Major Estimate Revision • May 15
Consensus revenue estimates decrease by 14%, EPS upgraded The consensus outlook for fiscal year 2026 has been updated. 2026 revenue forecast fell from kr1.73b to kr1.49b. EPS estimate increased from kr1.74 to kr1.98 per share. Net income forecast to grow 3.7% next year vs 14% growth forecast for Capital Markets industry in Sweden. Consensus price target down from kr32.50 to kr29.50. Share price was steady at kr19.98 over the past week. Reported Earnings • May 11
First quarter 2026 earnings: EPS and revenues miss analyst expectations First quarter 2026 results: kr0.57 loss per share (improved from kr2.06 loss in 1Q 2025). Revenue: kr303.0m (down 11% from 1Q 2025). Net loss: kr50.0m (loss narrowed 73% from 1Q 2025). Revenue missed analyst estimates by 15%. Earnings per share (EPS) also missed analyst estimates. Revenue is forecast to grow 5.5% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Capital Markets industry in Sweden. Over the last 3 years on average, earnings per share has fallen by 30% per year but the company’s share price has only fallen by 15% per year, which means it has not declined as severely as earnings. Upcoming Dividend • May 06
Upcoming dividend of kr0.90 per share Eligible shareholders must have bought the stock before 13 May 2026. Payment date: 20 May 2026. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 4.1%. Lower than top quartile of Swedish dividend payers (4.3%). Higher than average of industry peers (2.0%). New Risk • Apr 04
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 1,433% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by earnings (166% payout ratio). Large one-off items impacting financial results. Reported Earnings • Apr 02
Full year 2025 earnings: EPS and revenues miss analyst expectations Full year 2025 results: EPS: kr0.54 (up from kr0.34 in FY 2024). Revenue: kr1.89b (down 15% from FY 2024). Net income: kr48.0m (up 60% from FY 2024). Profit margin: 2.5% (up from 1.4% in FY 2024). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 1.9%. Earnings per share (EPS) also missed analyst estimates by 71%. Revenue is forecast to grow 6.0% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Capital Markets industry in Sweden. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 52 percentage points per year, which is a significant difference in performance. Announcement • Feb 21
Catella AB (publ) to Report Fiscal Year 2025 Final Results on Mar 31, 2026 Catella AB (publ) announced that they will report fiscal year 2025 final results on Mar 31, 2026 Reported Earnings • Feb 19
Full year 2025 earnings: EPS and revenues miss analyst expectations Full year 2025 results: EPS: kr0.54 (up from kr0.34 in FY 2024). Revenue: kr1.89b (down 15% from FY 2024). Net income: kr48.0m (up 60% from FY 2024). Profit margin: 2.5% (up from 1.4% in FY 2024). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 1.9%. Earnings per share (EPS) also missed analyst estimates by 71%. Revenue is forecast to grow 6.0% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Capital Markets industry in Sweden. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 52 percentage points per year, which is a significant difference in performance. Announcement • Feb 18
Catella AB (publ) announces Annual dividend, payable on May 20, 2026 Catella AB (publ) announced Annual dividend of SEK 0.9000 per share payable on May 20, 2026, ex-date on May 13, 2026 and record date on May 15, 2026. Buy Or Sell Opportunity • Feb 17
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 11% to kr22.00. The fair value is estimated to be kr28.03, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 0.05% per annum. Earnings are also forecast to grow by 15% per annum over the same time period. Major Estimate Revision • Feb 10
Consensus EPS estimates increase by 12% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has improved. 2025 revenue forecast increased from kr1.90b to kr1.93b. EPS estimate increased from kr1.56 to kr1.75 per share. Net income forecast to shrink 2.3% next year vs 6.6% growth forecast for Capital Markets industry in Sweden . Consensus price target down from kr42.00 to kr39.00. Share price fell 2.6% to kr26.25 over the past week. Price Target Changed • Feb 09
Price target decreased by 7.1% to kr39.00 Down from kr42.00, the current price target is an average from 2 analysts. New target price is 45% above last closing price of kr26.90. Stock is up 2.5% over the past year. The company is forecast to post earnings per share of kr1.56 for next year compared to kr0.34 last year. Major Estimate Revision • Nov 14
Consensus EPS estimates fall by 37% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from kr1.96b to kr1.90b. EPS estimate also fell from kr2.48 per share to kr1.56 per share. Net income forecast to grow 21% next year vs 12% growth forecast for Capital Markets industry in Sweden. Consensus price target of kr43.50 unchanged from last update. Share price fell 5.7% to kr25.85 over the past week. Reported Earnings • Nov 09
Third quarter 2025 earnings: Revenues exceed analysts expectations while EPS lags behind Third quarter 2025 results: kr0.32 loss per share (further deteriorated from kr0.26 loss in 3Q 2024). Revenue: kr393.0m (up 2.6% from 3Q 2024). Net loss: kr28.0m (loss widened 22% from 3Q 2024). Revenue exceeded analyst estimates by 6.2%. Earnings per share (EPS) missed analyst estimates. Revenue is forecast to grow 3.2% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Capital Markets industry in Sweden. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 66 percentage points per year, which is a significant difference in performance. Announcement • Oct 01
Catella AB (publ), Annual General Meeting, May 12, 2026 Catella AB (publ), Annual General Meeting, May 12, 2026, at 10:00 W. Europe Standard Time. Location: stockholm Sweden Reported Earnings • Aug 22
Second quarter 2025 earnings: EPS and revenues exceed analyst expectations Second quarter 2025 results: EPS: kr3.62 (up from kr0.37 loss in 2Q 2024). Revenue: kr755.0m (up 69% from 2Q 2024). Net income: kr320.0m (up kr353.0m from 2Q 2024). Profit margin: 42% (up from net loss in 2Q 2024). The move to profitability was primarily driven by higher revenue. Revenue exceeded analyst estimates by 5.3%. Earnings per share (EPS) also surpassed analyst estimates by 37%. Revenue is forecast to grow 2.7% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Capital Markets industry in Sweden. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 85 percentage points per year, which is a significant difference in performance. Announcement • Aug 20
Catella AB (publ) to Report Fiscal Year 2025 Results on Feb 17, 2026 Catella AB (publ) announced that they will report fiscal year 2025 results on Feb 17, 2026 Buy Or Sell Opportunity • Jul 29
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 3.0% to kr30.00. The fair value is estimated to be kr24.98, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 7.1% over the last 3 years. Meanwhile, the company became loss making. Price Target Changed • Jul 23
Price target decreased by 9.9% to kr41.00 Down from kr45.50, the current price target is an average from 2 analysts. New target price is 39% above last closing price of kr29.40. Stock is down 2.6% over the past year. The company is forecast to post earnings per share of kr1.37 for next year compared to kr0.34 last year. Board Change • Jun 01
High number of new directors There are 6 new directors who have joined the board in the last 3 years. Chairman Erik Rune was the last director to join the board, commencing their role in 2025. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Upcoming Dividend • May 14
Upcoming dividend of kr0.90 per share Eligible shareholders must have bought the stock before 21 May 2025. Payment date: 27 May 2025. The company is not currently making a profit and is not cash flow positive. Trailing yield: 2.8%. Lower than top quartile of Swedish dividend payers (3.9%). Higher than average of industry peers (1.9%). Recent Insider Transactions • May 13
Chief Financial Officer recently bought kr325k worth of stock On the 9th of May, Michel Fischier bought around 10k shares on-market at roughly kr32.47 per share. This transaction amounted to 27% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Michel has been a buyer over the last 12 months, purchasing a net total of kr833k worth in shares. Price Target Changed • May 02
Price target increased by 24% to kr56.00 Up from kr45.00, the current price target is provided by 1 analyst. New target price is 65% above last closing price of kr33.90. Stock is up 14% over the past year. The company is forecast to post earnings per share of kr3.23 for next year compared to kr0.34 last year. Major Estimate Revision • Apr 29
Consensus EPS estimates fall by 15% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from kr2.11b to kr2.06b. EPS estimate also fell from kr3.81 per share to kr3.24 per share. Net income forecast to grow 793% next year vs 1.4% growth forecast for Capital Markets industry in Sweden. Consensus price target of kr45.50 unchanged from last update. Share price rose 3.4% to kr29.31 over the past week. New Risk • Apr 13
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 250% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (0.5x net interest cover). Minor Risks Dividend is not well covered by earnings (265% payout ratio). Large one-off items impacting financial results. Reported Earnings • Apr 11
Full year 2024 earnings: EPS and revenues exceed analyst expectations Full year 2024 results: EPS: kr0.34 (up from kr0.24 loss in FY 2023). Revenue: kr2.31b (up 14% from FY 2023). Net income: kr30.0m (up kr51.0m from FY 2023). Profit margin: 1.3% (up from net loss in FY 2023). The move to profitability was driven by higher revenue. Revenue exceeded analyst estimates by 32%. Earnings per share (EPS) also surpassed analyst estimates. Revenue is forecast to grow 5.0% p.a. on average during the next 3 years, compared to a 9.9% growth forecast for the Capital Markets industry in Sweden. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 57 percentage points per year, which is a significant difference in performance. Valuation Update With 7 Day Price Move • Apr 08
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to kr26.75, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 11x in the Capital Markets industry in Sweden. Total loss to shareholders of 31% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at kr30.38 per share. Declared Dividend • Feb 27
Dividend of kr0.90 announced Dividend of kr0.90 is the same as last year. Ex-date: 21st May 2025 Payment date: 27th May 2025 Dividend yield will be 2.8%, which is higher than the industry average of 1.9%. Sustainability & Growth Dividend is not covered by earnings (265% earnings payout ratio). However, it is covered by cash flows (88% cash payout ratio). The dividend has increased by an average of 16% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 194% to bring the payout ratio under control. EPS is expected to grow by 192% over the next 3 years, which means the dividend may need to be reduced to reach a sustainable payout ratio. Announcement • Feb 26
Catella AB (publ) announces Annual dividend, payable on May 27, 2025 Catella AB (publ) announced Annual dividend of SEK 0.9000 per share payable on May 27, 2025, ex-date on May 21, 2025 and record date on May 22, 2025. Buy Or Sell Opportunity • Feb 14
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 3.0% to kr29.45. The fair value is estimated to be kr24.14, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 5.5% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 0.9% per annum. Earnings are also forecast to grow by 52% per annum over the same time period. Reported Earnings • Feb 13
Full year 2024 earnings: EPS and revenues exceed analyst expectations Full year 2024 results: EPS: kr0.34 (up from kr0.24 loss in FY 2023). Revenue: kr2.31b (up 14% from FY 2023). Net income: kr30.0m (up kr51.0m from FY 2023). Profit margin: 1.3% (up from net loss in FY 2023). The move to profitability was driven by higher revenue. Revenue exceeded analyst estimates by 32%. Earnings per share (EPS) also surpassed analyst estimates. Revenue is forecast to stay flat during the next 3 years compared to a 11% growth forecast for the Capital Markets industry in Sweden. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 62 percentage points per year, which is a significant difference in performance. Recent Insider Transactions • Dec 13
Chief Financial Officer recently bought kr238k worth of stock On the 11th of December, Michel Fischier bought around 9k shares on-market at roughly kr26.49 per share. This transaction amounted to 32% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth kr270k. Michel has been a buyer over the last 12 months, purchasing a net total of kr569k worth in shares. Reported Earnings • Nov 08
Third quarter 2024 earnings released: kr0.26 loss per share (vs kr0.25 loss in 3Q 2023) Third quarter 2024 results: kr0.26 loss per share (further deteriorated from kr0.25 loss in 3Q 2023). Revenue: kr383.0m (down 28% from 3Q 2023). Net loss: kr23.0m (loss widened 4.5% from 3Q 2023). Revenue is forecast to grow 16% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Capital Markets industry in Sweden. Over the last 3 years on average, earnings per share has fallen by 53% per year but the company’s share price has only fallen by 10% per year, which means it has not declined as severely as earnings. Announcement • Nov 06
Catella AB (publ) to Report Q1, 2025 Results on May 09, 2025 Catella AB (publ) announced that they will report Q1, 2025 results at 7:00 AM, Central European Standard Time on May 09, 2025 Announcement • Oct 10
Catella AB (publ), Annual General Meeting, May 20, 2025 Catella AB (publ), Annual General Meeting, May 20, 2025. Location: stockholm Sweden Recent Insider Transactions • Sep 27
Chief Financial Officer recently bought kr270k worth of stock On the 25th of September, Michel Fischier bought around 9k shares on-market at roughly kr29.99 per share. This transaction amounted to 46% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Michel has been a buyer over the last 12 months, purchasing a net total of kr331k worth in shares. Reported Earnings • Aug 22
Second quarter 2024 earnings: Revenues exceed analysts expectations while EPS lags behind Second quarter 2024 results: kr0.37 loss per share (down from kr0.95 profit in 2Q 2023). Revenue: kr448.0m (down 44% from 2Q 2023). Net loss: kr33.0m (down 139% from profit in 2Q 2023). Revenue exceeded analyst estimates by 14%. Earnings per share (EPS) missed analyst estimates by 191%. Revenue is forecast to grow 16% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Capital Markets industry in Sweden. Over the last 3 years on average, earnings per share has fallen by 34% per year but the company’s share price has only fallen by 8% per year, which means it has not declined as severely as earnings. Major Estimate Revision • Aug 18
Consensus EPS estimates fall by 11% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from kr1.97b to kr1.93b. EPS estimate also fell from kr3.02 per share to kr2.69 per share. Net income forecast to grow 1,933% next year vs 70% growth forecast for Capital Markets industry in Sweden. Consensus price target of kr45.50 unchanged from last update. Share price rose 2.9% to kr30.00 over the past week. Upcoming Dividend • May 16
Upcoming dividend of kr0.90 per share Eligible shareholders must have bought the stock before 23 May 2024. Payment date: 29 May 2024. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 3.0%. Lower than top quartile of Swedish dividend payers (4.3%). Higher than average of industry peers (1.6%). Recent Insider Transactions • May 10
Chief Financial Officer recently bought kr61k worth of stock On the 8th of May, Michel Fischier bought around 2k shares on-market at roughly kr30.43 per share. This transaction amounted to 11% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Michel has been a buyer over the last 12 months, purchasing a net total of kr262k worth in shares. Reported Earnings • May 06
First quarter 2024 earnings released: EPS: kr0.29 (vs kr0.091 loss in 1Q 2023) First quarter 2024 results: EPS: kr0.29 (up from kr0.091 loss in 1Q 2023). Revenue: kr423.0m (down 8.4% from 1Q 2023). Net income: kr26.0m (up kr34.0m from 1Q 2023). Profit margin: 6.1% (up from net loss in 1Q 2023). Revenue is forecast to grow 8.2% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Capital Markets industry in Sweden. Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Reported Earnings • Apr 14
Full year 2023 earnings: EPS and revenues miss analyst expectations Full year 2023 results: kr0.24 loss per share (down from kr5.56 profit in FY 2022). Revenue: kr2.02b (down 7.4% from FY 2022). Net loss: kr21.0m (down 104% from profit in FY 2022). Revenue missed analyst estimates by 16%. Earnings per share (EPS) were also behind analyst expectations. Revenue is forecast to grow 7.6% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Capital Markets industry in Sweden. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Buy Or Sell Opportunity • Feb 26
Now 20% undervalued Over the last 90 days, the stock has risen 3.8% to kr27.25. The fair value is estimated to be kr34.17, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Meanwhile, the company became loss making. Declared Dividend • Feb 16
Dividend of kr0.90 announced Shareholders will receive a dividend of kr0.90. Ex-date: 23rd May 2024 Payment date: 29th May 2024 Dividend yield will be 3.2%, which is higher than the industry average of 1.9%. Sustainability & Growth Dividend is being paid despite the company being loss-making over the last 12 months and having no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 18% per year over the past 9 years. However, payments have been volatile during that time. Reported Earnings • Feb 11
Full year 2023 earnings released: kr0.24 loss per share (vs kr5.56 profit in FY 2022) Full year 2023 results: kr0.24 loss per share (down from kr5.56 profit in FY 2022). Revenue: kr2.33b (up 7.2% from FY 2022). Net loss: kr21.0m (down 104% from profit in FY 2022). Revenue is forecast to grow 5.9% p.a. on average during the next 3 years, compared to a 14% growth forecast for the Capital Markets industry in Sweden. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Buy Or Sell Opportunity • Feb 11
Now 21% undervalued Over the last 90 days, the stock has risen 6.5% to kr27.00. The fair value is estimated to be kr34.00, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Meanwhile, the company became loss making. Price Target Changed • Dec 28
Price target increased by 7.1% to kr45.50 Up from kr42.50, the current price target is an average from 2 analysts. New target price is 41% above last closing price of kr32.20. Stock is down 12% over the past year. The company is forecast to post earnings per share of kr0.91 for next year compared to kr5.56 last year. Major Estimate Revision • Dec 21
Consensus EPS estimates fall by 16% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from kr1.88b to kr1.86b. EPS estimate also fell from kr1.08 per share to kr0.906 per share. Net income forecast to grow 87% next year vs 15% growth forecast for Capital Markets industry in Sweden. Consensus price target up from kr42.50 to kr43.50. Share price was steady at kr31.30 over the past week. Major Estimate Revision • Nov 03
Consensus EPS estimates fall by 58% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from kr2.02b to kr1.88b. EPS estimate also fell from kr3.08 per share to kr1.31 per share. Net income forecast to grow 109% next year vs 16% growth forecast for Capital Markets industry in Sweden. Consensus price target down from kr50.15 to kr43.50. Share price was steady at kr24.50 over the past week. Price Target Changed • Oct 31
Price target decreased by 12% to kr43.50 Down from kr49.50, the current price target is an average from 2 analysts. New target price is 78% above last closing price of kr24.50. Stock is down 39% over the past year. The company is forecast to post earnings per share of kr3.08 for next year compared to kr5.56 last year. Announcement • Oct 31
Catella AB (publ) Appoints Nomination Committee Catella AB (publ) appointed Nomination Committee. The nomination committee before the annual general meeting 2024 comprises Eje Wictorson, appointed by Claesson & Anderzén, Erik Eikeland, appointed by Alcur Fonder and Henrik Abrahamsson, appointed by Symmetry Invest. Eje Wictorson has been appointed as chairman of the nomination committee. Recent Insider Transactions • Oct 30
CEO & President recently bought kr242k worth of stock On the 27th of October, Christoffer Abramson bought around 10k shares on-market at roughly kr24.17 per share. This transaction amounted to 48% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Christoffer has been a buyer over the last 12 months, purchasing a net total of kr503k worth in shares. Reported Earnings • Oct 29
Third quarter 2023 earnings: Revenues miss analyst expectations Third quarter 2023 results: Revenue: kr533.0m (up 7.9% from 3Q 2022). Net loss: kr22.0m (down 132% from profit in 3Q 2022). Revenue missed analyst estimates by 1.9%. Revenue is forecast to grow 6.2% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Capital Markets industry in Sweden. Over the last 3 years on average, earnings per share has increased by 38% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Announcement • Oct 28
Catella AB (publ) to Report Q1, 2024 Results on May 06, 2024 Catella AB (publ) announced that they will report Q1, 2024 results at 7:00 AM, Central European Standard Time on May 06, 2024 New Risk • Aug 28
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 12% Last year net profit margin: 19% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (15% operating cash flow to total debt). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (12% net profit margin). Major Estimate Revision • Aug 23
Consensus EPS estimates fall by 32%, revenue upgraded The consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast increased from kr1.98b to kr2.07b. EPS estimate fell from kr3.15 to kr2.14 per share. Net income forecast to shrink 40% next year vs 8.3% decline forecast for Capital Markets industry in Sweden. Consensus price target broadly unchanged at kr49.00. Share price was steady at kr28.45 over the past week. Major Estimate Revision • Aug 14
Consensus EPS estimates fall by 10% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from kr2.11b to kr1.98b. EPS estimate also fell from kr3.51 per share to kr3.15 per share. Net income forecast to shrink 10% next year vs 1.7% decline forecast for Capital Markets industry in Sweden. Consensus price target broadly unchanged at kr49.50. Share price rose 2.7% to kr28.80 over the past week. Recent Insider Transactions • Jul 13
CEO & President recently bought kr262k worth of stock On the 11th of July, Christoffer Abramson bought around 10k shares on-market at roughly kr26.17 per share. This transaction amounted to 91% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was Christoffer's only on-market trade for the last 12 months. Recent Insider Transactions • Jun 30
Chief Financial Officer recently bought kr201k worth of stock On the 27th of June, Michel Fischier bought around 8k shares on-market at roughly kr26.79 per share. This transaction increased Michel's direct individual holding by 1x at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was Michel's only on-market trade for the last 12 months. Recent Insider Transactions • Jun 29
Chief Financial Officer recently bought kr201k worth of stock On the 27th of June, Michel Fischier bought around 8k shares on-market at roughly kr26.79 per share. This transaction increased Michel's direct individual holding by 1x at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was Michel's only on-market trade for the last 12 months. Buying Opportunity • Jun 12
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 23%. The fair value is estimated to be kr35.70, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 2.7% over the last 3 years. Earnings per share has grown by 61%. Revenue is forecast to grow by 10% in 2 years. Earnings is forecast to grow by 19% in the next 2 years. Announcement • Jun 03
Catella agreed to acquire 60% stake in Aquila Asset Management SAS for approximately €9.6 million. Catella entered into an agreement to acquire 60% stake in Aquila Asset Management SAS for approximately €9.6 million on June 2, 2023. The shares are acquired from local management who will remain minority shareholders. The sellers are entitled to an additional purchase price of approximately €1 million if certain criteria are fulfilled. The acquisition is financed by Catella’s own capital. Closing of the transaction is subject to regulatory approval. Aquila Asset Management SAS has €1.4 billion in assets under management. The acquisition will complement Catella's strong existing Corporate Finance operations in France as well as the continued growth of its pan-European platform. Closing of the transaction is expected during the second half of 2023. Major Estimate Revision • Jun 01
Consensus EPS estimates fall by 22%, revenue upgraded The consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast increased from kr2.05b to kr2.11b. EPS estimate fell from kr4.51 to kr3.51 per share. Net income forecast to shrink 5.0% next year vs 26% growth forecast for Capital Markets industry in Sweden . Consensus price target of kr50.00 unchanged from last update. Share price was steady at kr28.65 over the past week. Price Target Changed • May 10
Price target decreased by 14% to kr60.00 Down from kr70.00, the current price target is provided by 1 analyst. New target price is 97% above last closing price of kr30.40. Stock is down 21% over the past year. The company is forecast to post earnings per share of kr6.17 for next year compared to kr5.56 last year. Reported Earnings • May 07
First quarter 2023 earnings released First quarter 2023 results: Revenue: kr462.0m (down 21% from 1Q 2022). Net loss: kr8.00m (down 110% from profit in 1Q 2022). Revenue is forecast to grow 6.6% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Capital Markets industry in Sweden. Over the last 3 years on average, earnings per share has increased by 69% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. Recent Insider Transactions • Mar 24
Independent Director recently bought kr357k worth of stock On the 22nd of March, Tobias Alsborger bought around 10k shares on-market at roughly kr35.73 per share. This transaction amounted to 26% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought kr421k more in shares than they have sold in the last 12 months. Price Target Changed • Feb 15
Price target increased by 9.4% to kr70.00 Up from kr64.00, the current price target is provided by 1 analyst. New target price is 83% above last closing price of kr38.20. Stock is down 5.8% over the past year. The company is forecast to post earnings per share of kr5.69 for next year compared to kr5.55 last year. Reported Earnings • Feb 14
Full year 2022 earnings released: EPS: kr5.55 (vs kr2.13 in FY 2021) Full year 2022 results: EPS: kr5.55 (up from kr2.13 in FY 2021). Revenue: kr2.59b (up 45% from FY 2021). Net income: kr491.0m (up 161% from FY 2021). Profit margin: 19% (up from 11% in FY 2021). The increase in margin was driven by higher revenue. Funds under management (FUM) Beginning of period: kr122.7b End of period: kr140.6b Net inflows/outflows: kr4.80b inflow Revenue is expected to decline by 3.0% p.a. on average during the next 3 years, while revenues in the Capital Markets industry in Sweden are expected to grow by 17%. Over the last 3 years on average, earnings per share has increased by 66% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. 
