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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 2025 2026e 2027e
Sales 1869 1914 2203
Sales growth (%) -15,3 2,4 15,1
EBITDA 416 362 536
EBITDA margin (%) 22,3 18,9 24,3
EBIT adj. 319 274 446
EBIT adj. margin (%) 17 14,3 20,2
Pretax profit 163 241 441
EPS 1,56 2,05 3,79
EPS growth (%) N/A 31 85,4
EPS adj. 1,51 1,98 3,68
DPS 1,7 1,76 2,28
EV/EBITDA (x) 4,7 5,3 3,3
EV/EBIT adj. (x) 6,1 7 3,9
P/E (x) 16,9 12,9 7
P/E adj. (x) 17,5 13,3 7,2
EV/sales (x) 1,04 1,01 0,8
FCF yield (%) 39,5 7,2 13,9
Le. adj. FCF yld. (%) 39,5 7,2 13,9
Dividend yield (%) 6,4 6,6 8,6
Net IB debt/EBITDA (x) -1 -1,2 -1,2
Le. adj. ND/EBITDA (x) -1,4 -1,7 -1,5
SEKm 2025 2026e 2027e
Sales 1869 1914 2203
COGS -349 -212 -228
Gross profit 1520 1702 1975
Other operating items -1104 -1340 -1439
EBITDA 416 362 536
Depreciation and amortisation -83 -80 -80
of which leasing depreciation 0 0 0
EBITA 333 282 457
EO Items 15 8 11
Impairment and PPA amortisation 0 0 0
EBIT 333 282 457
Net financial items -170 -42 -16
Pretax profit 163 241 441
Tax -11 -52 -95
Net profit 153 189 346
Minority interest -15 -8 -11
Net profit discontinued 0 0 0
Net profit to shareholders 138 181 335
EPS 1,56 2,05 3,79
EPS adj. 1,51 1,98 3,68
Total extraordinary items after tax 14 7 9
Leasing payments 0 0 0
Tax rate (%) 6,6 21,5 21,5
Gross margin (%) 81,3 88,9 89,6
EBITDA margin (%) 22,3 18,9 24,3
EBITA margin (%) 17,8 14,7 20,7
EBIT margin (%) 17,8 14,7 20,7
Pre-tax margin (%) 8,7 12,6 20
Net margin (%) 8,2 9,9 15,7
Sales growth (%) -15,3 2,4 15,1
EBITDA growth (%) 103,8 -13 48,1
EBITA growth (%) 175 -15,3 61,7
EBIT growth (%) N/A -15,3 61,7
Net profit growth (%) 558,1 23,8 83,1
EPS growth (%) N/A 31 85,4
Profitability N/A N/A N/A
ROE (%) 6,9 8,9 15,8
ROE adj. (%) 6,2 8,6 15,4
ROCE (%) 6,9 10 16,4
ROCE adj. (%) 6,5 9,7 16
ROIC (%) 12,9 13,7 22
ROIC adj. (%) 12,3 13,3 21,5
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 401 354 525
EBITDA adj. margin (%) 21,5 18,5 23,8
EBITDA lease adj. 401 354 525
EBITDA lease adj. margin (%) 21,5 18,5 23,8
EBITA adj. 319 274 446
EBITA adj. margin (%) 17 14,3 20,2
EBIT adj. 319 274 446
EBIT adj. margin (%) 17 14,3 20,2
Pretax profit Adj. 149 232 430
Net profit Adj. 139 182 337
Net profit to shareholders adj. 124 174 326
Net adj. margin (%) 7,4 9,5 15,3
SEKm 2025 2026e 2027e
EBITDA 416 362 536
Goodwill 562 540 518
Net financial items -170 -42 -16
Other intangible assets 0 0 0
Paid tax -11 -52 -95
Tangible fixed assets 30 30 30
Non-cash items -1790 92 89
Right-of-use asset 119 61 4
Cash flow before change in WC -1555 360 515
Total other fixed assets 601 601 601
Change in working capital 1579 -92 -89
Fixed assets 1312 1232 1152
Operating cash flow 24 269 426
Inventories 0 0 0
Capex tangible fixed assets 0 0 0
Receivables 1119 1111 1100
Capex intangible fixed assets 0 0 0
Other current assets 467 567 667
Acquisitions and Disposals 899 -100 -100
Cash and liquid assets 1300 719 889
Free cash flow 923 169 326
Total assets 4197 3628 3808
Dividend paid -80 -150 -155
Shareholders equity 2004 2035 2214
Share issues and buybacks 0 0 0
Minority 36 36 36
Leasing liability amortisation 0 0 0
Total equity 2040 2070 2250
Other non-cash items 822 0 0
Long-term debt 1324 724 724
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 149 149 149
Total other long-term liabilities 173 173 173
Short-term debt 0 0 0
Accounts payable 501 501 501
Other current liabilities 11 11 11
Total liabilities and equity 4197 3628 3808
Net IB debt -428 -447 -617
Net IB debt excl. pension debt -428 -447 -617
Net IB debt excl. leasing -577 -596 -766
Capital employed 3513 2943 3123
Capital invested 1612 1624 1633
Working capital 1074 1166 1255
Market cap. diluted (m) 2337 2337 2337
Net IB debt adj. -428 -447 -617
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 1945 1926 1755
Total assets turnover (%) 38,3 48,9 59,3
Working capital/sales (%) 99,7 58,5 54,9
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) -21 -21,6 -27,4
Net debt / market cap (%) -18,3 -19,1 -26,4
Equity ratio (%) 48,6 57,1 59,1
Net IB debt adj. / equity (%) -21 -21,6 -27,4
Current ratio 5,64 4,68 5,19
EBITDA/net interest 5,2 8,7 33,6
Net IB debt/EBITDA (x) -1 -1,2 -1,2
Net IB debt/EBITDA lease adj. (x) -1,4 -1,7 -1,5
Interest coverage 3,1 3,9 8,9
SEKm 2025 2026e 2027e
Shares outstanding adj. 88 88 88
Diluted shares adj. 88 88 88
EPS 1,56 2,05 3,79
Dividend per share 1,7 1,76 2,28
EPS adj. 1,51 1,98 3,68
BVPS 22,68 23,03 25,06
BVPS adj. 16,32 16,92 19,2
Net IB debt/share -4,84 -5,06 -6,98
Share price 26,45 26,45 26,45
Market cap. (m) 2337 2337 2337
P/E (x) 16,9 12,9 7
EV/sales (x) 1 1 0,8
EV/EBITDA (x) 4,7 5,3 3,3
EV/EBITA (x) 5,8 6,8 3,8
EV/EBIT (x) 5,8 6,8 3,8
Dividend yield (%) 6,4 6,6 8,6
FCF yield (%) 39,5 7,2 13,9
Le. adj. FCF yld. (%) 39,5 7,2 13,9
P/BVPS (x) 1,17 1,15 1,06
P/BVPS adj. (x) 1,62 1,56 1,38
P/E adj. (x) 17,5 13,3 7,2
EV/EBITDA adj. (x) 4,8 5,4 3,3
EV/EBITA adj. (x) 6,1 7 3,9
EV/EBIT adj. (x) 6,1 7 3,9
EV/CE (x) 0,6 0,7 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 276,5 266 266

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Main shareholders - Catella

Main shareholders Share capital % Voting shares % Verified
Claesson & Anderzén 49.4 % 49.2 % 23 Dec 2025
Gran Fondo Capital 7.3 % 7.2 % 23 Dec 2025
Symmetry Invest A/S 3.5 % 3.2 % 23 Dec 2025
Alcur Fonder 3.3 % 3.0 % 31 Oct 2025
Avanza Pension 2.8 % 2.6 % 23 Dec 2025
Nordnet Pensionsförsäkring 2.4 % 2.3 % 23 Dec 2025
Kavaljer Fonder 1.2 % 1.1 % 31 Dec 2025
Familjen Hedberg 1.1 % 1.0 % 23 Dec 2025
Swedbank Försäkring 1.1 % 1.0 % 23 Dec 2025
Nordea Funds 1.1 % 1.0 % 23 Dec 2025
Source: Holdings by Modular Finance AB