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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 2025 2026e 2027e
Sales 1889,7 1567,95 2074,42
Sales growth (%) -14,3 -17 32,3
EBITDA 378 164 392
EBITDA margin (%) 20 10,5 18,9
EBIT adj. 277 81 301
EBIT adj. margin (%) 14,6 5,2 14,5
Pretax profit 93 66 296
EPS 0,55 0,39 2,64
EPS growth (%) 69,7 -29,7 N/A
EPS adj. 0,55 0,38 2,63
DPS N/A N/A N/A
Dividend per share 0,91 0,94 1,32
EV/EBITDA (x) 2,8 7 2,6
EV/EBIT adj. (x) 3,9 14,2 3,3
P/E (x) 36,25 51,55 7,56
P/E adj. (x) 36,2 52,7 7,6
EV/sales (x) 0,57 0,74 0,48
FCF yield (%) 61,6 0,9 12,7
Le. adj. FCF yld. (%) 61,6 0,9 12,7
Dividend yield (%) 4,5 4,7 6,6
Net IB debt/EBITDA (x) -1,9 -3,5 -1,8
Le. adj. ND/EBITDA (x) -2,4 -4,5 -2,2
SEKm 2025 2026e 2027e
Sales 1889,7 1567,95 2074,42
COGS -377 -246 -259
Gross profit 1513 1322 1816
Other operating items -1134 -1158 -1424
EBITDA 378 164 392
Depreciation and amortisation -88 -77 -80
of which leasing depreciation N/A N/A N/A
Depreciation on leased assets 0 0 0
EBITA 290,4 87,46 311,78
EO Items N/A N/A N/A
Operating EO items 14 6 11
Impairment and PPA amortisation N/A N/A N/A
Impairment and amortisation charges 0 0 0
EBIT 290,4 87,46 311,78
Net financial items -198 -21 -16
Pretax profit 93 66 296
Tax -31 -27 -64
Net profit 62 39 232
Minority interest -14 -6 -11
Net profit discontinued 0 0 0
Net profit to shareholders 49 33 222
EPS 0,55 0,39 2,64
EPS adj. 0,55 0,38 2,63
Total extraordinary items after tax 9 4 8
Leasing payments 0 0 0
Tax rate (%) 32,8 41,3 21,5
Gross margin (%) 80 84,3 87,5
EBITDA margin (%) 20 10,5 18,9
EBITA margin (%) 15,4 5,6 15
EBIT margin (%) 15,4 5,6 15
Pre-tax margin (%) 4,9 4,2 14,3
Net margin (%) 3,3 2,5 11,2
Sales growth (%) -14,3 -17 32,3
EBITDA growth (%) 85,3 -56,5 138,2
EBITA growth (%) 139,6 -69,9 256,5
EBIT growth (%) N/A -69,9 N/A
Net profit growth (%) 169 -37,8 497,9
EPS growth (%) 69,7 -29,7 N/A
Profitability N/A N/A N/A
ROE (%) 2,5 1,8 11,7
ROE adj. (%) 2 1,6 11,2
ROCE (%) 5,3 4,6 12,6
ROCE adj. (%) 4,9 4,4 12,2
ROIC (%) 8,8 4,1 18,9
ROIC adj. (%) 8,4 3,8 18,2
Adj. earnings numbers N/A N/A N/A
Year N/A N/A N/A
EBITDA adj. 365 158 381
EBITDA adj. margin (%) 19,3 10,1 18,4
EBITDA lease adj. 365 158 381
EBITDA lease adj. margin (%) 19,3 10,1 18,4
EBITA adj. 277 81 301
EBITA adj. margin (%) 14,6 5,2 14,5
EBIT adj. 277 81 301
EBIT adj. margin (%) 14,6 5,2 14,5
Pretax profit Adj. 79 60 285
Net profit Adj. 53 35 224
Net profit to shareholders adj. 39 29 213
Net adj. margin (%) 2,8 2,3 10,8
SEKm 2025 2026e 2027e
EBITDA 378 164 392
Goodwill 541 520 483
Net financial items -198 -21 -16
Other intangible assets 0 0 0
Paid tax -31 -27 -64
Tangible fixed assets 27 24 24
Non-cash items -2016 175 69
Right-of-use asset 121 65 42
Cash flow before change in WC -1866 291 382
Total other fixed assets N/A N/A N/A
Other Fixed Assets All 579 579 579
Change in working capital 1976 -175 -69
Fixed assets 1268 1188 1128
Operating cash flow 110 116 312
Inventories 0 0 0
Capex tangible fixed assets 0 0 0
Receivables 809 884 853
Capex intangible fixed assets 0 0 0
Other current assets 456 556 656
Acquisitions and Disposals 977 -100 -100
Cash and liquid assets 1611 852 985
Free cash flow 1087 16 212
Total assets 4144 3480 3622
Dividend paid -80 -80 -80
Shareholders equity 1892 1828 1970
Share issues and buybacks 0 -100 0
Minority 36 36 36
Leasing liability amortisation 0 0 0
Total equity 1928 1864 2006
Other non-cash items N/A N/A N/A
Other changes in net debt 965 5 0
Long-term debt 1324 724 724
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 134 134 134
Total other long-term liabilities 170 170 170
Short-term debt 0 0 0
Accounts payable 574 574 574
Other current liabilities 14 14 14
Total liabilities and equity 4144 3480 3622
Net IB debt -732 -573 -706
Net IB debt excl. pension debt -732 -573 -706
Net IB debt excl. leasing -866 -707 -840
Capital employed 3386 2722 2864
Capital invested 1196 1291 1300
Working capital 677 852 921
Market cap. diluted (m) 1765 1690 1675
Net IB debt adj. -732 -573 -706
Market value of minority 36 36 36
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity N/A N/A N/A
EV 1069 1153 1006
Total assets turnover (%) 39 41,1 58,4
Working capital/sales (%) 88,1 48,8 42,7
Financial risk and debt service N/A N/A N/A
Year N/A N/A N/A
Net debt/equity (%) -38 -30,7 -35,2
Net debt / market cap (%) -41,5 -33,9 -42,1
Equity ratio (%) 46,5 53,6 55,4
Net IB debt adj. / equity (%) -38 -30,7 -35,2
Current ratio 4,89 3,9 4,24
EBITDA/net interest 4,7 5,1 24,6
Net IB debt/EBITDA (x) -1,9 -3,5 -1,8
Net IB debt/EBITDA lease adj. (x) -2,4 -4,5 -2,2
Interest coverage 2,8 1,8 6,3
SEKm 2025 2026e 2027e
Shares outstanding adj. 88 85 84
Diluted shares adj. 88 85 84
EPS 0,55 0,39 2,64
Dividend per share 0,91 0,94 1,32
EPS adj. 0,55 0,38 2,63
BVPS 21,42 21,6 23,49
BVPS adj. 15,29 15,46 17,73
Net IB debt/share -8,29 -6,77 -8,41
Share price 19,98 19,98 19,98
Market cap. (m) 1765 1690 1675
P/E (x) 36,25 51,55 7,56
EV/sales (x) 0,57 0,74 0,48
EV/EBITDA (x) 2,8 7 2,6
EV/EBITA (x) 3,7 13,2 3,2
EV/EBIT (x) 3,7 13,2 3,2
Dividend yield (%) 4,5 4,7 6,6
FCF yield (%) 61,6 0,9 12,7
Le. adj. FCF yld. (%) 61,6 0,9 12,7
P/BVPS (x) 0,93 0,92 0,85
P/BVPS adj. (x) 1,31 1,29 1,13
P/E adj. (x) 36,2 52,7 7,6
EV/EBITDA adj. (x) 2,9 7,3 2,6
EV/EBITA adj. (x) 3,9 14,2 3,3
EV/EBIT adj. (x) 3,9 14,2 3,3
EV/CE (x) 0,3 0,4 0,4
Investment ratios N/A N/A N/A
Year 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 325,93 320,83 333,33

Equity research

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Main shareholders - Catella

Main shareholders Share capital % Voting shares % Verified
Claesson & Anderzén 49.4 % 49.2 % 28 Apr 2026
Gran Fondo Capital 8.4 % 8.1 % 28 Apr 2026
Avanza Pension 3.0 % 2.7 % 28 Apr 2026
Symmetry Invest A/S 3.0 % 2.7 % 28 Apr 2026
Nordnet Pensionsförsäkring 2.6 % 2.5 % 28 Apr 2026
Alcur Fonder 2.5 % 2.2 % 31 Mar 2026
Nordea Funds 1.2 % 1.1 % 28 Apr 2026
Kavaljer Fonder 1.2 % 1.1 % 31 Mar 2026
Swedbank Försäkring 1.2 % 1.0 % 28 Apr 2026
Familjen Hedberg 1.1 % 1.0 % 28 Apr 2026
Source: Holdings by Modular Finance AB