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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 1264 1390 1480
Rental growth (%) 6,8 10 6,5
Net operating income 1004 1102 1173
NOI margin (%) 79,4 79,3 79,3
CEPS Adj 18,7 19,53 21,34
CEPS Adj. growth (%) 15,2 4,5 9,2
DPS 7,5 8 8,5
EPRA NAVPS 245,08 272,88 302,94
EPS 40,51 32,18 17,61
EPS Adj 40,51 32,18 17,61
P/CEPS Adj. (x) 20,6 21,5 19,7
P/E Adj. (x) 9,5 13 23,8
P/EPRANAV (x) 1,57 1,54 1,39
Implicit yield (%) 4,1 3,9 4,1
div.yield (%) 1,9 1,9 2
LTV (%) 50,1 51,4 50,2
SEKm 2020 2021e 2022e
Rental income 1264 1390 1480
Other income 0 0 0
Operating costs -260 -288 -307
Net operating income 1004 1102 1173
NOI margin (%) 79,4 79,3 79,3
Value change realized 8 0 0
Value change unrealized 1159 680 0
Administration costs -35 -38 -40
All other income & costs 0 0 0
EBIT 2133 1740 1128
Net financial items -247 -268 -270
Value change derivatives 38 85 0
Pretax profit 1924 1557 859
Deferred profit tax -383 -282 -143
Current tax -14 -45 -43
Net profit 1527 1230 673
Minority interest 0 0 0
Net profit to shareholders 1527 1230 673
Other income statement related information 2020 2021 2022
Cash earnings 705 747 816
Tax rate (%) -20,6 -21 -21,6
Net investments 1175 1430 1222
Acquisitions N/A N/A N/A
Other investments 0 0 0
Divestments N/A N/A N/A
EPS 40,51 32,18 17,61
CEPS 18,7 19,53 21,34
CEPS adj. 18,7 19,53 21,34
Dividend per share Adj 7,5 8 8,5
Payout ratio of CEPS (%) 40,1 41 39,8
Rental growth (%) 6,8 10 6,5
NOI growth (%) 11,2 9,8 6,5
CEPS growth (%) 15,2 4,5 9,2
CEPS adj. growth (%) 15,2 4,5 9,2
Balance Sheet 2020 2021 2022
Properties 18612 20723 21944
Deferred tax asset 75 70 65
Receivables 289 318 338
Cash and liquid assets 411 411 411
Other assets 1011 1112 1184
Current liabilities 343 258 258
Total assets 20399 22633 23943
Shareholders equity 7590 8443 9295
Minority 0 0 0
Deferred tax 1884 1929 1972
Interest bearing debt 10581 12003 12417
Short-term debt 0 0 0
Derivatives 343 258 258
Total liabilities and equity 20399 22633 23943
Other balance sheet related information 2020 2021 2022
Net IB debt 9324 10661 11015
Rental area m2 (000) 1948 1948 1948
Rent per m2 649 714 760
Equity ratio (%) 37,2 37,3 38,8
Loan to value (%) 50,1 51,4 50,2
Net loan to value (%) 59,1 59,9 58,5
ICR real estate 4 4 4
Interest rate on debt (%) 3 3 2
Occupancy rate (%) 96,2 96,2 96,2
NAV per share 0 0 0
BVPS 201,34 220,87 243,16
EPRA NAV per share 245,08 272,88 302,94
Valuation 2020 2021 2022
Shares outstanding adj. 38 38 38
Share price 363,88 419,8 419,8
Market cap. (m) 13718 16048 16048
P/E 9,5 13 23,8
Net IB debt / share 247 279 288
P/CEPS 20,6 21,5 19,7
P/CEPS adj. 20,6 21,5 19,7
EV/EBIT 11,2 15,3 24
Implicit yield (%) 4,1 3,9 4,1
Yield on BV (%) 5,4 5,3 5,3
Dividend yield (%) 1,9 1,9 2
P/NAV 0 0 0
P/EPRA NAV 1,57 1,54 1,39
P/BVPS 1,91 1,9 1,73
EV/NOI 23,75 24,24 23,07

Equity research

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Media

Catena - Company presentation with CEO Jörgen Eriksson & Financial Controller/IR David Silvesjö
Catena - Company presentation with CEO Benny Thögersen (in Swedish)

Main shareholders - Catena

Main shareholders Share capital % Voting shares % Verified
Erik Paulsson & Bolag 27.2 % 27.2 % 30 Apr 2021
PGGM Pensioenfonds 8.9 % 8.9 % 30 Apr 2021
Länsförsäkringar Fonder 5.1 % 5.1 % 3 May 2021
Gustaf Hermelin 3.2 % 3.2 % 30 Apr 2021
Fjärde AP-fonden 3.1 % 3.1 % 30 Apr 2021
Vanguard 2.7 % 2.7 % 31 Mar 2021
SEB Fonder 2.0 % 2.0 % 30 Apr 2021
Cohen & Steers 1.9 % 1.9 % 31 Mar 2021
Norges Bank 1.5 % 1.5 % 30 Apr 2021
BlackRock 1.4 % 1.4 % 30 Apr 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

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