Press the button and be introduced to a new random company!

Introduce me >

Social media

facebook   Follow us on Twitter

Coverage

Catena

Catena

Modern and strategically located logistics properties

Catena is Sweden's largest real estate company focused on logistics properties, and the company's real estate portfolio is concentrated around Greater 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 Swedish market leader within e-commerce and FMCG (fast-moving consumer goods) properties, focused on structural change and the 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 is increasing. The group has a strong property portfolio and invests around SEK 600m p.a. in property development and new construction.

Around 44% of Catena’s rental value comes from Greater Stockholm. Rental rates for the logistics sector in that region, inflation-adjusted, have been stable since 1990. In addition, most of Catena’s logistics facilities are in locations where land is abundant, which implies that potential rental growth may be difficult to achieve. This results in a smaller upside in terms of unrealised value changes compared with other real estate segments, but more solid earnings during recessions. Overall, Catena’s real estate portfolio is well diversified, and the main risk is macro. Moreover, Catena has a higher focus on property development compared with peers, thus increasing risk.

SEKm 2020 2021e 2022e
Rental Income 1262 1354 1410
Rental growth (%) 6,7 7,3 4,2
Net operating income 995 1068 1113
NOI margin (%) 78,9 78,9 78,9
CEPS Adj 18,59 19,55 20,76
CEPS Adj. growth (%) 11,8 5,2 6,2
DPS 7 7,5 8
EPRA NAVPS 228,71 256,08 285,1
EPS 24,83 16,17 17,17
EPS Adj 24,83 16,17 17,17
P/CEPS Adj. (x) 20,6 19,6 18,5
P/E Adj. (x) 15,4 23,7 22,3
P/EPRANAV (x) 1,68 1,5 1,35
Implicit yield (%) 4,1 4,1 4,2
div.yield (%) 1,8 2 2,1
LTV (%) 53,5 53 51,6
N/A N/A N/A
SEKm 2020 2021e 2022e
Rental income 1262 1354 1410
Other income 0 0 0
Operating costs -266 -285 -297
Net operating income 995 1068 1113
NOI margin (%) 78,9 78,9 78,9
Value change realized 0 0 0
Value change unrealized 480 0 0
Administration costs -35 -36 -38
All other income & costs 0 0 0
EBIT 1435 1027 1070
Net financial items -248 -259 -255
Value change derivatives -5 0 0
Pretax profit 1183 768 815
Deferred profit tax -240 -127 -135
Current tax -7 -31 -33
Net profit 936 609 647
Minority interest 0 0 0
Net profit to shareholders 936 609 647
Other income statement related information 2020 2021 2022
Cash earnings 701 737 783
Tax rate (%) -20,9 -20,6 -20,6
Net investments 1096 1407 1178
Acquisitions N/A N/A N/A
Other investments 0 0 0
Divestments N/A N/A N/A
EPS 24,83 16,17 17,17
CEPS 18,59 19,55 20,76
CEPS adj. 18,59 19,55 20,76
Dividend per share Adj 7 7,5 8
Payout ratio of CEPS (%) 37,7 38,4 38,5
Rental growth (%) 6,7 7,3 4,2
NOI growth (%) 10,2 7,3 4,2
CEPS growth (%) 11,8 5,2 6,2
CEPS adj. growth (%) 11,8 5,2 6,2
Balance Sheet 2020 2021 2022
Properties 17847 19254 20432
Deferred tax asset 80 75 70
N/A N/A N/A
Receivables 294 316 329
Cash and liquid assets 131 131 131
Other assets 1074 1153 1201
Current liabilities 386 386 386
Total assets 19427 20929 22163
Shareholders equity 7021 7785 8600
Minority 0 0 0
Deferred tax 1544 1574 1607
Interest bearing debt 10476 11184 11570
Short-term debt 0 0 0
Derivatives 386 386 386
Total liabilities and equity 19427 20929 22163
Other balance sheet related information 2020 2021 2022
Net IB debt 9545 10195 10546
Rental area m2 (000) 1843 1843 1843
Rent per m2 685 735 765
Equity ratio (%) 36,1 37,2 38,8
Loan to value (%) 53,5 53 51,6
Net loan to value (%) 59,4 58,8 57,3
ICR real estate 4 4 4
Interest rate on debt (%) 3 3 2
Occupancy rate (%) 95,9 95,9 95,9
NAV per share 0 0 0
BVPS 186,25 206,49 228,11
EPRA NAV per share 228,71 256,08 285,1
Valuation 2020 2021 2022
Shares outstanding adj. 38 38 38
Share price 363,88 383,5 383,5
Market cap. (m) 13718 14458 14458
P/E 15,4 23,7 22,3
Net IB debt / share 253 270 280
P/CEPS 20,6 19,6 18,5
P/CEPS adj. 20,6 19,6 18,5
EV/EBIT 16,7 24 23,4
Implicit yield (%) 4,1 4,1 4,2
Yield on BV (%) 5,6 5,5 5,4
Dividend yield (%) 1,8 2 2,1
P/NAV 0 0 0
P/EPRA NAV 1,68 1,5 1,35
P/BVPS 2,06 1,86 1,68
EV/NOI 24,12 23,08 22,47

Equity research

Read earlier research

Media

Catena - Company presentation with CEO Benny Thögersen (in Swedish)
Catena - Company presentation with CEO Benny Thögersen & CFO Peter Andersson (in Swedish)

Main shareholders - Catena

Main shareholders Share capital % Voting shares % Verified
Erik Paulsson & Bolag 29.8 % 29.8 % 31 Jan 2021
PGGM Pensioenfonds 9.1 % 9.1 % 31 Jan 2021
Länsförsäkringar Fonder 6.2 % 6.2 % 31 Jan 2021
Gustaf Hermelin 3.5 % 3.5 % 31 Jan 2021
Fjärde AP-fonden 2.5 % 2.5 % 31 Jan 2021
Vanguard 2.4 % 2.4 % 31 Jan 2021
SEB Fonder 2.1 % 2.1 % 31 Jan 2021
Norges Bank 1.8 % 1.8 % 31 Jan 2021
Cohen & Steers 1.7 % 1.7 % 31 Jan 2021
Aberdeen Standard Investments 1.4 % 1.4 % 31 Jan 2021
Source: Holdings by Modular Finance AB

Insider list - Catena

Name Quantity Code Date
Jörgen Anders Krister Eriksson + 2 000 BUY 14 Jan 2021
Benny Thögersen - 1 600 SELL 14 Jan 2021
Magnus Swärdh +11 219 599 FU+ 9 Jul 2020
Sofie Bennsten + 100 BUY 19 Mar 2020
Endicott Sweden AB -3 971 349 SELL 3 Sep 2019
Henry Klotz -3 971 349 SELL 3 Sep 2019
Mats Carreman - 500 SELL 22 Aug 2019
Gustaf Hermelin - 250 000 SELL 7 Mar 2019
Mats Carreman - 1 000 SELL 27 Feb 2019
Sofie Bennsten + 200 BUY 21 Nov 2018

Show More