OM:CAT B

Stock Analysis Report

Executive Summary

Catella AB (publ), together with its subsidiaries, provides property advisory and investments, fund management, and banking services in Europe.


Snowflake Analysis

Good value with moderate growth potential.

Share Price & News

How has Catella's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: CAT B's share price has been volatile over the past 3 months.


Market Performance


7 Day Return

-4.8%

CAT B

4.8%

SE Capital Markets

4.5%

SE Market


1 Year Return

-40.2%

CAT B

-5.1%

SE Capital Markets

-10.2%

SE Market

Return vs Industry: CAT B underperformed the Swedish Capital Markets industry which returned -6% over the past year.

Return vs Market: CAT B underperformed the Swedish Market which returned -7.1% over the past year.


Shareholder returns

CAT BIndustryMarket
7 Day-4.8%4.8%4.5%
30 Day-45.6%-24.4%-23.1%
90 Day-40.2%-20.2%-23.8%
1 Year-37.5%-40.2%-2.0%-5.1%-7.4%-10.2%
3 Year-6.2%-17.5%20.8%10.7%-0.2%-15.4%
5 Year9.8%-7.1%47.7%27.9%8.5%-14.7%

Price Volatility Vs. Market

How volatile is Catella's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is Catella undervalued compared to its fair value and its price relative to the market?

>50%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: CAT B (SEK15.6) is trading below our estimate of fair value (SEK49.6)

Significantly Below Fair Value: CAT B is trading below fair value by more than 20%.


Price To Earnings Ratio

PE vs Industry: CAT B is poor value based on its PE Ratio (19.8x) compared to the Capital Markets industry average (16.8x).

PE vs Market: CAT B is poor value based on its PE Ratio (19.8x) compared to the Swedish market (14.4x).


Price to Earnings Growth Ratio

PEG Ratio: CAT B is good value based on its PEG Ratio (0.8x)


Price to Book Ratio

PB vs Industry: CAT B is good value based on its PB Ratio (0.9x) compared to the SE Capital Markets industry average (1.8x).


Next Steps

Future Growth

How is Catella forecast to perform in the next 1 to 3 years based on estimates from 3 analysts?

23.8%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: CAT B's forecast earnings growth (23.8% per year) is above the savings rate (-0.4%).

Earnings vs Market: CAT B's earnings (23.8% per year) are forecast to grow faster than the Swedish market (7.8% per year).

High Growth Earnings: earnings are expected to grow significantly over the next 3 years.

Revenue vs Market: CAT B's revenue (4% per year) is forecast to grow slower than the Swedish market (4.1% per year).

High Growth Revenue: CAT B's revenue (4% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: CAT B's Return on Equity is forecast to be low in 3 years time (14.4%).


Next Steps

Past Performance

How has Catella performed over the past 5 years?

-16.0%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: CAT B has a high level of non-cash earnings.

Growing Profit Margin: CAT B's current net profit margins (2.9%) are lower than last year (5.8%).


Past Earnings Growth Analysis

Earnings Trend: CAT B's earnings have declined by -16% per year over the past 5 years.

Accelerating Growth: CAT B's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: CAT B had negative earnings growth (-46%) over the past year, making it difficult to compare to the Capital Markets industry average (5.4%).


Return on Equity

High ROE: CAT B's Return on Equity (8.5%) is considered low.


Next Steps

Financial Health

How is Catella's financial position? (This company is analysed differently as a bank or financial institution)


Financial Position Analysis


Debt to Equity History and Analysis


Balance Sheet

Inventory Level: CAT B has a low level of unsold assets or inventory.

Debt Coverage by Assets: CAT B's debt is covered by short term assets (assets are 2.9x debt).


Financial Institutions Analysis

Asset Level: CAT B's level of assets compared to its equity is low.

Allowance for Bad Loans: Insufficient data to determine if CAT B has a sufficient allowance for bad loans.

Low Risk Liabilities: CAT B reports no customer deposits, loans are made up entirely of externally borrowed funds.

Loan Level: Insufficient data to determine if CAT B has an acceptable proportion of non-loan assets held.

Low Risk Deposits: CAT B has advanced significantly more loans than the customer deposits it holds.

Level of Bad Loans: Insufficient data to determine if CAT B has an appropriate level of bad loans.


Next Steps

Dividend

What is Catella's current dividend yield, its reliability and sustainability?

5.77%

Current Dividend Yield


Upcoming Dividend Payment

TodayMar 28 2020Ex Dividend DateMay 27 2020Dividend Pay DateJun 02 20206 days from Ex DividendBuy in the next 59 days to receive the upcoming dividend

Dividend Yield vs Market

Notable Dividend: CAT B's dividend (5.77%) is higher than the bottom 25% of dividend payers in the Swedish market (2.1%).

High Dividend: CAT B's dividend (5.77%) is low compared to the top 25% of dividend payers in the Swedish market (6.51%).


Stability and Growth of Payments

Stable Dividend: CAT B has been paying a dividend for less than 10 years and during this time payments have been volatile.

Growing Dividend: CAT B's dividend payments have increased, but the company has only paid a dividend for 5 years.


Current Payout to Shareholders

Dividend Coverage: With its high payout ratio (114.2%), CAT B's dividend payments are not well covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: CAT B's dividends in 3 years are forecast to be covered by earnings (57.9% payout ratio).


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

6.1yrs

Average board tenure


CEO

Knut Pedersen (51yo)

6.17s

Tenure

kr5,295,000

Compensation

Mr. Knut Pedersen serves as Director of Catella Bank S.A and serves as its Chief Executive Officer and President since January 2014. Mr. Pedersen has been the Chief Executive Officer and President of Catel ...


CEO Compensation Analysis

Compensation vs Market: Knut's total compensation ($USD532.67K) is above average for companies of similar size in the Swedish market ($USD211.00K).

Compensation vs Earnings: Knut's compensation has been consistent with company performance over the past year.


Board Members

NamePositionTenureCompensationOwnership
Per Claesson
Principal Owner & Chairman9.17yrskr663.00k2.71% SEK36.5m
François Brisset
President of Catella Asset Management and Chairman of Catella Asset Managementno datano datano data
Jan Roxendal
Independent Director9.17yrskr555.00k0.15% SEK2.0m
Joachim Gahm
Independent Director5.83yrskr297.00kno data
Johan Damne
Director6.08yrskr337.00kno data
Anna Ramel
Independent Director5.83yrskr483.00kno data

6.1yrs

Average Tenure

56yo

Average Age

Experienced Board: CAT B's board of directors are considered experienced (6.1 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Recent Insider Transactions

Ownership Breakdown

Dilution of Shares: Shareholders have been diluted in the past year, with total shares outstanding growing by 3.5%.


Top Shareholders

Company Information

Catella AB (publ)'s company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Catella AB (publ)
  • Ticker: CAT B
  • Exchange: OM
  • Founded: 1961
  • Industry: Asset Management and Custody Banks
  • Sector: Diversified Financials
  • Market Cap: kr1.350b
  • Shares outstanding: 86.28m
  • Website: https://www.catella.com

Number of Employees


Location

  • Catella AB (publ)
  • Birger Jarlsgatan 6
  • PO Box 5894
  • Stockholm
  • Stockholm County
  • 102 40
  • Sweden

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
CAT BOM (OMX Nordic Exchange Stockholm)YesClass B SharesSESEKDec 1992
CAT AOM (OMX Nordic Exchange Stockholm)Class A SharesSESEKDec 1992
0RL3LSE (London Stock Exchange)Class A SharesGBSEKDec 1992
0RL4LSE (London Stock Exchange)YesClass B SharesGBSEKDec 1992
SKVBDB (Deutsche Boerse AG)YesClass B SharesDEEURDec 1992

Biography

Catella AB (publ), together with its subsidiaries, provides property advisory and investments, fund management, and banking services in Europe. The company operates through Corporate Finance, and Asset Management and Banking segments. It offers corporate finance, strategic, and transaction advisory services, as well as capital market-related services to real estate companies, financial institutions, property funds, and other property owners. The company also provides property investment management, property funds, and property asset management services, as well as project management services where the company identifies land and property development opportunities, and arrange project financing. In addition, it offers wealth management services, including a range of financial services and tailored solutions for high net worth individuals, as well as card and payment solutions to international banks and online merchants; and 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. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/03/27 20:52
End of Day Share Price2020/03/27 00:00
Earnings2019/12/31
Annual Earnings2019/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.