Press the button and be introduced to a new random company!

Introduce me >

Social media

facebook   Follow us on Twitter

Coverage

Catella

Catella

Catella is an active player in real estate investment and fund management, with operations all over Europe. It works with both retail and institutional clients. Catella’s business can be subdivided into three business areas, Corporate Finance, Property Investment Management and Principal Investments.

Sustainability information

One major risk for Catella is to lose key employees, as it is heavily dependent on them. It is also highly dependent on one (real estate) sector. In addition, we see income and earnings volatility risk and regulatory risk.

SEKm 2024 2025e 2026e
Sales 2206 1947 2079
Sales growth (%) 30 -11,8 6,8
EBITDA 204 472 480
EBITDA margin (%) 9,3 24,2 23,1
EBIT adj. 127 373 392
EBIT adj. margin (%) 5,7 19,2 18,8
Pretax profit 27 248 373
EPS 0,32 2,38 3,22
EPS growth (%) N/A N/A 35,1
EPS adj. 0,43 2,31 3,12
DPS 0,91 1,7 1,93
EV/EBITDA (x) 19,2 4,6 4,5
EV/EBIT adj. (x) 30,9 5,8 5,6
P/E (x) 93,6 12,8 9,4
P/E adj. (x) 70,8 13,2 9,7
EV/sales (x) 1,77 1,1 1,05
FCF yield (%) 5,3 34 4,6
Le. adj. FCF yld. (%) 5,3 34 4,6
Dividend yield (%) 3 5,6 6,4
Net IB debt/EBITDA (x) 5,8 -1,2 -1,1
Le. adj. ND/EBITDA (x) 4,8 -1,6 -1,5
SEKm 2024 2025e 2026e
Sales 2206 1947 2079
COGS -843 -300 -222
Gross profit 1363 1646 1858
Other operating items -1159 -1175 -1378
EBITDA 204 472 480
Depreciation and amortisation -83 -82 -80
of which leasing depreciation 0 0 0
EBITA 121 390 400
EO Items -6 17 8
Impairment and PPA amortisation 0 0 0
EBIT 121 390 400
Net financial items -95 -142 -27
Pretax profit 27 248 373
Tax -4 -21 -80
Net profit 23 227 293
Minority interest 6 -17 -8
Net profit discontinued 0 0 0
Net profit to shareholders 29 210 284
EPS 0,32 2,38 3,22
EPS adj. 0,43 2,31 3,12
Total extraordinary items after tax -5 15 7
Leasing payments 0 0 0
Tax rate (%) 13,1 8,5 21,5
Gross margin (%) 61,8 84,6 89,3
EBITDA margin (%) 9,3 24,2 23,1
EBITA margin (%) 5,5 20 19,2
EBIT margin (%) 5,5 20 19,2
Pre-tax margin (%) 1,2 12,8 17,9
Net margin (%) 1,1 11,7 14,1
Sales growth (%) 30 -11,8 6,8
EBITDA growth (%) -2,7 131,1 1,7
EBITA growth (%) -11,9 221,8 2,6
EBIT growth (%) -11,9 N/A 2,6
Net profit growth (%) -388,2 879,8 28,8
EPS growth (%) N/A N/A 35,1
Profitability N/A N/A N/A
ROE (%) 1,4 10,3 13,2
ROE adj. (%) 1,7 9,5 12,9
ROCE (%) 5,1 9 13,6
ROCE adj. (%) 5,2 8,6 13,3
ROIC (%) 3,3 14,9 19,2
ROIC adj. (%) 3,4 14,3 18,8
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 210 455 472
EBITDA adj. margin (%) 9,5 23,4 22,7
EBITDA lease adj. 210 455 472
EBITDA lease adj. margin (%) 9,5 23,4 22,7
EBITA adj. 127 373 392
EBITA adj. margin (%) 5,7 19,2 18,8
EBIT adj. 127 373 392
EBIT adj. margin (%) 5,7 19,2 18,8
Pretax profit Adj. 32 232 365
Net profit Adj. 28 212 286
Net profit to shareholders adj. 33 195 278
Net adj. margin (%) 1,3 10,9 13,8
SEKm 2024 2025e 2026e
EBITDA 204 472 480
Goodwill 587 560 533
Net financial items -95 -142 -27
Other intangible assets 0 0 0
Paid tax -4 -21 -80
Tangible fixed assets 32 30 30
Non-cash items -22 -1839 242
Right-of-use asset 177 122 69
Cash flow before change in WC 84 -1530 614
Total other fixed assets 599 625 625
Change in working capital -61 1639 -242
Fixed assets 1395 1337 1257
Operating cash flow 23 109 373
Inventories 0 0 0
Capex tangible fixed assets 0 0 0
Receivables 928 1059 1201
Capex intangible fixed assets 0 0 0
Other current assets 2325 467 567
Acquisitions and Disposals 119 804 -250
Cash and liquid assets 901 917 890
Free cash flow 142 913 123
Total assets 5549 3780 3914
Dividend paid -80 -80 -150
Shareholders equity 1997 2090 2224
Share issues and buybacks 0 0 0
Minority 42 36 36
Leasing liability amortisation 0 0 0
Total equity 2039 2125 2260
Other non-cash items -163 976 0
Long-term debt 2497 821 821
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 186 149 149
Total other long-term liabilities 227 173 173
Short-term debt 0 0 0
Accounts payable 589 501 501
Other current liabilities 11 11 11
Total liabilities and equity 5549 3780 3914
Net IB debt 1183 -572 -545
Net IB debt excl. pension debt 1183 -572 -545
Net IB debt excl. leasing 997 -721 -694
Capital employed 4722 3095 3230
Capital invested 3222 1553 1715
Working capital 2653 1014 1256
Market cap. diluted (m) 2686 2686 2686
Net IB debt adj. 1183 -572 -545
Market value of minority 42 36 36
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity N/A N/A N/A
EV 3911 2149 2176
Total assets turnover (%) 40,1 41,7 54
Working capital/sales (%) 118,9 94,2 54,6
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 58 -26,9 -24,1
Net debt / market cap (%) 44 -21,3 -20,3
Equity ratio (%) 36,7 56,2 57,7
Net IB debt adj. / equity (%) 58 -26,9 -24,1
Current ratio 6,92 4,77 5,19
EBITDA/net interest 1,4 7,1 17,7
Net IB debt/EBITDA (x) 5,8 -1,2 -1,1
Net IB debt/EBITDA lease adj. (x) 4,8 -1,6 -1,5
Interest coverage 0,9 4,1 7,7
SEKm 2024 2025e 2026e
Shares outstanding adj. 88 88 88
Diluted shares adj. 88 88 88
EPS 0,32 2,38 3,22
Dividend per share 0,91 1,7 1,93
EPS adj. 0,43 2,31 3,12
BVPS 22,6 23,65 25,17
BVPS adj. 15,96 17,31 19,14
Net IB debt/share 13,39 -6,48 -6,17
Share price 30,4 30,4 30,4
Market cap. (m) 2686 2686 2686
P/E (x) 93,6 12,8 9,4
EV/sales (x) 1,8 1,1 1
EV/EBITDA (x) 19,2 4,6 4,5
EV/EBITA (x) 32,3 5,5 5,4
EV/EBIT (x) 32,3 5,5 5,4
Dividend yield (%) 3 5,6 6,4
FCF yield (%) 5,3 34 4,6
Le. adj. FCF yld. (%) 5,3 34 4,6
P/BVPS (x) 1,34 1,29 1,21
P/BVPS adj. (x) 1,9 1,76 1,59
P/E adj. (x) 70,8 13,2 9,7
EV/EBITDA adj. (x) 18,6 4,7 4,6
EV/EBITA adj. (x) 30,9 5,8 5,6
EV/EBIT adj. (x) 30,9 5,8 5,6
EV/CE (x) 0,8 0,7 0,7
Investment ratios N/A N/A N/A
Capex/sales (%) 0 0 0
Capex/depreciation 0 0 0
Capex tangibles / tangible fixed assets 0 0 0
Capex intangibles / definite intangibles N/A N/A N/A
Depreciation on intang / def. intang N/A N/A N/A
Depreciation on tangibles / tangibles 259,4 273,3 266,7

Equity research

Read earlier research

Main shareholders - Catella

Main shareholders Share capital % Voting shares % Verified
Claesson & Anderzén 49.4 % 49.2 % 27 Aug 2025
Gran Fondo Capital 7.3 % 7.2 % 27 Aug 2025
Alcur Fonder 4.2 % 3.8 % 30 Jun 2025
Symmetry Invest A/S 3.8 % 3.4 % 27 Aug 2025
Avanza Pension 2.5 % 2.3 % 27 Aug 2025
Nordnet Pensionsförsäkring 2.4 % 2.2 % 27 Aug 2025
Familjen Hedberg 1.1 % 1.0 % 27 Aug 2025
Swedbank Försäkring 1.1 % 1.0 % 27 Aug 2025
Nordea Funds 1.1 % 1.0 % 27 Aug 2025
MP Pensjon PK 1.0 % 0.9 % 27 Aug 2025
Source: Holdings by Modular Finance AB