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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 1635 2126 2261
Sales growth (%) -3,7 30,1 6,3
EBITDA 190 600 616
EBITDA margin (%) 11,6 28,2 27,2
EBIT adj. 108 511 527
EBIT adj. margin (%) 6,6 24 23,3
Pretax profit -10 467 490
EPS -0,18 4,05 4,25
EPS growth (%) -20,6 -2305,6 5
EPS adj. -0,06 3,93 4,13
DPS 0,91 1,22 2,13
EV/EBITDA (x) 13,6 3,9 3,6
EV/EBIT adj. (x) 23,9 4,5 4,2
P/E (x) -158,9 7,2 6,9
P/E adj. (x) -455,9 7,4 7,1
EV/sales (x) 1,58 1,09 0,98
FCF yield (%) 4,4 13,3 8,3
Le. adj. FCF yld. (%) 4,4 13,3 8,3
Dividend yield (%) 3,1 4,2 7,3
Net IB debt/EBITDA (x) -0,2 -0,5 -0,7
Le. adj. ND/EBITDA (x) -0,9 -0,7 -0,9
SEKm 2024 2025e 2026e
Sales 1635 2126 2261
COGS -355 -258 -252
Gross profit 1280 1868 2009
Other operating items -1090 -1268 -1393
EBITDA 190 600 616
Depreciation and amortisation -79 -80 -80
of which leasing depreciation 0 0 0
EBITA 111 520 536
EO Items 3 9 9
Impairment and PPA amortisation 0 0 0
EBIT 111 520 536
Net financial items -121 -53 -46
Pretax profit -10 467 490
Tax -4 -100 -105
Net profit -14 367 385
Minority interest -3 -9 -9
Net profit discontinued 0 0 0
Net profit to shareholders -16 358 376
EPS -0,18 4,05 4,25
EPS adj. -0,06 3,93 4,13
Total extraordinary items after tax 4 7 7
Leasing payments 0 0 0
Tax rate (%) -40,4 21,5 21,5
Gross margin (%) 78,3 87,8 88,8
EBITDA margin (%) 11,6 28,2 27,2
EBITA margin (%) 6,8 24,5 23,7
EBIT margin (%) 6,8 24,5 23,7
Pre-tax margin (%) -0,6 22 21,7
Net margin (%) -0,8 17,2 17
Sales growth (%) -3,7 30,1 6,3
EBITDA growth (%) -9,5 215,9 2,7
EBITA growth (%) -19,4 368,7 3,1
EBIT growth (%) -19,4 N/A 3,1
Net profit growth (%) 69,4 -2788,6 4,9
EPS growth (%) -20,6 -2305,6 5
Profitability N/A N/A N/A
ROE (%) -0,8 17,6 16,3
ROE adj. (%) -1 17,3 16
ROCE (%) 4,8 16,3 16,3
ROCE adj. (%) 4,8 16 16,1
ROIC (%) 6,1 21,4 21,1
ROIC adj. (%) 6 21 20,7
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 187 591 607
EBITDA adj. margin (%) 11,5 27,8 26,9
EBITDA lease adj. 187 591 607
EBITDA lease adj. margin (%) 11,5 27,8 26,9
EBITA adj. 108 511 527
EBITA adj. margin (%) 6,6 24 23,3
EBIT adj. 108 511 527
EBIT adj. margin (%) 6,6 24 23,3
Pretax profit Adj. -12 458 481
Net profit Adj. -17 360 378
Net profit to shareholders adj. -20 351 369
Net adj. margin (%) -1,1 16,9 16,7
SEKm 2024 2025e 2026e
EBITDA 190 600 616
Goodwill 563 535 507
Net financial items -121 -53 -46
Other intangible assets 0 0 0
Paid tax -4 -100 -105
Tangible fixed assets 27 27 27
Non-cash items -1438 58 223
Right-of-use asset 171 119 67
Cash flow before change in WC -1372 505 687
Total other fixed assets 526 526 526
Change in working capital 1354 -58 -223
Fixed assets 1287 1207 1127
Operating cash flow -19 447 465
Inventories 0 0 0
Capex tangible fixed assets 0 0 0
Receivables 1094 1053 1176
Capex intangible fixed assets 0 0 0
Other current assets 822 922 1022
Acquisitions and Disposals 132 -104 -250
Cash and liquid assets 1183 1005 1112
Free cash flow 113 343 215
Total assets 4386 4186 4436
Dividend paid -80 -80 -107
Shareholders equity 1892 2170 2439
Share issues and buybacks 0 0 0
Minority 50 50 50
Leasing liability amortisation 0 0 0
Total equity 1942 2220 2489
Other non-cash items 1219 37 19
Long-term debt 1533 1092 1092
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 135 135 135
Total other long-term liabilities 98 61 43
Short-term debt 0 0 0
Accounts payable 657 657 657
Other current liabilities 21 21 21
Total liabilities and equity 4386 4186 4436
Net IB debt -41 -303 -411
Net IB debt excl. pension debt -41 -303 -411
Net IB debt excl. leasing -176 -438 -546
Capital employed 3610 3447 3716
Capital invested 1901 1917 2078
Working capital 1238 1297 1520
Market cap. diluted (m) 2580 2580 2580
Net IB debt adj. -41 -303 -411
Market value of minority 50 50 50
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity N/A N/A N/A
EV 2589 2326 2219
Total assets turnover (%) 33,3 49,6 52,5
Working capital/sales (%) 117,2 59,6 62,3
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) -2,1 -13,7 -16,5
Net debt / market cap (%) -1,6 -11,8 -15,9
Equity ratio (%) 44,3 53 56,1
Net IB debt adj. / equity (%) -2,1 -13,7 -16,5
Current ratio 4,57 4,39 4,88
EBITDA/net interest 1,4 11,3 13,4
Net IB debt/EBITDA (x) -0,2 -0,5 -0,7
Net IB debt/EBITDA lease adj. (x) -0,9 -0,7 -0,9
Interest coverage 0,9 5,4 6,1
SEKm 2024 2025e 2026e
Shares outstanding adj. 88 88 88
Diluted shares adj. 88 88 88
EPS -0,18 4,05 4,25
Dividend per share 0,91 1,22 2,13
EPS adj. -0,06 3,93 4,13
BVPS 21,42 24,57 27,6
BVPS adj. 15,05 18,51 21,87
Net IB debt/share -0,46 -3,43 -4,65
Share price 29,2 29,2 29,2
Market cap. (m) 2580 2580 2580
P/E (x) -158,9 7,2 6,9
EV/sales (x) 1,58 1,09 0,98
EV/EBITDA (x) 13,6 3,9 3,6
EV/EBITA (x) 23,3 4,5 4,1
EV/EBIT (x) 23,3 4,5 4,1
Dividend yield (%) 3,1 4,2 7,3
FCF yield (%) 4,4 13,3 8,3
Le. adj. FCF yld. (%) 4,4 13,3 8,3
P/BVPS (x) 1,36 1,19 1,06
P/BVPS adj. (x) 1,94 1,58 1,34
P/E adj. (x) -455,9 7,4 7,1
EV/EBITDA adj. (x) 13,8 3,9 3,7
EV/EBITA adj. (x) 23,9 4,5 4,2
EV/EBIT adj. (x) 23,9 4,5 4,2
EV/CE (x) 0,7 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 292,59 296,3 296,3

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Main shareholders - Catella

Main shareholders Share capital % Voting shares % Verified
Claesson & Anderzén 49.4 % 49.2 % 23 Dec 2024
Gran Fondo Capital 5.4 % 5.4 % 23 Dec 2024
Alcur Fonder 5.4 % 4.9 % 10 Dec 2024
Symmetry Invest A/S 4.1 % 3.7 % 23 Dec 2024
Avanza Pension 2.7 % 2.5 % 23 Dec 2024
Nordnet Pensionsförsäkring 2.3 % 2.2 % 23 Dec 2024
Nordea Funds 1.7 % 1.5 % 23 Dec 2024
Familjen Hedberg 1.1 % 1.0 % 23 Dec 2024
Swedbank Försäkring 1.1 % 1.0 % 23 Dec 2024
MP Pensjon PK 1.0 % 0.9 % 23 Dec 2024
Source: Holdings by Modular Finance AB