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Catena

Modern and strategically located logistics properties

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.

Catena is the market leader within e-commerce and FMCG properties and focuses on the ongoing structural change with a shift towards faster delivery of products and food. In line with the increase in freight flows, increased trade and e-commerce, the need for modern logistics sites heightens. The group has a great property portfolio and invests around SEK 500m p.a. in property development and new construction.

Around 40% of Catena’s rental value comes from Stockholm and in the region, rental rates for the logistics sector, inflation-adjusted, have basically been unchanged since 1990. This results in a smaller upside in terms of unrealized value changes compared to other real estate segments, but more solid earnings during recessions. All in all, Catena’s real estate portfolio is well diversified, and the main risk is the macro development in the markets in which it operates. Moreover, Catena has a higher focus on property development compared to peers, thus increasing the risk of the company.

SEKm 2018 2019e 2020e
Rental Income 1091 1183 1249
Rental growth (%) 22,3 8,5 5,6
Net operating income 829 900 952
NOI margin (%) 76 76 76,2
CEPS Adj 15,26 16,2 17,15
CEPS Adj. growth (%) 29,8 6,1 5,9
DPS 5,75 6,25 6,75
EPRA NAVPS 169,53 189,96 211,51
EPS 22 13,25 14,19
EPS Adj 22 13,25 14,19
P/CEPS Adj. (x) 14,4 15,7 14,9
P/E Adj. (x) 10 19,3 18
P/EPRANAV (x) 1,3 1,34 1,21
Implicit yield (%) 5,1 4,6 4,8
div.yield (%) 2,6 2,5 2,6
LTV (%) 55,9 55,1 54,1
SEKm 2018 2019e 2020e
Rental income 1091 1183 1249
Other income 0 0 0
Operating costs -262 -283 -297
Net operating income 829 900 952
NOI margin (%) 76 76 76,2
Value change realized 5 0 0
Value change unrealized 329 0 0
Administration costs -31 -34 -35
All other income & costs 0 0 0
EBIT 1141 866 917
Net financial items -236 -235 -248
Value change derivatives 35 0 0
Pretax profit 940 631 669
Deferred profit tax -117 -110 -111
Current tax 0 -25 -27
Net profit 823 496 531
Minority interest 0 0 0
Net profit to shareholders 823 496 531
Other income statement related information 2018 2019 2020
Cash earnings 571 606 642
Tax rate (%) -12,4 -21,5 -20,6
Net investments 1256 968 992
Acquisitions N/A N/A N/A
Other investments 0 0 0
Divestments N/A N/A N/A
EPS 22 13,25 14,19
CEPS 15,26 16,2 17,15
CEPS adj. 15,26 16,2 17,15
Dividend per share Adj 5,75 6,25 6,75
Payout ratio of CEPS (%) 37,7 38,6 39,3
Rental growth (%) 22,3 8,5 5,6
NOI growth (%) 23,4 8,5 5,8
CEPS growth (%) 29,8 6,1 5,9
CEPS adj. growth (%) 29,8 6,1 5,9
Balance Sheet 2018 2019 2020
Properties 14721 15689 16681
Deferred tax asset 97 92 87
Receivables 154 167 177
Cash and liquid assets 281 281 281
Other assets 732 793 838
Current liabilities 411 411 411
Total assets 15985 17023 18064
Shareholders equity 5309 5876 6479
Minority 0 0 0
Deferred tax 1272 1297 1324
Interest bearing debt 8994 9439 9850
Short-term debt 0 0 0
Derivatives 411 411 411
Total liabilities and equity 15985 17023 18064
Other balance sheet related information 2018 2019 2020
Net IB debt 8236 8640 9023
Rental area m2 (000) 1793 1793 1793
Rent per m2 608 660 697
Equity ratio (%) 33,2 34,5 35,9
Loan to value (%) 55,9 55,1 54,1
Net loan to value (%) 63 62 60,7
ICR real estate 3 4 4
Interest rate on debt (%) 3 3 3
Occupancy rate (%) 95,9 95,9 95,9
NAV per share 0 0 0
BVPS 141,89 157,06 173,18
EPRA NAV per share 169,53 189,96 211,51
Valuation 2018 2019 2020
Shares outstanding adj. 37 37 37
Share price 180,64 255 255
Market cap. (m) 6759 9541 9541
P/E 10 19,3 18
Net IB debt / share 220 231 241
P/CEPS 14,4 15,7 14,9
P/CEPS adj. 14,4 15,7 14,9
EV/EBIT 14,5 21 20,3
Implicit yield (%) 5,1 4,6 4,8
Yield on BV (%) 5,6 5,7 5,7
Dividend yield (%) 2,6 2,5 2,6
P/NAV N/A N/A N/A
P/EPRA NAV 1,3 1,34 1,21
P/BVPS 1,55 1,62 1,47
EV/NOI 19,89 20,21 19,5

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Main shareholders

Catena

Main shareholders Share capital % Voting shares % Verified
Erik Paulsson & Bolag 29.8 % 29.8 % 28 Feb 2019
Sten Mörtstedt 10.5 % 10.5 % 28 Feb 2019
Länsförsäkringar Fonder 6.3 % 6.3 % 31 Mar 2019
Cohen & Steers 5.0 % 5.0 % 11 Jan 2019
Jan Persson 4.5 % 4.5 % 28 Feb 2019
Gustaf Hermelin 3.5 % 3.5 % 7 Mar 2019
SEB Fonder 2.8 % 2.8 % 28 Feb 2019
Nordea Fonder 2.6 % 2.6 % 28 Feb 2019
TR Property Investment Trust 1.4 % 1.4 % 30 Nov 2018
Vanguard 1.1 % 1.1 % 28 Feb 2019
Source: Holdings by Modular Finance AB

Insider list

Catena

Name Quantity Code Date
Gustaf Hermelin - 250 000 SELL 7 Mar 2019
Mats Carreman - 1 000 SELL 27 Feb 2019
Sofie Bennsten + 200 BUY 21 Nov 2018
Peter Andersson + 500 BUY 20 Nov 2018
Benny Thögersen + 1 100 BUY 20 Nov 2018
Gustaf Hermelin - 250 000 SELL 15 Nov 2018
Gustaf Hermelin - 3 392 SELL 15 Sep 2017
GUSTAF HERMELIN - 19 011 SELL 14 Sep 2017
GUSTAF HERMELIN - 15 000 SELL 13 Sep 2017
Benny Thögersen + 500 BUY 16 May 2017

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