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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 divided into two main business areas, Corporate Finance and Asset Management. The latter can be subdivided into two additional business areas, Equity-Hedge and Fixed Income Funds and Property Investment Management.

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 2018 2019e 2020e
Sales 2344 2385 2559
Sales growth (%) -4,8 1,7 7,3
EBITDA 323 697 540
EBITDA margin (%) 13,8 29,2 21,1
EBIT adj 292 578 416
EBIT adj margin (%) 12,5 24,2 16,2
Pretax profit 275 458 386
EPS rep -1,26 3,03 3,58
EPS growth (%) -158,3 339,5 18,4
EPS adj 0,77 2,58 2,19
DPS 1,2 1,58 1,35
EV/EBITDA (x) 7,3 4,1 4,4
EV/EBIT adj (x) 8 5 5,7
P/E (x) -18,4 8,8 7,4
P/E adj (x) 30,2 10,3 12,1
EV/sales (x) 1 1,2 0,9
FCF yield (%) -6,6 18 1,3
Dividend yield (%) 5,2 6 5,1
Net IB debt/EBITDA 0,2 0,4 -0,4
SEKm 2018 2019e 2020e
Sales 2344 2385 2559
COGS -437 -443 -497
Gross profit 1907 1942 2062
Other operating items -1584 -1246 -1522
EBITDA 323 697 540
Depreciation on tangibles 0 0 0
Depreciation on intangibles -31 -36 -36
EBITA 292 578 416
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 292 578 416
Other financial items -8 -91 0
Net financial items -17 -120 -30
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 275 458 386
Tax -121 -130 -96
Net profit 154 327 289
Minority interest -84 -98 -95
Net profit discontinued -180 39 124
Net profit to shareholders -110 268 318
EPS -1,26 3,03 3,58
EPS Adj 0,77 2,58 2,19
Total extraordinary items after tax 0 0 0
Tax rate (%) -44 -28,5 -25
Gross margin (%) 81,4 81,4 80,6
EBITDA margin (%) 13,8 29,2 21,1
EBITA margin (%) 12,5 24,2 16,2
EBIT margin (%) 12,5 24,2 16,2
Pretax margin (%) 11,7 19,2 15,1
Net margin (%) 6,6 13,7 11,3
Growth rates Y/Y 2018 2019 2020
Sales growth (%) -4,8 1,7 7,3
EBITDA growth (%) -17 115,7 -22,5
EBIT growth (%) -19,1 97,8 -28
Net profit growth (%) -45,8 112,5 -11,6
EPS growth (%) -158,3 339,5 18,4
Profitability 2018 2019 2020
ROE (%) -6,9 17,6 18,7
ROE Adj (%) 4,4 15 11,4
ROCE (%) 7,8 19,4 15
ROCE Adj(%) 7,8 19,4 15
ROIC (%) 10,1 31,8 19,9
ROIC Adj (%) 10,1 31,8 19,9
Adj earnings numbers 2018 2019 2020
EBITDA Adj 323 697 540
EBITDA Adj margin (%) 13,8 29,2 21,1
EBITA Adj 292 578 416
EBITA Adj margin (%) 12,5 24,2 16,2
EBIT Adj 292 578 416
EBIT Adj margin (%) 12,5 24,2 16,2
Pretax profit Adj 275 458 386
Net profit Adj 154 327 289
Net profit to shareholders Adj 70 229 194
Net Adj margin (%) 6,6 13,7 11,3
SEKm 2018 2019e 2020e
EBITDA 323 697 540
Net financial items -17 -120 -30
Paid tax -121 -130 -96
Non-cash items -45 0 0
Cash flow before change in WC 140 446 413
Change in WC 1239 -67 -245
Operating cash flow 344 345 231
CAPEX tangible fixed assets 0 0 0
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals -479 80 -200
Free cash flow -135 425 31
Dividend paid -84 -104 -137
Share issues and buybacks 0 0 0
Other non cash items 381 -547 621
Decrease in net IB debt 3861 -3532 48
Balance Sheet (SEKm) 2018 2019 2020
Goodwill 646 648 586
Indefinite intangible assets 0 0 0
Definite intangible assets 0 0 0
Tangible fixed assets 29 28 28
Other fixed assets 453 502 502
Fixed assets 1128 1445 1358
Inventories 0 0 0
Receivables 743 657 657
Other current assets 4451 1173 214
Cash and liquid assets 687 728 1219
Total assets 7009 4003 3448
Shareholders equity 1442 1606 1787
Minority 205 228 228
Total equity 1647 1834 2015
Long-term debt 748 748 748
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 29 29 29
Other long-term liabilities 2 0 0
Short-term debt 0 0 0
Accounts payable 765 612 367
Other current liabilities 3818 513 46
Total liabilities and equity 5651 6396 7009
Net IB debt 61 287 -229
Net IB debt excl. pension debt 61 287 -229
Capital invested 1106 1490 1648
Working capital -22 45 290
EV breakdown 2018 2019 2020
Market cap. diluted (m) 1951 2295 2295
Net IB debt Adj 61 287 -229
Market value of minority 790 790 790
Reversal of shares and participations -453 -502 -502
Reversal of conv. debt assumed equity 0 0 0
EV 2349 2870 2355
Capital efficiency (%) 2018 2019 2020
Total assets turnover (%) 35 43,3 68,7
Capital invested turnover (%) 145,5 183,7 163,1
Capital employed turnover (%) 60,6 90,9 87,4
Inventories / sales (%) 0 0 0
Customer advances / sales (%) 0 0 0
Payables / sales (%) 35,4 28,9 19,1
Working capital / sales (%) 25,5 0,5 6,5
Financial risk and debt service 2018 2019 2020
Net debt / equity (%) 3,7 15,6 -11,3
Net debt / market cap (%) 3,3 12,5 -10
Equity ratio (%) 23,5 45,8 58,5
Net IB debt adj. / equity (%) 3,7 15,6 -11,3
Current ratio (%) 128,3 227,4 505,5
EBITDA / net interest (%) 3588,9 2402,1 1799,3
Net IB debt / EBITDA (%) 18,9 41,1 -42,3
Interest cover (%) 1148,1 1175,7 841,9
SEKm 2018 2019e 2020e
Shares outstanding adj. 84 86 86
Fully diluted shares Adj 84 86 86
EPS -1,26 3,03 3,58
Dividend per share Adj 1,2 1,6 1,3
EPS Adj 0,77 2,58 2,19
BVPS 17,14 18,62 20,71
BVPS Adj 9,46 11,11 13,92
Net IB debt / share 0,7 3,3 -2,6
Share price 22,05 26,6 26,6
Market cap. (m) 1854 2295 2295
Valuation 2018 2019 2020
P/E -18,4 8,8 7,4
EV/sales 1 1,2 0,92
EV/EBITDA 7,3 4,1 4,4
EV/EBITA 8 5 5,7
EV/EBIT 8 5 5,7
Dividend yield (%) 5,2 6 5,1
FCF yield (%) -6,6 18 1,3
P/BVPS 1,35 1,43 1,28
P/BVPS Adj 2,45 2,4 1,91
P/E Adj 30,2 10,3 12,1
EV/EBITDA Adj 7,3 4,1 4,4
EV/EBITA Adj 8 5 5,7
EV/EBIT Adj 8 5 5,7
EV/cap. employed 1 1 0,8
Investment ratios 2018 2019 2020
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 intangibles / definite intangibles N/A N/A N/A
Depreciation on tangibles / tangibles 0 0 0

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Main shareholders - Catella

Main shareholders Share capital % Voting shares % Verified
Claesson & Anderzén 48.3 % 47.8 % 31 Oct 2019
Petter Stordalen (Strawberry Capital AS) 4.2 % 4.4 % 31 Oct 2019
Swedbank Robur Fonder 4.3 % 3.9 % 28 Oct 2019
Knut Pedersen 3.5 % 3.1 % 31 Oct 2019
Avanza Pension 2.6 % 2.4 % 31 Oct 2019
Thomas Andersson Borstam 1.9 % 1.7 % 31 Oct 2019
Nordnet Pensionsförsäkring 1.9 % 1.7 % 31 Oct 2019
Svein Støle 1.4 % 1.2 % 30 Sep 2019
MP Pensjon PK 1.1 % 1.0 % 31 Oct 2019
Rutger Arnhult 0.9 % 0.8 % 30 Sep 2019
Source: Holdings by Modular Finance AB

Insider list - Catella

Name Quantity Code Date
Knut Arill Pedersen +1 333 334 Redemp 27 Mar 2019
Marcus Holmstrand + 100 000 Redemp 22 Mar 2019
Johan Nordenfalk - 2 658 SELL 21 Mar 2019
Johan Nordenfalk - 2 658 SELL 21 Mar 2019
Johan Nordenfalk - 5 502 SELL 21 Mar 2019
Johan Nordenfalk - 8 136 SELL 21 Mar 2019
Johan Nordenfalk - 3 524 SELL 21 Mar 2019
Johan Nordenfalk - 2 575 SELL 19 Mar 2019
Johan Nordenfalk - 2 575 SELL 19 Mar 2019
Johan Nordenfalk - 5 500 SELL 19 Mar 2019

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