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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 325 807 892
Sales growth (%) -59,6 148,2 10,5
EBITDA -112 45 75
EBITDA margin (%) -34,6 5,6 8,4
EBIT adj -182 10 32
EBIT adj margin (%) -56,1 1,3 3,6
Pretax profit -225 -10 13
EPS rep -6,96 -0,31 0,31
EPS growth (%) -161 95,5 200
EPS adj -6,31 -0,31 0,31
DPS 0,15 0,2 0,2
EV/EBITDA (x) -4,4 10,6 5,6
EV/EBIT adj (x) -2,7 46,4 13,1
P/E (x) -0,3 -7,4 7,4
P/E adj (x) -0,4 -7,4 7,4
EV/sales (x) 1,5 0,6 0,5
FCF yield (%) -185,7 26,1 63,5
Dividend yield (%) 6,4 8,5 8,5
Net IB debt/EBITDA -3,9 9,4 5
N/A N/A N/A
SEKm 2020 2021e 2022e
Other operating items -438 -762 -817
EBITDA -112 45 75
Depreciation on tangibles -46 10 2
Depreciation on intangibles 0 0 0
EBITA -203 10 32
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT -203 10 32
Other financial items 0 0 0
Net financial items -24 -23 -22
Associated income 2 3 3
Other EO items 0 0 0
Pretax profit -225 -10 13
Tax 0 0 -3
Net profit -225 -10 10
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -225 -10 10
EPS -6,96 -0,31 0,31
EPS Adj -6,31 -0,31 0,31
Total extraordinary items after tax -21 0 0
Tax rate (%) 0 0 -23
Gross margin (%) 100 100 100
EBITDA margin (%) -34,6 5,6 8,4
EBITA margin (%) -62,6 1,3 3,6
EBIT margin (%) -62,6 1,3 3,6
Pretax margin (%) -70 -1,6 1,2
Net margin (%) -70 -1,6 0,9
Growth rates Y/Y 2020 2021 2022
Sales growth (%) -59,6 148,2 10,5
EBITDA growth (%) -316,3 140,3 66
EBIT growth (%) -362,5 105,1 212,2
Net profit growth (%) -213,2 95,5 200
EPS growth (%) -161 95,5 200
Profitability 2020 2021 2022
ROE (%) 4297,4 9,3 -9,9
ROE Adj (%) 3897,2 9,3 -9,9
ROCE (%) -43,4 4 10,9
ROCE Adj(%) -38,9 4 10,9
ROIC (%) -49,1 3,2 8,4
ROIC Adj (%) -44,1 3,2 8,4
Adj earnings numbers 2020 2021 2022
EBITDA Adj -91 45 75
EBITDA Adj margin (%) -28,1 5,6 8,4
EBITA Adj -182 10 32
EBITA Adj margin (%) -56,1 1,3 3,6
EBIT Adj -182 10 32
EBIT Adj margin (%) -56,1 1,3 3,6
Pretax profit Adj -204 -10 13
Net profit Adj -204 -10 10
Net profit to shareholders Adj -204 -10 10
Net Adj margin (%) -63,5 -1,6 0,9
Sales 325 807 892
COGS 0 0 0
Gross profit 325 807 892
N/A N/A N/A
SEKm 2020 2021e 2022e
EBITDA -112 45 75
Net financial items -24 -23 -22
Paid tax 0 0 -3
Non-cash items 2 3 3
Cash flow before change in WC -134 25 53
Change in WC 0 0 0
Operating cash flow -134 25 53
CAPEX tangible fixed assets -6 -5 -5
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 0 0 0
Free cash flow -141 20 48
Dividend paid 0 6 6
Share issues and buybacks 21 0 0
Other non cash items 80 -30 -15
Decrease in net IB debt -28 8 52
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 55 70 77
Other fixed assets 41 46 51
Fixed assets 591 554 509
Inventories 2 6 6
Receivables 34 89 98
Other current assets 33 0 0
Cash and liquid assets 22 1 52
Total assets 683 649 665
Shareholders equity -107 -111 -95
Minority 0 0 0
Total equity -107 -111 -95
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 683 649 665
Net IB debt 434 425 374
Net IB debt excl. pension debt 434 425 374
Capital invested 326 314 279
Working capital -265 -240 -230
EV breakdown 2020 2021 2022
Market cap. diluted (m) 76 76 76
Net IB debt Adj 434 425 374
Market value of minority 0 0 0
Reversal of shares and participations -17 -22 -27
Reversal of conv. debt assumed equity 0 0 0
EV 492 479 422
Capital efficiency (%) 2020 2021 2022
Total assets turnover (%) 40,7 121,2 135,7
Capital invested turnover (%) 78,5 252,1 300,7
Capital employed turnover (%) 70,1 243,3 276
Inventories / sales (%) 1,2 0,5 0,7
Customer advances / sales (%) 0 0 0
Payables / sales (%) 0 0 0
Working capital / sales (%) -59,8 -31,2 -26,3
Financial risk and debt service 2020 2021 2022
Net debt / equity (%) -403,4 -382,5 -395,2
Net debt / market cap (%) 441,8 561 492,7
Equity ratio (%) -15,7 -17,1 -14,2
Net IB debt adj. / equity (%) -403,4 -382,5 -395,2
Current ratio (%) 15,5 16,9 27,8
EBITDA / net interest (%) -468,7 197,1 349,9
Net IB debt / EBITDA (%) -385,5 938,5 496,6
Interest cover (%) -847,9 46,1 148,7
N/A N/A N/A
SEKm 2020 2021e 2022e
Shares outstanding adj. 32 32 32
Fully diluted shares Adj 32 32 32
EPS -6,96 -0,31 0,31
Dividend per share Adj 0,2 0,2 0,2
EPS Adj -6,31 -0,31 0,31
BVPS -3,32 -3,43 -2,92
BVPS Adj -9,92 -10,04 -9,52
Net IB debt / share 13,4 13,1 11,5
Share price 3,03 2,34 2,34
Market cap. (m) 98 76 76
Valuation 2020 2021 2022
P/E -0,3 -7,4 7,4
EV/sales 1,51 0,59 0,47
EV/EBITDA -4,4 10,6 5,6
EV/EBITA -2,4 46,4 13,1
EV/EBIT -2,4 46,4 13,1
Dividend yield (%) 6,4 8,5 8,5
FCF yield (%) -185,7 26,1 63,5
P/BVPS -0,71 -0,68 -0,8
P/BVPS Adj -0,24 -0,23 -0,25
P/E Adj -0,4 -7,4 7,4
EV/EBITDA Adj -5,4 10,6 5,6
EV/EBITA Adj -2,7 46,4 13,1
EV/EBIT Adj -2,7 46,4 13,1
EV/cap. employed 1,4 1,5 1,3
Investment ratios 2020 2021 2022
Capex / sales 1,9 0,6 0,6
Capex / depreciation 13,7 -50 -250
Capex tangibles / tangible fixed assets 11,4 7,1 6,5
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 83,2 -14,2 -2,6
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 % 31 Dec 2020
Verna Fastigheter AB 16.7 % 16.7 % 31 Dec 2020
Kenneth Engström 13.3 % 13.3 % 31 Dec 2020
Stefan Gerhardsson 2.8 % 2.8 % 31 Dec 2020
Thomas Petersson 2.4 % 2.4 % 31 Dec 2020
TF Group Scandinavia AB 1.8 % 1.8 % 31 Dec 2020
Avanza Pension 1.7 % 1.7 % 31 Dec 2020
Krister Classon 1.7 % 1.7 % 31 Dec 2020
Jan Axel Vilhelm Andersson 1.4 % 1.4 % 31 Dec 2020
Swedbank Försäkring 0.9 % 0.9 % 31 Dec 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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