -139,6 89,6 131,1
Profitability 2020 2021 2022
ROE (%) -5175 22,3 -6,9
ROE Adj (%) -4650 22,3 -6,9
ROCE (%) -38,5 0,6 9,3
ROCE Adj(%) -34 0,6 9,3
ROIC (%) -45 -0,2 8,1
ROIC Adj (%) -39,9 -0,2 8,1
Adj earnings numbers 2020 2021 2022
EBITDA Adj -63 34 71
EBITDA Adj margin (%) -20,2 7 8,7
EBITA Adj -163 -1 28
EBITA Adj margin (%) -52,2 -0,1 3,4
EBIT Adj -163 -1 28
EBIT Adj margin (%) -52,2 -0,1 3,4
Pretax profit Adj -186 -22 9
Net profit Adj -186 -22 7
Net profit to shareholders Adj -186 -22 7
Net Adj margin (%) -60,3 -4,8 0,5
Sales 312 494 816
COGS 0 0 0
Gross profit 312 494 816
Depreciation and amortisation -100 -35 -43
Of which leasing depreciation -45 -45 -45
EO items -21 0 0
Impairment and PPA amortisation 0 0 0
EBITDA lease Adj -51 46 83
EBITDA lease Adj margin (%) -16,3 9,4 10,1
Leasing payments 12 12 12
SEKm 2020 2021e 2022e
EBITDA -84 34 71
Net financial items -25 -23 -22
Paid tax 0 0 -2
Non-cash items 2 2 3
Cash flow before change in WC -107 13 50
Change in WC 0 0 0
Operating cash flow -107 13 50
CAPEX tangible fixed assets -6 -5 -5
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 0 0 0
Free cash flow -113 8 45
Dividend paid 0 6 6
Share issues and buybacks 21 0 0
Other non cash items 81 6 -43
Decrease in net IB debt 1 -7 20
Balance Sheet (SEKm) 2020 2021 2022
Goodwill 212 212 212
Indefinite intangible assets 0 0 0
Definite intangible assets 2 2 2
Tangible fixed assets 46 61 68
Other fixed assets 41 45 50
Fixed assets 582 544 499
Inventories 2 3 6
Receivables 33 54 90
Other current assets 33 0 0
Cash and liquid assets 52 54 75
Total assets 701 656 669
Shareholders equity -89 -104 -91
Minority 0 0 0
Total equity -89 -104 -91
Long-term debt 196 196 196
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 701 656 669
Net IB debt 404 372 351
Net IB debt excl. pension debt 404 372 351
Capital invested 315 267 260
Working capital -266 -276 -239
EV breakdown 2020 2021 2022
Market cap. diluted (m) 9 17 17
Net IB debt Adj 404 372 351
Market value of minority 0 0 0
Reversal of shares and participations -17 -21 -26
Reversal of conv. debt assumed equity 0 0 0
EV 396 367 342
Capital efficiency (%) 2020 2021 2022
Total assets turnover (%) 38,7 72,9 123,2
Capital invested turnover (%) 76,3 176,5 317,9
Capital employed turnover (%) 65,9 158,5 290,7
Inventories / sales (%) 1,3 0,5 0,6
Customer advances / sales (%) 0 0 0
Payables / sales (%) 0 0 0
Working capital / sales (%) -62,6 -54,9 -31,5
Financial risk and debt service 2020 2021 2022
Net debt / equity (%) -454,2 -357 -386,2
Net debt / market cap (%) 2801,6 2163,7 2044,3
Equity ratio (%) -12,7 -15,9 -13,6
Net IB debt adj. / equity (%) -454,2 -357 -386,2
Current ratio (%) 20,1 19,9 30,2
EBITDA / net interest (%) -336 149,7 328,8
Net IB debt / EBITDA (%) -481,3 1079 496,6
Interest cover (%) -736 -0,3 128,2
Lease liability amortisation 12 12 12
Other intangible assets 2 2 2
Right-of-use asset 280 223 166
Total other fixed assets 41 45 50
Leasing liability 260 230 230
Total other long-term liabilities 0 0 0
Net IB debt excl. leasing 144 142 121
Net IB debt / EBITDA lease Adj (%) -282,9 304,9 146,4
SEKm 2020 2021e 2022e
Shares outstanding adj. 32 32 32
Fully diluted shares Adj 32 32 32
EPS -6,39 -0,67 0,21
Dividend per share Adj 0,2 0,2 0,2
EPS Adj -5,74 -0,67 0,21
BVPS -2,75 -3,21 -2,81
BVPS Adj -9,35 -9,82 -9,41
Net IB debt / share 12,5 11,5 10,8
Share price 0,45 0,53 0,53
Market cap. (m) 14 17 17
Valuation 2020 2021 2022
P/E 0 -0,8 2,6
EV/sales 1,27 0,74 0,42
EV/EBITDA -4,7 10,7 4,8
EV/EBITA -2,2 -652,4 12,3
EV/EBIT -2,2 -652,4 12,3
Dividend yield (%) 51,5 37,7 37,7
FCF yield (%) -1200,6 49,1 260,3
P/BVPS -0,11 -0,16 -0,19
P/BVPS Adj -0,03 -0,05 -0,06
P/E Adj -0,1 -0,8 2,6
EV/EBITDA Adj -6,3 10,7 4,8
EV/EBITA Adj -2,4 -652,4 12,3
EV/EBIT Adj -2,4 -652,4 12,3
EV/cap. employed 1,1 1,1 1
Investment ratios 2020 2021 2022
Capex / sales 2 1 0,6
Capex / depreciation 11,3 -50 -250
Capex tangibles / tangible fixed assets 13,5 8,2 7,3
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 118,9 -16,3 -2,9
Lease adj. FCF yield (%) -1073,4 119 330,2

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
Per Taube 20.0 % 20.0 % 9 Apr 2021
Bo Wallblom 13.2 % 13.2 % 16 Apr 2021
Verna Fastigheter AB 10.8 % 10.8 % 15 Apr 2021
Kenneth Engström 8.8 % 8.8 % 16 Apr 2021
Jan Andersson 0.8 % 0.8 % 31 Mar 2021
Stefan Gerhardsson 0.5 % 0.5 % 31 Mar 2021
Pelle Mattisson 0.4 % 0.4 % 31 Dec 2018
Nordnet Pensionsförsäkring 0.3 % 0.3 % 27 Apr 2021
Krister Classon 0.3 % 0.3 % 31 Mar 2021
Otto Drakenberg 0.2 % 0.2 % 10 Mar 2021
Source: Holdings by Modular Finance AB

Insider list - Moment Group

Name Quantity Code Date
Kenneth Engström +1 143 589 BUY 12 Apr 2021
Kenneth Engström + 972 051 BUY 9 Apr 2021
Leif West +86 404 504 SUBS 9 Apr 2021
Leif West +86 404 504 SUBS 9 Apr 2021
Gelba Management Aktiebolag +86 404 504 SUBS 9 Apr 2021
Jan Sten Otto Drakenberg + 920 000 SUBS 10 Mar 2021
Kenneth Engström +29 773 500 SUBS 10 Mar 2021
Hans och Johan Thyrén och von Essen +41 402 139 SUBS 10 Mar 2021
Kenneth Engström +3 174 000 SUBS 10 Mar 2021
Jan Andersson - 60 000 SELL 2 Mar 2021

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