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Catella

Catella

European finance organisation

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.

We see opportunities for Catella in diversifying its corporate finance business, to make it less dependent on one sector.

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 2021 2022e 2023e
Sales 1735 3044 2286
Sales growth (%) -15,2 75,4 -24,9
EBITDA 263 1048 575
EBITDA margin (%) 15,2 34,4 25,1
EBIT adj 142 748 493
EBIT adj margin (%) 8,2 24,6 21,6
Pretax profit 220 905 434
EPS rep 1,89 5,76 3,57
EPS growth (%) 156,9 204,5 -38
EPS adj 1,67 5,76 3,57
DPS 1 2,97 1,84
EV/EBITDA (x) 20,2 4 7,2
EV/EBIT adj (x) 37,3 5,6 8,4
P/E (x) 24,9 6,2 10
P/E adj (x) 28,2 6,2 10
EV/sales (x) 3,1 1,4 1,8
FCF yield (%) -36,1 6,2 7,9
Dividend yield (%) 2,1 8,3 5,1
Net IB debt/EBITDA 5,5 1,3 2,4
Lease adj. FCF yield (%) -36,1 6,2 7,9
Lease adj. ND/EBITDA 3,5 1,6 2,3
SEKm 2021 2022e 2023e
Leasing payments 0 0 0
Depreciation and amortisation -121 -79 -82
Of which leasing depreciation 0 0 0
EO items 0 221 0
Impairment and PPA amortisation 0 0 0
EBITDA lease Adj 373 827 575
EBITDA lease Adj margin (%) 21,5 27,2 25,1
Sales 1735 3044 2286
COGS -205 -302 -253
Gross profit 1530 2742 2033
Other operating items -1267 -1694 -1459
EBITDA 263 1048 575
Depreciation on tangibles 0 0 0
Depreciation on intangibles -75 -47 -52
EBITA 142 969 493
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 142 969 493
Other financial items -103 -25 0
Net financial items 78 -64 -59
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 220 905 434
Tax -79 -160 -108
Net profit 140 745 325
Minority interest 46 -221 0
Net profit discontinued -14 0 0
Net profit to shareholders 172 524 325
EPS 1,89 5,76 3,57
EPS Adj 1,67 5,76 3,57
Total extraordinary items after tax -6,2 220,5 0
Tax rate (%) -36,2 -17,7 -25
Gross margin (%) 88,2 90,1 88,9
EBITDA margin (%) 15,2 34,4 25,1
EBITA margin (%) 8,2 31,8 21,6
EBIT margin (%) 8,2 31,8 21,6
Pretax margin (%) 12,7 29,7 19
Net margin (%) 8,1 24,5 14,2
Growth rates Y/Y 2021 2022 2023
Sales growth (%) -15,2 75,4 -24,9
EBITDA growth (%) -47,7 298,4 -45,2
EBIT growth (%) -63,9 582,2 -49,1
Net profit growth (%) 5,4 431,3 -56,3
EPS growth (%) 156,9 204,5 -38
Profitability 2021 2022 2023
ROE (%) 10,4 27,5 15,1
ROE Adj (%) 11,7 15,9 15,1
ROCE (%) 7,6 20,6 10,2
ROCE Adj(%) 7,6 16 10,2
ROIC (%) 3,6 22,9 10
ROIC Adj (%) 3,6 17,7 10
Adj earnings numbers 2021 2022 2023
EBITDA Adj 263 827 575
EBITDA Adj margin (%) 15,2 27,2 25,1
EBITA Adj 142 748 493
EBITA Adj margin (%) 8,2 24,6 21,6
EBIT Adj 142 748 493
EBIT Adj margin (%) 8,2 24,6 21,6
Pretax profit Adj 220 685 434
Net profit Adj 146 524 325
Net profit to shareholders Adj 192 304 325
Net Adj margin (%) 8,4 17,2 14,2
SEKm 2021 2022e 2023e
EBITDA 263 1048 575
Net financial items 78 -64 -59
Paid tax -79 -160 -108
Non-cash items -164 -221 0
Cash flow before change in WC 97 604 407
Change in WC -128 0 0
Operating cash flow -31 604 407
CAPEX tangible fixed assets 0 0 0
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals -1519 -400 -150
Free cash flow -1550 204 257
Dividend paid -80 -88 -262
Share issues and buybacks 0 0 0
Other non cash items 175 -89 44
Decrease in net IB debt -3708 318 246
Balance Sheet (SEKm) 2021 2022 2023
Goodwill 404 404 354
Indefinite intangible assets 0 0 0
Definite intangible assets 0 0 0
Tangible fixed assets 25 525 525
Other fixed assets 353 410 410
Fixed assets 856 1389 1307
Other intangible assets 0 0 0
Right-of-use asset 126 82 50
Total other fixed assets 301 378 378
Leasing liability 141 113 69
Total other long-term liabilities 118 168 93
Net IB debt excl. leasing 1299 1301 1306
Net IB debt / EBITDA lease Adj (%) 348,3 157,2 227,3
Lease liability amortisation 0 0 0
Inventories 0 0 0
Receivables 752 820 752
Other current assets 2591 2376 2476
Cash and liquid assets 1242 1357 1352
Total assets 5441 5942 5887
Shareholders equity 1688 2124 2187
Minority 132 132 132
Total equity 1820 2256 2319
Long-term debt 2541 2658 2658
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 27 27 27
Other long-term liabilities 9 18 9
Short-term debt 0 0 0
Accounts payable 736 662 662
Other current liabilities 85 85 85
Total liabilities and equity 5441 5942 5887
Net IB debt 1440 1414 1375
Net IB debt excl. pension debt 1440 1414 1375
Capital invested 3279 3689 3713
Working capital 2522 2449 2480
EV breakdown 2021 2022 2023
Market cap. diluted (m) 4161 3163 3163
Net IB debt Adj 1440 1414 1375
Market value of minority 0 0 0
Reversal of shares and participations -301 -378 -378
Reversal of conv. debt assumed equity 0 0 0
EV 5300 4199 4160
Capital efficiency (%) 2021 2022 2023
Total assets turnover (%) 35,9 53,5 38,6
Capital invested turnover (%) 124,5 110,2 128,6
Capital employed turnover (%) 89,1 67,7 61,9
Inventories / sales (%) 0 0 0
Customer advances / sales (%) 0 0 0
Payables / sales (%) 33,8 36,1 27,9
Working capital / sales (%) 94,6 81,7 107,8
Financial risk and debt service 2021 2022 2023
Net debt / equity (%) 79,1 62,7 59,3
Net debt / market cap (%) 48,4 44,7 43,5
Equity ratio (%) 33,4 38 39,4
Net IB debt adj. / equity (%) 79,1 62,7 59,3
Current ratio (%) 558,5 609,2 612,7
EBITDA / net interest (%) 466,3 1922,1 967,9
Net IB debt / EBITDA (%) 547,5 134,9 239,3
Interest cover (%) 215,1 1281,1 647,5
SEKm 2021 2022e 2023e
Lease adj. FCF yield (%) -36,1 6,2 7,9
Shares outstanding adj. 88 88 88
Fully diluted shares Adj 88 88 88
EPS 1,89 5,76 3,57
Dividend per share Adj 1 3 1,8
EPS Adj 1,67 5,76 3,57
BVPS 19,11 24,04 24,76
BVPS Adj 14,53 19,47 20,75
Net IB debt / share 16,3 16 15,6
Share price 33,66 35,8 35,8
Market cap. (m) 2974 3163 3163
Valuation 2021 2022 2023
P/E 24,9 6,2 10
EV/sales 3,05 1,38 1,82
EV/EBITDA 20,2 4 7,2
EV/EBITA 37,3 4,3 8,4
EV/EBIT 37,3 4,3 8,4
Dividend yield (%) 2,1 8,3 5,1
FCF yield (%) -36,1 6,2 7,9
P/BVPS 2,47 1,49 1,45
P/BVPS Adj 3,24 1,84 1,73
P/E Adj 28,2 6,2 10
EV/EBITDA Adj 20,2 5,1 7,2
EV/EBITA Adj 37,3 5,6 8,4
EV/EBIT Adj 37,3 5,6 8,4
EV/cap. employed 1,2 0,8 0,8
Investment ratios 2021 2022 2023
Capex / sales 0 0 0
Capex / depreciation 0 0 0
Capex tangibles / tangible fixed assets 0 0 0
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 0 0 0

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Main shareholders - Catella

Main shareholders Share capital % Voting shares % Verified
Claesson & Anderzén 49.4 % 48.9 % 27 Jul 2022
Alcur Fonder 8.1 % 7.3 % 27 Jul 2022
Rutger Arnhult 4.5 % 4.5 % 16 May 2022
Avanza Pension 2.9 % 2.7 % 27 Jul 2022
Petter Stordalen (Strawberry) 1.6 % 2.0 % 27 Jul 2022
Nordea Fonder 2.2 % 2.0 % 27 Jul 2022
Nordnet Pensionsförsäkring 2.1 % 1.9 % 27 Jul 2022
Swedbank Försäkring 1.3 % 1.1 % 27 Jul 2022
Thomas Andersson Borstam 1.1 % 1.0 % 27 Jul 2022
Familjen Hedberg 1.1 % 1.0 % 27 Jul 2022
Source: Holdings by Modular Finance AB

Insider list - Catella

Name Quantity Code Date
Christoffer Abramson + 2 000 BUY 30 Jun 2022
Christoffer Abramson + 2 000 BUY 16 Jun 2022
Stefan Mathias De Maré + 1 000 BUY 16 Jun 2022
Michel Fischier + 2 000 BUY 15 Jun 2022
Christoffer Abramson + 1 000 BUY 14 Jun 2022
Christoffer Abramson + 1 000 BUY 10 Jun 2022
Christoffer Abramson + 3 000 BUY 6 May 2022
Mattias Brodin + 5 000 BUY 24 Mar 2022
Michel Fischier + 2 000 BUY 24 Mar 2022
Christoffer Abramson + 2 000 BUY 24 Mar 2022

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