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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 2124 2300
Sales growth (%) 30 -3,7 8,3
EBITDA 204 618 615
EBITDA margin (%) 9,3 29,1 26,7
EBIT adj. 127 528 524
EBIT adj. margin (%) 5,7 24,9 22,8
Pretax profit 27 453 450
EPS 0,32 3,92 3,9
EPS growth (%) -240,3 N/A -0,6
EPS adj. 0,43 3,81 3,78
DPS 0,91 1,96 2,34
EV/EBITDA (x) 18,7 3,4 3,4
EV/EBIT adj. (x) 30,2 3,9 3,9
P/E (x) 90,7 7,5 7,5
P/E adj. (x) 68,6 7,7 7,8
EV/sales (x) 1,73 0,98 0,9
FCF yield (%) 5,5 23,7 7,1
Le. adj. FCF yld. (%) 5,5 23,7 7,1
Dividend yield (%) 3,1 6,7 7,9
Net IB debt/EBITDA (x) 5,8 -0,9 -0,9
Le. adj. ND/EBITDA (x) 4,8 -1,2 -1,3
SEKm 2024 2025e 2026e
Sales 2206 2124 2300
COGS -843 -247 -240
Gross profit 1363 1877 2060
Other operating items -1159 -1258 -1446
EBITDA 204 618 615
Depreciation and amortisation -83 -82 -82
of which leasing depreciation 0 0 0
EBITA 121 537 533
EO Items -6 9 9
Impairment and PPA amortisation 0 0 0
EBIT 121 537 533
Net financial items -95 -84 -83
Pretax profit 27 453 450
Tax -4 -97 -97
Net profit 23 355 354
Minority interest 6 -9 -9
Net profit discontinued 0 0 0
Net profit to shareholders 29 347 345
EPS 0,32 3,92 3,9
EPS adj. 0,43 3,81 3,78
Total extraordinary items after tax -5 7 7
Leasing payments 0 0 0
Tax rate (%) 13,1 21,5 21,5
Gross margin (%) 61,8 88,4 89,6
EBITDA margin (%) 9,3 29,1 26,7
EBITA margin (%) 5,5 25,3 23,2
EBIT margin (%) 5,5 25,3 23,2
Pre-tax margin (%) 1,2 21,3 19,6
Net margin (%) 1,1 16,7 15,4
Sales growth (%) 30 -3,7 8,3
EBITDA growth (%) -2,7 202,8 -0,6
EBITA growth (%) -11,9 342,8 -0,7
EBIT growth (%) -11,9 N/A -0,7
Net profit growth (%) -388,2 1432,2 -0,5
EPS growth (%) -240,3 N/A -0,6
Profitability N/A N/A N/A
ROE (%) 1,4 16,3 14,7
ROE adj. (%) 1,7 15,9 14,4
ROCE (%) 5,1 13,6 14,8
ROCE adj. (%) 5,2 13,4 14,6
ROIC (%) 3,3 17 22,9
ROIC adj. (%) 3,4 16,7 22,6
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 210 609 606
EBITDA adj. margin (%) 9,5 28,7 26,3
EBITDA lease adj. 210 609 606
EBITDA lease adj. margin (%) 9,5 28,7 26,3
EBITA adj. 127 528 524
EBITA adj. margin (%) 5,7 24,9 22,8
EBIT adj. 127 528 524
EBIT adj. margin (%) 5,7 24,9 22,8
Pretax profit Adj. 32 444 442
Net profit Adj. 28 349 347
Net profit to shareholders adj. 33 340 338
Net adj. margin (%) 1,3 16,4 15,1
SEKm 2024 2025e 2026e
EBITDA 204 618 615
Goodwill 587 557 528
Net financial items -95 -84 -83
Other intangible assets 0 0 0
Paid tax -4 -97 -97
Tangible fixed assets 32 30 30
Non-cash items -22 -1291 241
Right-of-use asset 177 125 73
Cash flow before change in WC 84 -854 676
Total other fixed assets 599 599 599
Change in working capital -61 1291 -241
Fixed assets 1395 1311 1230
Operating cash flow 23 437 435
Inventories 0 0 0
Capex tangible fixed assets 0 0 0
Receivables 928 585 726
Capex intangible fixed assets 0 0 0
Other current assets 2325 1377 1477
Acquisitions and Disposals 119 179 -250
Cash and liquid assets 901 1437 1449
Free cash flow 142 616 185
Total assets 5549 4710 4882
Dividend paid -80 -80 -173
Shareholders equity 1997 2264 2435
Share issues and buybacks 0 0 0
Minority 42 42 42
Leasing liability amortisation 0 0 0
Total equity 2039 2306 2477
Other non-cash items -163 1106 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 4710 4882
Net IB debt 1183 -562 -574
Net IB debt excl. pension debt 1183 -562 -574
Net IB debt excl. leasing 997 -748 -760
Capital employed 4722 3780 3951
Capital invested 3222 1744 1903
Working capital 2653 1362 1603
Market cap. diluted (m) 2602 2602 2602
Net IB debt adj. 1183 -562 -574
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 3827 2082 2070
Total assets turnover (%) 40,1 41,4 48
Working capital/sales (%) 118,9 94,5 64,5
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 58 -24,4 -23,2
Net debt / market cap (%) 45,5 -21,6 -22,1
Equity ratio (%) 36,7 49 50,7
Net IB debt adj. / equity (%) 58 -24,4 -23,2
Current ratio 6,92 5,66 6,09
EBITDA/net interest 1,4 7,4 7,4
Net IB debt/EBITDA (x) 5,8 -0,9 -0,9
Net IB debt/EBITDA lease adj. (x) 4,8 -1,2 -1,3
Interest coverage 0,9 4,6 4,7
SEKm 2024 2025e 2026e
Shares outstanding adj. 88 88 88
Diluted shares adj. 88 88 88
EPS 0,32 3,92 3,9
Dividend per share 0,91 1,96 2,34
EPS adj. 0,43 3,81 3,78
BVPS 22,6 25,62 27,56
BVPS adj. 15,96 19,31 21,59
Net IB debt/share 13,39 -6,36 -6,5
Share price 29,45 29,45 29,45
Market cap. (m) 2602 2602 2602
P/E (x) 90,7 7,5 7,5
EV/sales (x) 1,73 0,98 0,9
EV/EBITDA (x) 18,7 3,4 3,4
EV/EBITA (x) 31,6 3,9 3,9
EV/EBIT (x) 31,6 3,9 3,9
Dividend yield (%) 3,1 6,7 7,9
FCF yield (%) 5,5 23,7 7,1
Le. adj. FCF yld. (%) 5,5 23,7 7,1
P/BVPS (x) 1,3 1,15 1,07
P/BVPS adj. (x) 1,85 1,52 1,36
P/E adj. (x) 68,6 7,7 7,8
EV/EBITDA adj. (x) 18,2 3,4 3,4
EV/EBITA adj. (x) 30,2 3,9 3,9
EV/EBIT adj. (x) 30,2 3,9 3,9
EV/CE (x) 0,8 0,6 0,5
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 259,38 272 272

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Main shareholders - Catella

Main shareholders Share capital % Voting shares % Verified
Claesson & Anderzén 49.4 % 49.2 % 26 Feb 2025
Gran Fondo Capital 7.3 % 7.2 % 26 Feb 2025
Alcur Fonder 4.8 % 4.3 % 19 Feb 2025
Symmetry Invest A/S 4.1 % 3.7 % 26 Feb 2025
Avanza Pension 2.7 % 2.4 % 26 Feb 2025
Nordnet Pensionsförsäkring 2.3 % 2.1 % 26 Feb 2025
Familjen Hedberg 1.1 % 1.0 % 26 Feb 2025
Swedbank Försäkring 1.1 % 1.0 % 26 Feb 2025
Nordea Funds 1.1 % 1.0 % 26 Feb 2025
MP Pensjon PK 1.0 % 0.9 % 26 Feb 2025
Source: Holdings by Modular Finance AB