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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 811 893 963
Sales growth (%) -13,5 10,1 7,8
EBITDA 54 109 116
EBITDA margin (%) 6,7 12,2 12,1
EBIT adj -8 39 46
EBIT adj margin (%) -1 4,4 4,8
Pretax profit -39 17 24
EPS rep -1,58 0,49 0,7
EPS growth (%) 52,4 130,7 43,2
EPS adj -1,36 0,49 0,7
DPS 0 0,15 0,2
EV/EBITDA (x) 12,9 5,8 5
EV/EBIT adj (x) -87,9 16,1 12,6
P/E (x) -3,1 10,1 7
P/E adj (x) -3,6 10,1 7
EV/sales (x) 0,9 0,7 0,6
FCF yield (%) 1,3 33,8 35,7
Dividend yield (%) 0 3,1 4,1
Net IB debt/EBITDA 10,7 4,7 4,1
SEKm 2019 2020e 2021e
Other operating items -757 -784 -847
EBITDA 54 109 116
Depreciation on tangibles -23 -25 -25
Depreciation on intangibles 0 0 0
EBITA -14 39 46
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT -14 39 46
Other financial items 0 0 0
Net financial items -25 -24 -24
Associated income 0 2 2
Other EO items 0 0 0
Pretax profit -39 17 24
Tax -4 -4 -6
Net profit -43 13 19
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -43 13 19
EPS -1,58 0,49 0,7
EPS Adj -1,36 0,49 0,7
Total extraordinary items after tax -6 0 0
Tax rate (%) 10,1 -23,5 -23
Gross margin (%) 100 100 100
EBITDA margin (%) 6,7 12,2 12,1
EBITA margin (%) -1,7 4,4 4,8
EBIT margin (%) -1,7 4,4 4,8
Pretax margin (%) -4,8 1,8 2,4
Net margin (%) -5,3 1,3 1,8
Growth rates Y/Y 2019 2020 2021
Sales growth (%) -13,5 10,1 7,8
EBITDA growth (%) 375,8 101,9 6,7
EBIT growth (%) 65 381,5 18,5
Net profit growth (%) 11,8 130,7 43,2
EPS growth (%) 52,4 130,7 43,2
Profitability 2019 2020 2021
ROE (%) -46,4 16,5 18,8
ROE Adj (%) -39,8 16,5 18,8
ROCE (%) -2,9 6,2 7,1
ROCE Adj(%) -1,6 6,2 7,1
ROIC (%) -2,4 3,8 4,6
ROIC Adj (%) -1,4 3,8 4,6
Adj earnings numbers 2019 2020 2021
EBITDA Adj 60 109 116
EBITDA Adj margin (%) 7,4 12,2 12,1
EBITA Adj -8 39 46
EBITA Adj margin (%) -1 4,4 4,8
EBIT Adj -8 39 46
EBIT Adj margin (%) -1 4,4 4,8
Pretax profit Adj -33 17 24
Net profit Adj -37 13 19
Net profit to shareholders Adj -37 13 19
Net Adj margin (%) -4,5 1,3 1,8
Sales 811 893 963
COGS 0 0 0
Gross profit 811 893 963
SEKm 2019 2020e 2021e
EBITDA 54 109 116
Net financial items -25 -24 -24
Paid tax -4 -4 -6
Non-cash items 2 2 2
Cash flow before change in WC 27 83 89
Change in WC 7 -13 -14
Operating cash flow 12 83 89
CAPEX tangible fixed assets -10 -38 -42
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 0 0 0
Free cash flow 2 45 47
Dividend paid 0 4 5
Share issues and buybacks 0 0 0
Other non cash items -427 2 -24
Decrease in net IB debt -414 62 41
Balance Sheet (SEKm) 2019 2020 2021
Goodwill 212 212 212
Indefinite intangible assets 0 0 0
Definite intangible assets 3 3 3
Tangible fixed assets 93 106 123
Other fixed assets 27 30 33
Fixed assets 726 686 648
Inventories 5 5 7
Receivables 81 94 106
Other current assets 108 90 98
Cash and liquid assets 8 70 111
Total assets 928 945 969
Shareholders equity 71 88 112
Minority 0 0 0
Total equity 71 88 112
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 273 273 273
Total liabilities and equity 529 587 928
Net IB debt 576 514 473
Net IB debt excl. pension debt 576 514 473
Capital invested 812 785 761
Working capital 86 99 113
EV breakdown 2019 2020 2021
Market cap. diluted (m) 133 133 133
Net IB debt Adj 576 514 473
Market value of minority 0 0 0
Reversal of shares and participations -13 -16 -19
Reversal of conv. debt assumed equity 0 0 0
EV 696 630 587
Capital efficiency (%) 2019 2020 2021
Total assets turnover (%) 107,1 95,3 100,6
Capital invested turnover (%) 129,6 111,8 124,6
Capital employed turnover (%) 167,5 134,6 140,8
Inventories / sales (%) 0,7 0,6 0,6
Customer advances / sales (%) 0 0 0
Payables / sales (%) 0 0 0
Working capital / sales (%) 11 10,4 11
Financial risk and debt service 2019 2020 2021
Net debt / equity (%) 813,1 583,5 421,3
Net debt / market cap (%) 268,3 387,6 356,8
Equity ratio (%) 7,6 9,3 11,6
Net IB debt adj. / equity (%) 813,1 583,5 421,3
Current ratio (%) 73,8 95 117,6
EBITDA / net interest (%) 217,2 464,6 495,5
Net IB debt / EBITDA (%) 1065,3 470,6 406,3
Interest cover (%) -55,3 165,3 195,6
SEKm 2019 2020e 2021e
Shares outstanding adj. 27 27 27
Fully diluted shares Adj 27 27 27
EPS -1,58 0,49 0,7
Dividend per share Adj 0 0,1 0,2
EPS Adj -1,36 0,49 0,7
BVPS 2,62 3,26 4,16
BVPS Adj -5,35 -4,71 -3,81
Net IB debt / share 21,3 19 17,5
Share price 7,95 4,91 4,91
Market cap. (m) 215 133 133
Valuation 2019 2020 2021
P/E -3,1 10,1 7
EV/sales 0,86 0,71 0,61
EV/EBITDA 12,9 5,8 5
EV/EBITA -50 16,1 12,6
EV/EBIT -50 16,1 12,6
Dividend yield (%) 0 3,1 4,1
FCF yield (%) 1,3 33,8 35,7
P/BVPS 1,87 1,51 1,18
P/BVPS Adj -0,92 -1,04 -1,29
P/E Adj -3,6 10,1 7
EV/EBITDA Adj 11,6 5,8 5
EV/EBITA Adj -87,9 16,1 12,6
EV/EBIT Adj -87,9 16,1 12,6
EV/cap. employed 1,1 0,9 0,8
Investment ratios 2019 2020 2021
Capex / sales 1,2 4,3 4,3
Capex / depreciation 43,5 153,5 166,1
Capex tangibles / tangible fixed assets 10,8 36,1 33,8
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 24,8 23,5 20,4

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 24.3 % 24.3 % 31 Dec 2019
Engströms Trä I Brynje AB 14.4 % 14.4 % 31 Dec 2019
Thomas Wernhoff 4.1 % 4.1 % 31 Dec 2019
Stefan Gerhardsson 3.3 % 3.3 % 31 Dec 2019
Ludvig Löngårdh 3.1 % 3.1 % 31 Dec 2019
Avanza Pension 2.9 % 2.9 % 31 Dec 2019
Thomas Petersson 2.8 % 2.8 % 31 Dec 2019
TF Group Scandinavia AB 2.4 % 2.4 % 31 Dec 2019
Krister Classon 2.1 % 2.1 % 31 Dec 2019
Fredrik Grevelius 1.8 % 1.8 % 31 Dec 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 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
Per Mattisson + 55 972 BUY 28 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 +1 643 536 SUBS 28 May 2019

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