Catella AB (publ)

OM:CAT B Stock Report

Market Cap: SEK 2.5b

Catella Valuation

Is CAT B undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

3/6

Valuation Score 3/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Sales vs Peers

  • Price-To-Sales vs Industry

  • Price-To-Sales vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of CAT B when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: CAT B (SEK28.15) is trading below our estimate of fair value (SEK28.92)

Significantly Below Fair Value: CAT B is trading below fair value, but not by a significant amount.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for CAT B?

Key metric: As CAT B is unprofitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for CAT B. This is calculated by dividing CAT B's market cap by their current revenue.
What is CAT B's PS Ratio?
PS Ratio1.7x
SalesSEK 1.48b
Market CapSEK 2.49b

Price to Sales Ratio vs Peers

How does CAT B's PS Ratio compare to its peers?

The above table shows the PS ratio for CAT B vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PSEstimated GrowthMarket Cap
Peer Average3.8x
VEFAB VEF
3xn/aSEK 2.2b
CS CoinShares International
5.6x12.0%SEK 5.8b
TRAC B AB Traction
6.3xn/aSEK 4.2b
RATO B Ratos
0.3x4.5%SEK 10.7b
CAT B Catella
1.7x11.9%SEK 2.5b

Price-To-Sales vs Peers: CAT B is good value based on its Price-To-Sales Ratio (1.7x) compared to the peer average (3.8x).

Price to Sales Ratio vs Industry

How does CAT B's PS Ratio compare vs other companies in the SE Capital Markets Industry?

8 CompaniesPrice / SalesEstimated GrowthMarket Cap
RATO B Ratos
0.3x4.5%US$962.53m
NAVIGO STAM Navigo Invest
0.4x12.5%US$33.21m
SEAF Seafire
0.3xn/aUS$21.76m
STWK Stockwik Förvaltning
0.1x5.1%US$9.97m
CAT B 1.7xIndustry Avg. 2.9xNo. of Companies8PS03.26.49.612.816+
8 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Sales vs Industry: CAT B is good value based on its Price-To-Sales Ratio (1.7x) compared to the Swedish Capital Markets industry average (2.9x).

Price to Sales Ratio vs Fair Ratio

What is CAT B's PS Ratio compared to its Fair PS Ratio? This is the expected PS Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

CAT B PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio1.7x
Fair PS Ratio1x

Price-To-Sales vs Fair Ratio: CAT B is expensive based on its Price-To-Sales Ratio (1.7x) compared to the estimated Fair Price-To-Sales Ratio (1x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst CAT B forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentSEK 28.15
SEK 45.00
+59.9%
24.4%SEK 56.00SEK 34.00n/a2
Nov ’25SEK 30.15
SEK 45.00
+49.3%
24.4%SEK 56.00SEK 34.00n/a2
Oct ’25SEK 30.00
SEK 45.00
+50.0%
24.4%SEK 56.00SEK 34.00n/a2
Sep ’25SEK 31.80
SEK 45.00
+41.5%
24.4%SEK 56.00SEK 34.00n/a2
Aug ’25SEK 30.05
SEK 45.50
+51.4%
23.1%SEK 56.00SEK 35.00n/a2
Jul ’25SEK 29.30
SEK 45.50
+55.3%
23.1%SEK 56.00SEK 35.00n/a2
Jun ’25SEK 31.65
SEK 45.00
+42.2%
24.4%SEK 56.00SEK 34.00n/a2
May ’25SEK 30.40
SEK 44.00
+44.7%
20.5%SEK 53.00SEK 35.00n/a2
Apr ’25SEK 30.50
SEK 43.50
+42.6%
21.8%SEK 53.00SEK 34.00n/a2
Mar ’25SEK 28.75
SEK 43.50
+51.3%
21.8%SEK 53.00SEK 34.00n/a2
Feb ’25SEK 30.20
SEK 45.50
+50.7%
18.7%SEK 54.00SEK 37.00n/a2
Jan ’25SEK 32.40
SEK 45.50
+40.4%
18.7%SEK 54.00SEK 37.00n/a2
Dec ’24SEK 26.50
SEK 42.50
+60.4%
17.6%SEK 50.00SEK 35.00n/a2
Nov ’24SEK 24.15
SEK 43.50
+80.1%
14.9%SEK 50.00SEK 37.00SEK 30.152
Oct ’24SEK 26.75
SEK 49.00
+83.2%
24.5%SEK 61.00SEK 37.00SEK 30.002
Sep ’24SEK 27.95
SEK 49.00
+75.3%
24.5%SEK 61.00SEK 37.00SEK 31.802
Aug ’24SEK 29.55
SEK 50.00
+69.2%
20.0%SEK 60.00SEK 40.00SEK 30.052
Jul ’24SEK 26.50
SEK 50.00
+88.7%
20.0%SEK 60.00SEK 40.00SEK 29.302
Jun ’24SEK 28.65
SEK 50.00
+74.5%
20.0%SEK 60.00SEK 40.00SEK 31.652

Analyst Forecast: Target price is more than 20% higher than the current share price, but there are not enough analysts covering the stock to determine statistical confidence in agreement.

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