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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 1943 2073
Sales growth (%) 30 -11,9 6,7
EBITDA 204 455 504
EBITDA margin (%) 9,3 23,4 24,3
EBIT adj. 127 365 414
EBIT adj. margin (%) 5,7 18,8 20
Pretax profit 27 168 341
EPS 0,32 1,01 2,93
EPS growth (%) -240,3 N/A N/A
EPS adj. 0,43 0,98 2,85
DPS 0,91 1,7 1,76
EV/EBITDA (x) 20,2 5,6 5,1
EV/EBIT adj. (x) 32,6 6,9 6,2
P/E (x) N/A 32,4 11,2
P/E adj. (x) 76,7 33,4 11,6
EV/sales (x) 1,87 1,31 1,25
FCF yield (%) 4,9 17,9 3,4
Le. adj. FCF yld. (%) 4,9 17,9 3,4
Dividend yield (%) 2,8 5,2 5,4
Net IB debt/EBITDA (x) 5,8 -0,9 -0,7
Le. adj. ND/EBITDA (x) 4,8 -1,3 -1,1
SEKm 2024 2025e 2026e
Sales 2206 1943 2073
COGS -843 -249 -229
Gross profit 1363 1694 1844
Other operating items -1159 -1238 -1340
EBITDA 204 455 504
Depreciation and amortisation -83 -83 -81
of which leasing depreciation 0 0 0
EBITA 121 372 423
EO Items -6 7 8
Impairment and PPA amortisation 0 0 0
EBIT 121 372 423
Net financial items -95 -204 -82
Pretax profit 27 168 341
Tax -4 -71 -73
Net profit 23 97 268
Minority interest 6 -7 -8
Net profit discontinued 0 0 0
Net profit to shareholders 29 90 259
EPS 0,32 1,01 2,93
EPS adj. 0,43 0,98 2,85
Total extraordinary items after tax -5 4 7
Leasing payments 0 0 0
Tax rate (%) 13,1 42,3 21,5
Gross margin (%) 61,8 87,2 88,9
EBITDA margin (%) 9,3 23,4 24,3
EBITA margin (%) 5,5 19,2 20,4
EBIT margin (%) 5,5 19,2 20,4
Pre-tax margin (%) 1,2 8,6 16,4
Net margin (%) 1,1 5 12,9
Sales growth (%) 30 -11,9 6,7
EBITDA growth (%) -2,7 123 10,7
EBITA growth (%) -11,9 207,1 13,5
EBIT growth (%) -11,9 N/A 13,5
Net profit growth (%) -388,2 317,4 176,3
EPS growth (%) -240,3 N/A N/A
Profitability N/A N/A N/A
ROE (%) 1,4 4,5 12,9
ROE adj. (%) 1,7 4,3 12,6
ROCE (%) 5,1 7,2 13,1
ROCE adj. (%) 5,2 7,1 12,9
ROIC (%) 3,3 8,9 19,9
ROIC adj. (%) 3,4 8,8 19,6
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 210 448 496
EBITDA adj. margin (%) 9,5 23,1 23,9
EBITDA lease adj. 210 448 496
EBITDA lease adj. margin (%) 9,5 23,1 23,9
EBITA adj. 127 365 414
EBITA adj. margin (%) 5,7 18,8 20
EBIT adj. 127 365 414
EBIT adj. margin (%) 5,7 18,8 20
Pretax profit Adj. 32 161 333
Net profit Adj. 28 93 261
Net profit to shareholders adj. 33 85 253
Net adj. margin (%) 1,3 4,8 12,6
SEKm 2024 2025e 2026e
EBITDA 204 455 504
Goodwill 587 558 529
Net financial items -95 -204 -82
Other intangible assets 0 0 0
Paid tax -4 -71 -73
Tangible fixed assets 32 30 30
Non-cash items -22 -1451 242
Right-of-use asset 177 123 71
Cash flow before change in WC 84 -1271 591
Total other fixed assets 599 599 599
Change in working capital -61 1451 -242
Fixed assets 1395 1310 1229
Operating cash flow 23 180 349
Inventories 0 0 0
Capex tangible fixed assets 0 0 0
Receivables 928 1355 1497
Capex intangible fixed assets 0 0 0
Other current assets 2325 447 547
Acquisitions and Disposals 119 340 -250
Cash and liquid assets 901 1287 1236
Free cash flow 142 520 99
Total assets 5549 4399 4509
Dividend paid -80 -80 -150
Shareholders equity 1997 1953 2062
Share issues and buybacks 0 0 0
Minority 42 42 42
Leasing liability amortisation 0 0 0
Total equity 2039 1995 2104
Other non-cash items -163 1052 0
Long-term debt 2497 1288 1288
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 186 186 186
Total other long-term liabilities 227 331 331
Short-term debt 0 0 0
Accounts payable 589 589 589
Other current liabilities 11 11 11
Total liabilities and equity 5549 4399 4509
Net IB debt 1183 -412 -361
Net IB debt excl. pension debt 1183 -412 -361
Net IB debt excl. leasing 997 -598 -547
Capital employed 4722 3469 3578
Capital invested 3222 1583 1743
Working capital 2653 1202 1444
Market cap. diluted (m) 2907 2907 2907
Net IB debt adj. 1183 -412 -361
Market value of minority 42 42 42
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity N/A N/A N/A
EV 4132 2537 2588
Total assets turnover (%) 40,1 39,1 46,6
Working capital/sales (%) 118,9 99,2 63,8
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 58 -20,6 -17,1
Net debt / market cap (%) 40,7 -14,2 -12,4
Equity ratio (%) 36,7 45,3 46,7
Net IB debt adj. / equity (%) 58 -20,6 -17,1
Current ratio 6,92 5,15 5,47
EBITDA/net interest 1,4 5 6,2
Net IB debt/EBITDA (x) 5,8 -0,9 -0,7
Net IB debt/EBITDA lease adj. (x) 4,8 -1,3 -1,1
Interest coverage 0,9 3,2 3,8
SEKm 2024 2025e 2026e
Shares outstanding adj. 88 88 88
Diluted shares adj. 88 88 88
EPS 0,32 1,01 2,93
Dividend per share 0,91 1,7 1,76
EPS adj. 0,43 0,98 2,85
BVPS 22,6 22,1 23,34
BVPS adj. 15,96 15,79 17,36
Net IB debt/share 13,39 -4,66 -4,08
Share price 32,9 32,9 32,9
Market cap. (m) 2907 2907 2907
P/E (x) N/A 32,4 11,2
EV/sales (x) 1,87 1,31 1,25
EV/EBITDA (x) 20,2 5,6 5,1
EV/EBITA (x) 34,1 6,8 6,1
EV/EBIT (x) 34,1 6,8 6,1
Dividend yield (%) 2,8 5,2 5,4
FCF yield (%) 4,9 17,9 3,4
Le. adj. FCF yld. (%) 4,9 17,9 3,4
P/BVPS (x) 1,46 1,49 1,41
P/BVPS adj. (x) 2,06 2,08 1,9
P/E adj. (x) 76,7 33,4 11,6
EV/EBITDA adj. (x) 19,7 5,7 5,2
EV/EBITA adj. (x) 32,6 6,9 6,2
EV/EBIT adj. (x) 32,6 6,9 6,2
EV/CE (x) 0,9 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 259,38 276,83 271,33

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Main shareholders - Catella

Main shareholders Share capital % Voting shares % Verified
Claesson & Anderzén 49.4 % 49.2 % 26 Jun 2025
Gran Fondo Capital 7.3 % 7.2 % 26 Jun 2025
Alcur Fonder 4.2 % 3.8 % 31 May 2025
Symmetry Invest A/S 3.8 % 3.4 % 26 Jun 2025
Avanza Pension 2.4 % 2.2 % 26 Jun 2025
Nordnet Pensionsförsäkring 2.3 % 2.2 % 26 Jun 2025
Familjen Hedberg 1.1 % 1.0 % 26 Jun 2025
Swedbank Försäkring 1.1 % 1.0 % 26 Jun 2025
Nordea Funds 1.1 % 1.0 % 26 Jun 2025
MP Pensjon PK 1.0 % 0.9 % 26 Jun 2025
Source: Holdings by Modular Finance AB