Catena AB (publ)

OM:CATE Stock Report

Market Cap: SEK 28.8b

Catena Valuation

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

Valuation Score

4/6

Valuation Score 4/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

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

Below Fair Value: CATE (SEK474) is trading above our estimate of fair value (SEK374.76)

Significantly Below Fair Value: CATE is trading above our estimate of fair value.

Key Valuation Metric

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

Key metric: As CATE is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for CATE. This is calculated by dividing CATE's market cap by their current earnings.
What is CATE's PE Ratio?
PE Ratio20.3x
EarningsSEK 1.41b
Market CapSEK 28.82b

Price to Earnings Ratio vs Peers

How does CATE's PE Ratio compare to its peers?

The above table shows the PE ratio for CATE vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average39.7x
WIHL Wihlborgs Fastigheter
65.4x40.7%SEK 32.3b
NP3 NP3 Fastigheter
43.4x32.2%SEK 14.6b
SAGA A AB Sagax
28x3.0%SEK 84.0b
SLP B Swedish Logistic Property
22x20.4%SEK 9.3b
CATE Catena
20.3x11.8%SEK 28.8b

Price-To-Earnings vs Peers: CATE is good value based on its Price-To-Earnings Ratio (20.3x) compared to the peer average (39.7x).

Price to Earnings Ratio vs Industry

How does CATE's PE Ratio compare vs other companies in the SE Real Estate Industry?

6 CompaniesPrice / EarningsEstimated GrowthMarket Cap
AJA B Byggmästare Anders J Ahlström Holding
2.4xn/aUS$165.10m
TORSAB Torslanda Property Investment
1.8xn/aUS$95.65m
TITA B Titania Holding
2x-1.3%US$46.13m
HALMEN Halmslätten Fastighets
1.2xn/aUS$35.58m
CATE 20.3xIndustry Avg. 43.8xNo. of Companies6PE020406080100+
6 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: CATE is good value based on its Price-To-Earnings Ratio (20.3x) compared to the Swedish Real Estate industry average (43.8x).

Price to Earnings Ratio vs Fair Ratio

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

CATE PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio20.3x
Fair PE Ratio30.2x

Price-To-Earnings vs Fair Ratio: CATE is good value based on its Price-To-Earnings Ratio (20.3x) compared to the estimated Fair Price-To-Earnings Ratio (30.2x).

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 CATE forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentSEK 474.00
SEK 576.00
+21.5%
11.4%SEK 640.00SEK 460.00n/a5
Nov ’25SEK 489.00
SEK 576.00
+17.8%
11.4%SEK 640.00SEK 460.00n/a5
Oct ’25SEK 580.00
SEK 574.00
-1.0%
11.3%SEK 660.00SEK 460.00n/a5
Sep ’25SEK 570.00
SEK 590.50
+3.6%
2.7%SEK 612.00SEK 575.00n/a4
Aug ’25SEK 547.00
SEK 590.50
+8.0%
2.7%SEK 612.00SEK 575.00n/a4
Jul ’25SEK 529.00
SEK 542.50
+2.6%
4.7%SEK 575.00SEK 515.00n/a4
Jun ’25SEK 536.00
SEK 528.75
-1.4%
5.9%SEK 575.00SEK 490.00n/a4
May ’25SEK 487.00
SEK 528.75
+8.6%
5.9%SEK 575.00SEK 490.00n/a4
Apr ’25SEK 523.00
SEK 496.25
-5.1%
6.1%SEK 540.00SEK 455.00n/a4
Mar ’25SEK 434.20
SEK 479.25
+10.4%
3.7%SEK 500.00SEK 455.00n/a4
Feb ’25SEK 437.20
SEK 475.00
+8.6%
4.4%SEK 510.00SEK 455.00n/a4
Jan ’25SEK 471.40
SEK 441.25
-6.4%
4.3%SEK 465.00SEK 420.00n/a4
Dec ’24SEK 412.80
SEK 441.25
+6.9%
4.3%SEK 465.00SEK 420.00n/a4
Nov ’24SEK 360.80
SEK 440.00
+22.0%
2.9%SEK 455.00SEK 425.00SEK 489.004
Oct ’24SEK 380.00
SEK 459.25
+20.9%
2.1%SEK 475.00SEK 450.00SEK 580.004
Sep ’24SEK 396.20
SEK 459.25
+15.9%
2.1%SEK 475.00SEK 450.00SEK 570.004
Aug ’24SEK 396.80
SEK 459.25
+15.7%
2.1%SEK 475.00SEK 450.00SEK 547.004
Jul ’24SEK 394.80
SEK 466.33
+18.1%
1.8%SEK 475.00SEK 455.00SEK 529.003
Jun ’24SEK 374.20
SEK 443.50
+18.5%
5.9%SEK 469.00SEK 400.00SEK 536.004
May ’24SEK 392.60
SEK 443.50
+13.0%
5.9%SEK 469.00SEK 400.00SEK 487.004
Apr ’24SEK 384.00
SEK 450.25
+17.3%
7.6%SEK 496.00SEK 400.00SEK 523.004
Mar ’24SEK 399.60
SEK 436.50
+9.2%
9.2%SEK 496.00SEK 400.00SEK 434.204
Feb ’24SEK 439.00
SEK 434.00
-1.1%
9.1%SEK 496.00SEK 400.00SEK 437.204
Jan ’24SEK 388.60
SEK 412.00
+6.0%
2.9%SEK 425.00SEK 400.00SEK 471.404
Dec ’23SEK 367.80
SEK 409.50
+11.3%
3.6%SEK 425.00SEK 390.00SEK 412.804
Nov ’23SEK 398.40
SEK 406.25
+2.0%
2.7%SEK 425.00SEK 400.00SEK 360.804

Analyst Forecast: Target price is more than 20% higher than the current share price and analysts are within a statistically confident range of agreement.

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