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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 2023 2024e 2025e
Sales 1697 1969 1972
Sales growth (%) -24,1 16 0,2
EBITDA 210 469 456
EBITDA margin (%) 12,4 23,8 23,1
EBIT adj. 125 385 368
EBIT adj. margin (%) 7,4 19,6 18,7
Pretax profit 42 292 363
EPS -0,23 2,46 3,13
EPS growth (%) -104,2 -1161,7 27,4
EPS adj. -0,22 2,38 3,04
DPS 0,9 1,23 1,57
EV/EBITDA (x) 18,6 4,2 4,3
EV/EBIT adj. (x) 31,3 5,1 5,3
P/E (x) -133,3 12,6 9,9
P/E adj. (x) -137,4 12,9 10,2
EV/sales (x) 2,31 0,99 0,99
FCF yield (%) -16,3 27 4,2
Le. adj. FCF yld. (%) -16,3 27 4,2
Dividend yield (%) 2,9 4 5,1
Net IB debt/EBITDA (x) 5,4 -1,8 -1,8
Le. adj. ND/EBITDA (x) 5,1 -2,1 -2,1
SEKm 2023 2024e 2025e
Sales 1697 1969 1972
COGS -874 -381 -237
Gross profit 823 1588 1735
Other operating items -613 -1119 -1279
EBITDA 210 469 456
Depreciation and amortisation -72 -79 -80
of which leasing depreciation 0 0 0
EBITA 138 390 377
EO Items 12 5 9
Impairment and PPA amortisation 0 0 0
EBIT 138 390 377
Net financial items -95 -98 -13
Pretax profit 42 292 363
Tax -51 -70 -78
Net profit -8 222 285
Minority interest -12 -5 -9
Net profit discontinued 0 0 0
Net profit to shareholders -20 217 277
EPS -0,23 2,46 3,13
EPS adj. -0,22 2,38 3,04
Total extraordinary items after tax -2 4 7
Leasing payments 0 0 0
Tax rate (%) 119 24 21,5
Gross margin (%) 48,5 80,6 88
EBITDA margin (%) 12,4 23,8 23,1
EBITA margin (%) 8,1 19,8 19,1
EBIT margin (%) 8,1 19,8 19,1
Pre-tax margin (%) 2,5 14,8 18,4
Net margin (%) -0,5 11,3 14,5
Sales growth (%) -24,1 16 0,2
EBITDA growth (%) -76,3 123,5 -2,7
EBITA growth (%) -83 183,5 -3,4
EBIT growth (%) -83 N/A -3,4
Net profit growth (%) -101,2 -2855,2 28,6
EPS growth (%) -104,2 -1161,7 27,4
Profitability N/A N/A N/A
ROE (%) -1 10,6 12,5
ROE adj. (%) -0,9 10,4 12,2
ROCE (%) 4 13,3 13,9
ROCE adj. (%) 3,7 13,2 13,6
ROIC (%) -0,8 13,1 20,6
ROIC adj. (%) -0,8 12,9 20,1
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 197 464 448
EBITDA adj. margin (%) 11,6 23,6 22,7
EBITDA lease adj. 197 464 448
EBITDA lease adj. margin (%) 11,6 23,6 22,7
EBITA adj. 125 385 368
EBITA adj. margin (%) 7,4 19,6 18,7
EBIT adj. 125 385 368
EBIT adj. margin (%) 7,4 19,6 18,7
Pretax profit Adj. 30 287 355
Net profit Adj. -6 218 278
Net profit to shareholders adj. -18 214 270
Net adj. margin (%) -0,3 11,1 14,1
SEKm 2023 2024e 2025e
EBITDA 210 469 456
Goodwill 573 563 535
Net financial items -95 -98 -13
Other intangible assets 0 0 0
Paid tax -51 -70 -78
Tangible fixed assets 33 27 27
Non-cash items -11 -1945 204
Right-of-use asset 149 171 119
Cash flow before change in WC 53 -1644 569
Total other fixed assets 623 526 526
Change in working capital -158 1900 -204
Fixed assets 1378 1287 1207
Operating cash flow -105 256 365
Inventories 0 0 0
Capex tangible fixed assets 0 0 0
Receivables 1091 548 653
Capex intangible fixed assets 0 0 0
Other current assets 2179 822 922
Acquisitions and Disposals -340 480 -250
Cash and liquid assets 796 930 1437
Free cash flow -445 736 115
Total assets 5444 3587 4218
Dividend paid -106 -80 -109
Shareholders equity 1988 2126 2294
Share issues and buybacks 0 0 0
Minority 50 50 50
Leasing liability amortisation 0 0 0
Total equity 2038 2176 2344
Other non-cash items -103 1376 37
Long-term debt 2421 500 1000
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 135 135 135
Total other long-term liabilities 172 98 61
Short-term debt 0 0 0
Accounts payable 657 657 657
Other current liabilities 21 21 21
Total liabilities and equity 5444 3587 4218
Net IB debt 1137 -821 -827
Net IB debt excl. pension debt 1137 -821 -827
Net IB debt excl. leasing 1002 -956 -962
Capital employed 4594 2811 3479
Capital invested 3175 1355 1517
Working capital 2592 692 897
Market cap. diluted (m) 2726 2726 2726
Net IB debt adj. 1137 -821 -827
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 3913 1955 1948
Total assets turnover (%) 28,9 43,6 50,5
Working capital/sales (%) 148,1 83,4 40,3
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 55,8 -37,7 -35,3
Net debt / market cap (%) 41,7 -30,1 -30,3
Equity ratio (%) 37,4 60,7 55,6
Net IB debt adj. / equity (%) 55,8 -37,7 -35,3
Current ratio 6 3,39 4,44
EBITDA/net interest 2,1 3,6 34,2
Net IB debt/EBITDA (x) 5,4 -1,8 -1,8
Net IB debt/EBITDA lease adj. (x) 5,1 -2,1 -2,1
Interest coverage 1,3 2,3 5,9
SEKm 2023 2024e 2025e
Shares outstanding adj. 88 88 88
Diluted shares adj. 88 88 88
EPS -0,23 2,46 3,13
Dividend per share 0,9 1,23 1,57
EPS adj. -0,22 2,38 3,04
BVPS 22,5 24,06 25,97
BVPS adj. 16,02 17,69 19,91
Net IB debt/share 12,87 -9,29 -9,36
Share price 30,85 30,85 30,85
Market cap. (m) 2726 2726 2726
P/E (x) -133,3 12,6 9,9
EV/sales (x) 2,31 0,99 0,99
EV/EBITDA (x) 18,6 4,2 4,3
EV/EBITA (x) 28,4 5 5,2
EV/EBIT (x) 28,4 5 5,2
Dividend yield (%) 2,9 4 5,1
FCF yield (%) -16,3 27 4,2
Le. adj. FCF yld. (%) -16,3 27 4,2
P/BVPS (x) 1,37 1,28 1,19
P/BVPS adj. (x) 1,93 1,74 1,55
P/E adj. (x) -137,4 12,9 10,2
EV/EBITDA adj. (x) 19,8 4,2 4,4
EV/EBITA adj. (x) 31,3 5,1 5,3
EV/EBIT adj. (x) 31,3 5,1 5,3
EV/CE (x) 0,9 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 218,79 292,22 295,56

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Main shareholders - Catella

Main shareholders Share capital % Voting shares % Verified
Claesson & Anderzén 49.4 % 49.2 % 30 Sep 2024
Alcur Fonder 6.7 % 6.0 % 31 Aug 2024
Gran Fondo Capital 4.1 % 4.3 % 8 Oct 2024
Symmetry Invest A/S 4.6 % 4.2 % 28 Aug 2024
Avanza Pension 2.8 % 2.5 % 26 Sep 2024
Nordnet Pensionsförsäkring 2.2 % 2.0 % 26 Sep 2024
Nordea Funds 1.9 % 1.8 % 26 Sep 2024
Familjen Hedberg 1.1 % 1.0 % 26 Sep 2024
Swedbank Försäkring 1.1 % 1.0 % 26 Sep 2024
MP Pensjon PK 1.0 % 0.9 % 26 Sep 2024
Source: Holdings by Modular Finance AB