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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 2023 2024e 2025e
Sales 1697 1635 2126
Sales growth (%) -24,1 -3,7 30,1
EBITDA 210 190 600
EBITDA margin (%) 12,4 11,6 28,2
EBIT adj. 125 108 511
EBIT adj. margin (%) 7,4 6,6 24
Pretax profit 42 -10 467
EPS -0,23 -0,18 4,05
EPS growth (%) -104,2 -20,6 -2305,6
EPS adj. -0,22 -0,06 3,93
DPS 0,91 0,91 1,22
EV/EBITDA (x) 18 13,6 3,9
EV/EBIT adj. (x) 30,1 23,9 4,5
P/E (x) -126,2 -158,9 7,2
P/E adj. (x) -130,1 -455,9 7,4
EV/sales (x) 2,22 1,58 1,09
FCF yield (%) -17,2 4,4 13,3
Le. adj. FCF yld. (%) -17,2 4,4 13,3
Dividend yield (%) 3,1 3,1 4,2
Net IB debt/EBITDA (x) 5,4 -0,2 -0,5
Le. adj. ND/EBITDA (x) 5,1 -0,9 -0,7
SEKm 2023 2024e 2025e
Sales 1697 1635 2126
COGS -874 -355 -258
Gross profit 823 1280 1868
Other operating items -613 -1090 -1268
EBITDA 210 190 600
Depreciation and amortisation -72 -79 -80
of which leasing depreciation 0 0 0
EBITA 138 111 520
EO Items 12 3 9
Impairment and PPA amortisation 0 0 0
EBIT 138 111 520
Net financial items -95 -121 -53
Pretax profit 42 -10 467
Tax -51 -4 -100
Net profit -8 -14 367
Minority interest -12 -3 -9
Net profit discontinued 0 0 0
Net profit to shareholders -20 -16 358
EPS -0,23 -0,18 4,05
EPS adj. -0,22 -0,06 3,93
Total extraordinary items after tax -2 4 7
Leasing payments 0 0 0
Tax rate (%) 119 -40,4 21,5
Gross margin (%) 48,5 78,3 87,8
EBITDA margin (%) 12,4 11,6 28,2
EBITA margin (%) 8,1 6,8 24,5
EBIT margin (%) 8,1 6,8 24,5
Pre-tax margin (%) 2,5 -0,6 22
Net margin (%) -0,5 -0,8 17,2
Sales growth (%) -24,1 -3,7 30,1
EBITDA growth (%) -76,3 -9,5 215,9
EBITA growth (%) -83 -19,4 368,7
EBIT growth (%) -83 -19,4 N/A
Net profit growth (%) -101,2 69,4 -2788,6
EPS growth (%) -104,2 -20,6 -2305,6
Profitability N/A N/A N/A
ROE (%) -1 -0,8 17,6
ROE adj. (%) -0,9 -1 17,3
ROCE (%) 4 4,8 16,3
ROCE adj. (%) 3,7 4,8 16
ROIC (%) -0,8 6,1 21,4
ROIC adj. (%) -0,8 6 21
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 197 187 591
EBITDA adj. margin (%) 11,6 11,5 27,8
EBITDA lease adj. 197 187 591
EBITDA lease adj. margin (%) 11,6 11,5 27,8
EBITA adj. 125 108 511
EBITA adj. margin (%) 7,4 6,6 24
EBIT adj. 125 108 511
EBIT adj. margin (%) 7,4 6,6 24
Pretax profit Adj. 30 -12 458
Net profit Adj. -6 -17 360
Net profit to shareholders adj. -18 -20 351
Net adj. margin (%) -0,3 -1,1 16,9
SEKm 2023 2024e 2025e
EBITDA 210 190 600
Goodwill 573 563 535
Net financial items -95 -121 -53
Other intangible assets 0 0 0
Paid tax -51 -4 -100
Tangible fixed assets 33 27 27
Non-cash items -11 -1438 58
Right-of-use asset 149 171 119
Cash flow before change in WC 53 -1372 505
Total other fixed assets 623 526 526
Change in working capital -158 1354 -58
Fixed assets 1378 1287 1207
Operating cash flow -105 -19 447
Inventories 0 0 0
Capex tangible fixed assets 0 0 0
Receivables 1091 1094 1053
Capex intangible fixed assets 0 0 0
Other current assets 2179 822 922
Acquisitions and Disposals -340 132 -104
Cash and liquid assets 796 1183 1005
Free cash flow -445 113 343
Total assets 5444 4386 4186
Dividend paid -106 -80 -80
Shareholders equity 1988 1892 2170
Share issues and buybacks 0 0 0
Minority 50 50 50
Leasing liability amortisation 0 0 0
Total equity 2038 1942 2220
Other non-cash items -103 1219 37
Long-term debt 2421 1533 1092
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 4386 4186
Net IB debt 1137 -41 -303
Net IB debt excl. pension debt 1137 -41 -303
Net IB debt excl. leasing 1002 -176 -438
Capital employed 4594 3610 3447
Capital invested 3175 1901 1917
Working capital 2592 1238 1297
Market cap. diluted (m) 2580 2580 2580
Net IB debt adj. 1137 -41 -303
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 3767 2589 2326
Total assets turnover (%) 28,9 33,3 49,6
Working capital/sales (%) 148,1 117,2 59,6
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 55,8 -2,1 -13,7
Net debt / market cap (%) 44,1 -1,6 -11,8
Equity ratio (%) 37,4 44,3 53
Net IB debt adj. / equity (%) 55,8 -2,1 -13,7
Current ratio 6 4,57 4,39
EBITDA/net interest 2,1 1,4 11,3
Net IB debt/EBITDA (x) 5,4 -0,2 -0,5
Net IB debt/EBITDA lease adj. (x) 5,1 -0,9 -0,7
Interest coverage 1,3 0,9 5,4
SEKm 2023 2024e 2025e
Shares outstanding adj. 88 88 88
Diluted shares adj. 88 88 88
EPS -0,23 -0,18 4,05
Dividend per share 0,91 0,91 1,22
EPS adj. -0,22 -0,06 3,93
BVPS 22,5 21,42 24,57
BVPS adj. 16,02 15,05 18,51
Net IB debt/share 12,87 -0,46 -3,43
Share price 29,2 29,2 29,2
Market cap. (m) 2580 2580 2580
P/E (x) -126,2 -158,9 7,2
EV/sales (x) 2,22 1,58 1,09
EV/EBITDA (x) 18 13,6 3,9
EV/EBITA (x) 27,4 23,3 4,5
EV/EBIT (x) 27,4 23,3 4,5
Dividend yield (%) 3,1 3,1 4,2
FCF yield (%) -17,2 4,4 13,3
Le. adj. FCF yld. (%) -17,2 4,4 13,3
P/BVPS (x) 1,3 1,36 1,19
P/BVPS adj. (x) 1,82 1,94 1,58
P/E adj. (x) -130,1 -455,9 7,4
EV/EBITDA adj. (x) 19,1 13,8 3,9
EV/EBITA adj. (x) 30,1 23,9 4,5
EV/EBIT adj. (x) 30,1 23,9 4,5
EV/CE (x) 0,8 0,7 0,7
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 218,79 292,59 296,3

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Main shareholders - Catella

Main shareholders Share capital % Voting shares % Verified
Claesson & Anderzén 49.4 % 49.2 % 29 Oct 2024
Alcur Fonder 6.5 % 5.9 % 30 Sep 2024
Gran Fondo Capital 4.1 % 4.3 % 29 Oct 2024
Symmetry Invest A/S 4.6 % 4.2 % 28 Aug 2024
Avanza Pension 2.8 % 2.5 % 29 Oct 2024
Nordnet Pensionsförsäkring 2.2 % 2.1 % 29 Oct 2024
Nordea Funds 1.8 % 1.6 % 29 Oct 2024
Familjen Hedberg 1.1 % 1.0 % 29 Oct 2024
Swedbank Försäkring 1.1 % 1.0 % 29 Oct 2024
MP Pensjon PK 1.0 % 0.9 % 29 Oct 2024
Source: Holdings by Modular Finance AB