Catella AB (publ) (CAT-A.ST) | Investment Case

1. Company Snapshot

1.a. Company Description

Catella AB (publ) is a real estate investment firm.The firm together with its subsidiaries, provides property advisory and investments, and fund management services in Europe.The company operates in two segments, Corporate Finance and Asset Management.

The Corporate Finance segment offers strategic advisory, capital market-related, and transaction advisory services to real estate companies, financial institutions, property funds, and other property owners.The Asset Management segment provides property investment management, fund, and asset management services to institutional and other professional investors, as well as project management services in the early phase of property development projects.This segment also offers equity, hedge, and fixed income funds, as well as systematic funds.

The company was formerly known as Scribona AB (publ) and changed its name to Catella AB (publ) in 2010.Catella AB (publ) was incorporated in 1961 and is headquartered in Stockholm, Sweden.

Show Full description

1.b. Last Insights on CAT

Catella AB faces challenges despite a significant increase in assets under management. The company's latest quarter was marked by revenue shortfalls and structural challenges. This was highlighted in the Q3 2025 earnings call, where management addressed the issues impacting financial performance. The revenue shortfalls are a concern, potentially affecting profitability. Additionally, structural challenges may require strategic adjustments to navigate the current business environment effectively. These factors are influencing the company's short-term prospects.

1.c. Company Highlights

Last Price	25.8
Change Percentage	0.78%
Open	25.8
Previous Close	25.6
Market Cap ( Millions)	2279
Volume	812
Year High	36.4
Year Low	24.2
M A 50	28.55
M A 200	29.5

FCF Yield	59.49%
Dividend Yield	3.38%
ROE	8.72%
Debt / Equity	74.95%
Net Debt / EBIDTA	-4.13%
Price To Book	1.19
Price Earnings Ratio	13.91
Price To FCF	1.68
Price To sales	0.95
EV / EBITDA	5.51

2. Transcript Summary

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3. NewsRoom

Catella AB (FRA:SKVB) Q3 2025 Earnings Call Highlights: Strong AUM Growth Amid Revenue Challenges

Nov -07

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LVMH: Share transactions disclosure

Sep -09

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The BANK of Greenland issued and early redemption of Senior Non-Preferred capital

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Minor Hotels Europe & Americas (BME:NHH): Exploring Valuation After Steady Share Performance

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (7.78%)

6. Segments

Investment Management

Expected Growth: 8.5%

Growing demand for real estate and fixed income investments, increasing institutional and private investor appetite, and expansion into new markets drive growth for Catella AB's investment management services.

Principal Investments

Expected Growth: 8.5%

Principal Investments from Catella AB (publ) is expected to grow driven by increasing demand for real estate and alternative assets, active management, and value creation strategies, resulting in a forecast CAGR of 8.5%.

Corporate Finance

Expected Growth: 5.5%

Growing demand for strategic advisory services, increasing M&A activities, and rising need for debt and equity capital markets solutions drive growth in corporate finance at Catella AB.

Other

Expected Growth: 4.5%

The 'Other' segment's growth is driven by increasing demand for asset management and property investment services, fueled by a growing economy and urbanization. Additionally, the company's diversified portfolio and strategic partnerships contribute to its growth prospects.

Eliminations

Expected Growth: 4.5%

Consolidation of financial statements drives growth in eliminations, fueled by increasing complexity in Catella AB's subsidiary structure and rising need for transparent financial reporting.

7. Detailed Products

Property Investment Management

Catella AB provides property investment management services, offering a range of investment strategies and solutions to institutional investors, family offices, and private investors.

Fund Management

Catella offers fund management services, creating and managing funds that invest in real estate, fixed income, and equities.

Real Estate Advisory

Catella provides real estate advisory services, including transaction advisory, valuation, and research.

Asset Management

Catella offers asset management services, managing properties on behalf of investors to maximize returns.

Equity Research

Catella provides equity research services, offering insights and analysis on listed real estate companies.

8. Catella AB (publ)'s Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for Catella AB (publ) is medium due to the presence of alternative investment options for customers.

Bargaining Power Of Customers

The bargaining power of customers for Catella AB (publ) is low due to the company's strong brand reputation and diversified customer base.

Bargaining Power Of Suppliers

The bargaining power of suppliers for Catella AB (publ) is medium due to the company's dependence on a few key suppliers for its operations.

Threat Of New Entrants

The threat of new entrants for Catella AB (publ) is high due to the relatively low barriers to entry in the financial services industry.

Intensity Of Rivalry

The intensity of rivalry for Catella AB (publ) is high due to the highly competitive nature of the financial services industry.

9. SWOT Analysis

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

	Value
Debt Weight	55.34%
Debt Cost	3.95%
Equity Weight	44.66%
Equity Cost	10.26%
WACC	6.77%
Leverage	123.89%

11. Quality Control: Catella AB (publ) passed 3 out of 9 key points

Strong Liquidity

Low Deb

Strong Interest Coverage

Healthy Cash Flow

Operating Efficiency

Strong Return On Equity

Consistent Revenue Growth

Consistent Operating Cash Flow Growth

Margin Improvement

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

CapMan

A-Score: 6.6/10

Value: 5.2

Growth: 4.8

Quality: 7.9

Yield: 9.4

Momentum: 4.0

Volatility: 8.3

1-Year Total Return ->

Catella

A-Score: 4.5/10

Value: 7.4

Growth: 3.7

Quality: 5.8

Yield: 5.0

Momentum: 5.0

Volatility: 0.0

1-Year Total Return ->

Augmentum Fintech

A-Score: 4.0/10

Value: 10.0

Growth: 0.6

Quality: 6.5

Yield: 0.0

Momentum: 2.5

Volatility: 4.7

1-Year Total Return ->

Molten Ventures

A-Score: 3.9/10

Value: 6.3

Growth: 5.6

Quality: 5.6

Yield: 0.0

Momentum: 4.0

Volatility: 1.7

1-Year Total Return ->

Leonteq

A-Score: 3.6/10

Value: 7.2

Growth: 0.7

Quality: 3.2

Yield: 8.8

Momentum: 0.0

Volatility: 2.0

1-Year Total Return ->

Brockhaus Capital Mgmt

A-Score: 3.1/10

Value: 6.9

Growth: 6.7

Quality: 2.7

Yield: 0.0

Momentum: 0.0

Volatility: 2.3

1-Year Total Return ->

Peers Metrics

12.e Scoring ^Insights

12.f DCF ^BETA

Parameters

Short Term Growth

-10.30%

Short term Time

10.0

Long-Term Growth

2.00%

WACC

6.77%

Catella AB (publ) - SE0000188500

1. Company Snapshot

1.a. Company Description

1.b. Last Insights on CAT

1.c. Company Highlights

More Volatile

Lower Quality

Lower Growth

Average Growth

Revenues Beats

Earnings Miss

Weak Momentum

Earnings Beats

Expensive

Revenues Miss

Fairly Valued

Stable Momentum

2. Transcript Summary

3. NewsRoom

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (7.78%)

6. Segments

Investment Management

Expected Growth: 8.5%

Principal Investments

Expected Growth: 8.5%

Corporate Finance

Expected Growth: 5.5%

Other

Expected Growth: 4.5%

Eliminations

Expected Growth: 4.5%

7. Detailed Products

Property Investment Management

Fund Management

Real Estate Advisory

Asset Management

Equity Research

8. Catella AB (publ)'s Porter Forces

Forces Ranking

Threat Of Substitutes

Bargaining Power Of Customers

Bargaining Power Of Suppliers

Threat Of New Entrants

Intensity Of Rivalry

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

11. Quality Control: Catella AB (publ) passed 3 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

25.8$

Current Price

25.8$

Potential

-0.00%

Expected Cash-Flows

12.e Scoring ^Insights

12.f DCF ^BETA