Modern and strategically located logistics properties

Catena

Catena is Sweden's largest real estate company focusing on logistics properties, and the company's real estate portfolio is concentrated around Stockholm, Malmö, Göteborg, Helsingborg and Jönköping. The company has a long history in various forms, but the current Catena took shape in 2013 when most of Brinova's property portfolio was acquired through a reverse merger. In 2015, Catena divested a large development property in Solna to Fabege and acquired the property company Tribona, which was consolidated in early 2016.

Financials

CATENA

SEKm 2017 2018 2019
Rental Income 892 1073 1156
Rental growth (%) 13,4 20,2 7,8
Net operating income 672 811 875
NOI margin (%) 75,3 75,6 75,7
CEPS Adj 12,18 14,58 15,67
CEPS Adj. growth (%) 30,3 19,7 7,5
DPS 4,5 5 5,5
EPRA NAVPS 149,85 169,23 188,4
EPS 17,57 15,77 12,81
EPS Adj 17,57 15,77 12,81
P/CEPS Adj. (x) 12,8 13 12,1
P/E Adj. (x) 8,9 12 14,8
P/EPRANAV (x) 1,04 1,12 1,01
Implicit yield (%) 5 5,1 5,4
div.yield (%) 2,9 2,6 2,9
LTV (%) 56,9 58,8 58