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Catella

Catella

SEKm 2021 2022e 2023e
Sales 1735 2654 2311
Sales growth (%) -15,2 53 -12,9
EBITDA 263 1150 600
EBITDA margin (%) 15,2 43,3 26
EBIT adj 142 911 520
EBIT adj margin (%) 8,2 34,3 22,5
Pretax profit 220 1026 465
EPS rep 1,89 7,25 3,83
EPS growth (%) 156,9 283,5 -47,2
EPS adj 1,67 7,25 3,83
DPS 1 3,74 1,97
EV/EBITDA (x) 20,2 3,2 6,2
EV/EBIT adj (x) 37,3 4,1 7,1
P/E (x) 24,9 5 9,4
P/E adj (x) 28,2 5 9,4
EV/sales (x) 3,1 1,4 1,6
FCF yield (%) -36,1 14,6 8,5
Dividend yield (%) 2,1 10,4 5,5
Net IB debt/EBITDA 5,5 0,8 1,6
Lease adj. FCF yield (%) -36,1 14,6 8,5
Lease adj. ND/EBITDA 3,5 0,9 1,5
SEKm 2021 2022e 2023e
Leasing payments 0 0 0
Depreciation and amortisation -121 -76 -80
Of which leasing depreciation 0 0 0
EO items 0 163 0
Impairment and PPA amortisation 0 0 0
EBITDA lease Adj 373 987 600
EBITDA lease Adj margin (%) 21,5 37,2 26
Sales 1735 2654 2311
COGS -205 -266 -235
Gross profit 1530 2388 2076
Other operating items -1267 -1238 -1476
EBITDA 263 1150 600
Depreciation on tangibles 0 0 0
Depreciation on intangibles -75 -47 -52
EBITA 142 1074 520
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 142 1074 520
Other financial items -103 -25 0
Net financial items 78 -48 -55
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 220 1026 465
Tax -79 -202 -116
Net profit 140 823 349
Minority interest 46 -163 0
Net profit discontinued -14 0 0
Net profit to shareholders 172 660 349
EPS 1,89 7,25 3,83
EPS Adj 1,67 7,25 3,83
Total extraordinary items after tax -6,2 163 0
Tax rate (%) -36,2 -19,7 -25
Gross margin (%) 88,2 90 89,8
EBITDA margin (%) 15,2 43,3 26
EBITA margin (%) 8,2 40,5 22,5
EBIT margin (%) 8,2 40,5 22,5
Pretax margin (%) 12,7 38,7 20,1
Net margin (%) 8,1 31 15,1
Growth rates Y/Y 2021 2022 2023
Sales growth (%) -15,2 53 -12,9
EBITDA growth (%) -47,7 337,3 -47,8
EBIT growth (%) -63,9 656,4 -51,6
Net profit growth (%) 5,4 487,3 -57,6
EPS growth (%) 156,9 283,5 -47,2
Profitability 2021 2022 2023
ROE (%) 10,4 33,5 15,4
ROE Adj (%) 11,7 25,2 15,4
ROCE (%) 7,6 22,8 10,6
ROCE Adj(%) 7,6 19,4 10,6
ROIC (%) 3,6 25,9 11,5
ROIC Adj (%) 3,6 22 11,5
Adj earnings numbers 2021 2022 2023
EBITDA Adj 263 987 600
EBITDA Adj margin (%) 15,2 37,2 26
EBITA Adj 142 911 520
EBITA Adj margin (%) 8,2 34,3 22,5
EBIT Adj 142 911 520
EBIT Adj margin (%) 8,2 34,3 22,5
Pretax profit Adj 220 863 465
Net profit Adj 146 660 349
Net profit to shareholders Adj 192 497 349
Net Adj margin (%) 8,4 24,9 15,1
SEKm 2021 2022e 2023e
EBITDA 263 1150 600
Net financial items 78 -48 -55
Paid tax -79 -202 -116
Non-cash items -164 -364 0
Cash flow before change in WC 97 535 429
Change in WC -128 -167 0
Operating cash flow -31 368 429
CAPEX tangible fixed assets 0 0 0
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals -1519 111 -150
Free cash flow -1550 479 279
Dividend paid -80 -88 -330
Share issues and buybacks 0 0 0
Other non cash items 175 79 44
Decrease in net IB debt -3708 318 246
Balance Sheet (SEKm) 2021 2022 2023
Goodwill 404 0 -48
Indefinite intangible assets 0 0 0
Definite intangible assets 0 0 0
Tangible fixed assets 25 525 525
Other fixed assets 353 410 410
Fixed assets 856 1051 971
Other intangible assets 0 0 0
Right-of-use asset 126 82 50
Total other fixed assets 301 444 444
Leasing liability 141 113 69
Total other long-term liabilities 118 168 93
Net IB debt excl. leasing 1299 857 909
Net IB debt / EBITDA lease Adj (%) 348,3 86,9 151,5
Lease liability amortisation 0 0 0
Inventories 0 0 0
Receivables 752 850 782
Other current assets 2591 2376 2476
Cash and liquid assets 1242 1801 1749
Total assets 5441 6078 5978
Shareholders equity 1688 2260 2279
Minority 132 132 132
Total equity 1820 2392 2411
Long-term debt 2541 2658 2658
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 27 27 27
Other long-term liabilities 9 18 9
Short-term debt 0 0 0
Accounts payable 736 662 662
Other current liabilities 85 85 85
Total liabilities and equity 5441 6078 5978
Net IB debt 1440 970 977
Net IB debt excl. pension debt 1440 970 977
Capital invested 3279 3381 3407
Working capital 2522 2479 2510
EV breakdown 2021 2022 2023
Market cap. diluted (m) 4161 3176 3176
Net IB debt Adj 1440 970 977
Market value of minority 0 0 0
Reversal of shares and participations -301 -444 -444
Reversal of conv. debt assumed equity 0 0 0
EV 5300 3702 3709
Capital efficiency (%) 2021 2022 2023
Total assets turnover (%) 35,9 46,1 38,3
Capital invested turnover (%) 124,5 110,2 128,6
Capital employed turnover (%) 89,1 67,7 61,9
Inventories / sales (%) 0 0 0
Customer advances / sales (%) 0 0 0
Payables / sales (%) 33,8 36,1 27,9
Working capital / sales (%) 94,6 94,2 107,9
Financial risk and debt service 2021 2022 2023
Net debt / equity (%) 79,1 40,6 40,5
Net debt / market cap (%) 48,4 30,5 30,8
Equity ratio (%) 33,4 39,4 40,3
Net IB debt adj. / equity (%) 79,1 40,6 40,5
Current ratio (%) 558,5 672,6 669,9
EBITDA / net interest (%) 466,3 2431,4 1098,6
Net IB debt / EBITDA (%) 547,5 84,4 162,9
Interest cover (%) 215,1 1435,2 683
SEKm 2021 2022e 2023e
Lease adj. FCF yield (%) -36,1 14,6 8,5
Shares outstanding adj. 88 88 88
Fully diluted shares Adj 88 88 88
EPS 1,89 7,25 3,83
Dividend per share Adj 1 3,7 2
EPS Adj 1,67 7,25 3,83
BVPS 19,11 25,58 25,8
BVPS Adj 14,53 25,58 26,34
Net IB debt / share 16,3 11 11,1
Share price 33,66 35,95 35,95
Market cap. (m) 2974 3176 3176
Valuation 2021 2022 2023
P/E 24,9 5 9,4
EV/sales 3,05 1,39 1,61
EV/EBITDA 20,2 3,2 6,2
EV/EBITA 37,3 3,4 7,1
EV/EBIT 37,3 3,4 7,1
Dividend yield (%) 2,1 10,4 5,5
FCF yield (%) -36,1 14,6 8,5
P/BVPS 2,47 1,41 1,39
P/BVPS Adj 3,24 1,41 1,36
P/E Adj 28,2 5 9,4
EV/EBITDA Adj 20,2 3,8 6,2
EV/EBITA Adj 37,3 4,1 7,1
EV/EBIT Adj 37,3 4,1 7,1
EV/cap. employed 1,2 0,7 0,7
Investment ratios 2021 2022 2023
Capex / sales 0 0 0
Capex / depreciation 0 0 0
Capex tangibles / tangible fixed assets 0 0 0
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 0 0 0

Key Figure Counter

It is not always easy to generate comparative valuations. Therefore, in order to make it easier for you as an investor, we have created this key figure calculator. Enter share price in the field below and then select the year in which you want to retrieve the financial data.

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P/E

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A common valuation multiple, the share price is divided by earnings per share.

P/E ratio stands for Price and Earnings. By dividing a company's market cap to its earnings, investors get a key ratio which they are able to compare between different companies. The ratio can either be calculated on historical or forward-looking numbers. 

It is important to notice that earnings are calculated after taxes, which mean that they can vary between companies due to different accounting standards.

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EV/EBIT

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EV stands for Enterprise Value and is calculated as a company's markets cap in addition to its net debt. The net debt itself is computed through the company's interest-bearing debt minus total cash and cash equivalents. 

EBIT is the Earnings Before Interest and Taxes which is the operating income. This result, in comparison to the P/E ratio, is not affected by any financial items.

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EV/Sales

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EV stands for Enterprise Value and is calculated as a company's market cap adjusted for its net debt. The net debt itself is computed through the company's interest-bearing debt minus total cash and cash equivalents. S is the company's total sales.

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P/BVPS

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P/B stands for Price to Book, which is used to compare a share's market cap to its book value. A P/B ratio that is below one is considered to be valued below its assets.

Companies with high return on equity are usually associated with high P/B ratios, and vice versa. 

 

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