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Catella

Catella

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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.

Financials

SEKm 2024 2025e 2026e
Sales 2206 1927 2088
Sales growth (%) 30 -12,7 8,4
EBITDA 204 444 483
EBITDA margin (%) 9,3 23,1 23,1
EBIT adj. 127 354 393
EBIT adj. margin (%) 5,7 18,4 18,8
Pretax profit 27 199 320
EPS 0,32 1,7 2,75
EPS growth (%) N/A N/A 61,8
EPS adj. 0,43 1,65 2,67
DPS 0,91 1,7 1,65
EV/EBITDA (x) 18,8 4,9 4,7
EV/EBIT adj. (x) 30,4 6,2 5,7
P/E (x) 91,4 17,5 10,8
P/E adj. (x) 69,2 18 11,1
EV/sales (x) 1,74 1,14 1,08
FCF yield (%) 5,4 22,1 3,2
Le. adj. FCF yld. (%) 5,4 22,1 3,2
Dividend yield (%) 3 5,7 5,6
Net IB debt/EBITDA (x) 5,8 -1,1 -0,8
Le. adj. ND/EBITDA (x) 4,8 -1,5 -1,2
SEKm 2024 2025e 2026e
Sales 2206 1927 2088
COGS -843 -230 -229
Gross profit 1363 1697 1858
Other operating items -1159 -1252 -1375
EBITDA 204 444 483
Depreciation and amortisation -83 -83 -81
of which leasing depreciation 0 0 0
EBITA 121 361 402
EO Items -6 7 8
Impairment and PPA amortisation 0 0 0
EBIT 121 361 402
Net financial items -95 -162 -82
Pretax profit 27 199 320
Tax -4 -42 -69
Net profit 23 157 251
Minority interest 6 -7 -8
Net profit discontinued 0 0 0
Net profit to shareholders 29 150 243
EPS 0,32 1,7 2,75
EPS adj. 0,43 1,65 2,67
Total extraordinary items after tax -5 6 7
Leasing payments 0 0 0
Tax rate (%) 13,1 20,9 21,5
Gross margin (%) 61,8 88,1 89
EBITDA margin (%) 9,3 23,1 23,1
EBITA margin (%) 5,5 18,8 19,2
EBIT margin (%) 5,5 18,8 19,2
Pre-tax margin (%) 1,2 10,3 15,3
Net margin (%) 1,1 8,2 12
Sales growth (%) 30 -12,7 8,4
EBITDA growth (%) -2,7 117,6 8,7
EBITA growth (%) -11,9 198,2 11,2
EBIT growth (%) -11,9 N/A 11,2
Net profit growth (%) -388,2 578,6 59,6
EPS growth (%) N/A N/A 61,8
Profitability N/A N/A N/A
ROE (%) 1,4 7,5 11,8
ROE adj. (%) 1,7 7,2 11,5
ROCE (%) 5,1 8,3 12,4
ROCE adj. (%) 5,2 8,1 12,1
ROIC (%) 3,3 11,9 19
ROIC adj. (%) 3,4 11,7 18,6
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 210 437 475
EBITDA adj. margin (%) 9,5 22,7 22,7
EBITDA lease adj. 210 437 475
EBITDA lease adj. margin (%) 9,5 22,7 22,7
EBITA adj. 127 354 393
EBITA adj. margin (%) 5,7 18,4 18,8
EBIT adj. 127 354 393
EBIT adj. margin (%) 5,7 18,4 18,8
Pretax profit Adj. 32 192 312
Net profit Adj. 28 152 245
Net profit to shareholders adj. 33 144 236
Net adj. margin (%) 1,3 7,9 11,7
SEKm 2024 2025e 2026e
EBITDA 204 444 483
Goodwill 587 558 529
Net financial items -95 -162 -82
Other intangible assets 0 0 0
Paid tax -4 -42 -69
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 -1210 574
Total other fixed assets 599 599 599
Change in working capital -61 1451 -242
Fixed assets 1395 1310 1229
Operating cash flow 23 240 333
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 1347 1280
Free cash flow 142 580 83
Total assets 5549 4460 4553
Dividend paid -80 -80 -150
Shareholders equity 1997 2013 2106
Share issues and buybacks 0 0 0
Minority 42 42 42
Leasing liability amortisation 0 0 0
Total equity 2039 2055 2148
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 4460 4553
Net IB debt 1183 -472 -405
Net IB debt excl. pension debt 1183 -472 -405
Net IB debt excl. leasing 997 -658 -591
Capital employed 4722 3529 3622
Capital invested 3222 1583 1743
Working capital 2653 1202 1444
Market cap. diluted (m) 2624 2624 2624
Net IB debt adj. 1183 -472 -405
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 3849 2193 2261
Total assets turnover (%) 40,1 38,5 46,3
Working capital/sales (%) 118,9 100 63,4
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 58 -23 -18,9
Net debt / market cap (%) 45,1 -18 -15,4
Equity ratio (%) 36,7 46,1 47,2
Net IB debt adj. / equity (%) 58 -23 -18,9
Current ratio 6,92 5,25 5,54
EBITDA/net interest 1,4 4,2 5,9
Net IB debt/EBITDA (x) 5,8 -1,1 -0,8
Net IB debt/EBITDA lease adj. (x) 4,8 -1,5 -1,2
Interest coverage 0,9 2,8 3,6
SEKm 2024 2025e 2026e
Shares outstanding adj. 88 88 88
Diluted shares adj. 88 88 88
EPS 0,32 1,7 2,75
Dividend per share 0,91 1,7 1,65
EPS adj. 0,43 1,65 2,67
BVPS 22,6 22,79 23,84
BVPS adj. 15,96 16,47 17,86
Net IB debt/share 13,39 -5,35 -4,59
Share price 29,7 29,7 29,7
Market cap. (m) 2624 2624 2624
P/E (x) 91,4 17,5 10,8
EV/sales (x) 1,7 1,1 1,1
EV/EBITDA (x) 18,8 4,9 4,7
EV/EBITA (x) 31,8 6,1 5,6
EV/EBIT (x) 31,8 6,1 5,6
Dividend yield (%) 3 5,7 5,6
FCF yield (%) 5,4 22,1 3,2
Le. adj. FCF yld. (%) 5,4 22,1 3,2
P/BVPS (x) 1,31 1,3 1,25
P/BVPS adj. (x) 1,86 1,8 1,66
P/E adj. (x) 69,2 18 11,1
EV/EBITDA adj. (x) 18,4 5 4,8
EV/EBITA adj. (x) 30,4 6,2 5,7
EV/EBIT adj. (x) 30,4 6,2 5,7
EV/CE (x) 0,8 0,6 0,6
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 259,4 276,8 271,3

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Main shareholders - Catella

Main shareholders Share capital % Voting shares % Verified
Claesson & Anderzén 49.4 % 49.2 % 29 Jul 2025
Gran Fondo Capital 7.3 % 7.2 % 29 Jul 2025
Alcur Fonder 4.2 % 3.8 % 30 Jun 2025
Symmetry Invest A/S 3.8 % 3.4 % 29 Jul 2025
Avanza Pension 2.5 % 2.3 % 29 Jul 2025
Nordnet Pensionsförsäkring 2.3 % 2.2 % 29 Jul 2025
Familjen Hedberg 1.1 % 1.0 % 29 Jul 2025
Swedbank Försäkring 1.1 % 1.0 % 29 Jul 2025
Nordea Funds 1.1 % 1.0 % 29 Jul 2025
MP Pensjon PK 1.0 % 0.9 % 29 Jul 2025
Source: Holdings by Modular Finance AB