Catella AB Class B (CAT.B) AI Stock Analysis

• Market Cap: kr1.90B
• Dividend Yield: 3.3%
• Average Volume (3M): 95.15K
• Price to Earnings (P/E): 41.3
• Beta (1Y): 0.58
• Revenue Growth: 40.78%
• EPS Growth: N/A
• Country: SE
• Employees: 397
• Sector: Financial
• Sector Strength: 70
• Industry: Asset Management
• EPS (TTM): -0.69
• Shares Outstanding: 86,009,130
• 10 Day Avg. Volume: 100,398
• 30 Day Avg. Volume: 95,148
• PEG Ratio: 0.90
• Price to Book (P/B): 1.34
• Price to Sales (P/S): 1.23
• P/FCF Ratio: 2.58
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): 1.91
• Revenue Forecast (FY): kr1.89B

• Rating: 53 Neutral
• Price Target: kr22.50 ▼(-19.64% Downside)
• Action: Reiterated Date: 03/02/26
• Date: Action: Reiterated 03/02/26

The score is driven primarily by moderate financial performance (stronger 2025 cash flow and improved leverage) but is held back by volatile/low profitability and a weak technical setup (price below key moving averages with negative momentum). Valuation is also a headwind due to a high P/E, partially offset by the dividend yield.

Positive Factors

Improved leverage

A materially lower debt-to-equity (~1.37 to ~0.81) strengthens financial flexibility and reduces interest burden, enabling Catella to fund mandates, absorb shocks, and pursue selective principal investments without immediate refinancing risk. This supports steadier operations and capital allocation over months.

Stronger cash generation

Sharply improved operating and free cash flow in 2025—FCF roughly in line with net income—indicates better cash conversion and internal funding capacity. Sustained cash generation reduces reliance on external funding for growth, dividends, or opportunistic investments across the medium term.

Recurring fee-based revenues

A business mix anchored in asset/fund management delivers recurring management and performance fees that provide structural revenue resilience versus purely transactional models. For institutional clients, this creates predictable fee streams supporting margins and client relationships over multiple quarters.

Negative Factors

Volatile revenue & profitability

Choppy top-line performance and a sharp 2025 revenue decline reflect transaction sensitivity in real-estate advisory and AUM volatility. Persistent revenue swings undermine predictability of fee income and make budgeting, AUM growth planning, and long-term margin recovery harder to rely upon over the next several quarters.

Thin net margins

Thin net margins and weaker earnings conversion despite gross margin improvement signal structural cost or non-operating pressures. Low ROE (~1.5%–2.5%) versus prior peak limits retained earnings generation and capacity to reinvest, making sustainable profitability recovery uncertain in the medium term.

Inconsistent cash flow history

Historic swings to negative operating and free cash flow in earlier years demonstrate cash-generation volatility tied to market cycles and principal investments. Irregular cash flow complicates dividend predictability, capital allocation, and resilience to downturns, raising execution risk over coming quarters.

Catella AB Class B Business Overview & Revenue Model

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.

How the Company Makes Money

Catella AB generates revenue primarily through management fees from its investment and property management services. The company earns a significant portion of its income by managing real estate funds and investment portfolios for clients, charging fees based on the assets under management (AUM). Additionally, Catella earns performance fees when its funds exceed designated performance benchmarks. The company also generates revenue through transaction fees related to property sales and acquisitions, as well as advisory fees from consulting services, which include market analysis and investment strategy development. Strategic partnerships with other financial institutions and real estate developers further bolster its revenue streams, allowing Catella to expand its service offerings and client base.

Catella AB Class B Financial Statement Overview

Summary

Financials show mixed but improving momentum: 2025 cash generation strengthened sharply and leverage improved (debt-to-equity down to ~0.81). However, revenue and profitability have been volatile since the 2022 peak, with thin recent net margins and uneven earnings quality.

Income Statement

Revenue has been choppy, with a sharp decline in 2025 (-13.9%) after a small uptick in 2024, and results have been highly volatile. Profitability peaked in 2022 (very strong operating and net margins) but normalized materially afterward, with low net margins in 2024–2025 and a loss in 2023. While gross margin rebounded strongly in 2025, bottom-line conversion remains thin, indicating weaker earnings quality and/or elevated costs below the gross line.

Balance Sheet

Leverage has improved meaningfully: debt-to-equity fell from roughly 1.37 in 2024 to ~0.81 in 2025, bringing the capital structure closer to moderate for the sector. Equity remains solid relative to assets, and return on equity turned positive again in 2024–2025, but it is still low (about 1.5%–2.5%) versus the strong 2022 level, highlighting weaker profitability despite a better balance-sheet risk profile.

Cash Flow

Cash generation strengthened substantially in 2025, with operating cash flow and free cash flow rising sharply versus 2024 and comfortably covering reported earnings (free cash flow roughly in line with net income). That said, cash flow has been inconsistent across years (negative operating/free cash flow in 2021 and 2023), and 2025 free cash flow declined versus the prior year’s level on a growth basis, underscoring volatility that investors should monitor.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	2.07B	2.21B	2.02B	2.51B	1.73B
Gross Profit	1.19B	561.00M	303.00M	1.59B	996.00M
EBITDA	301.00M	322.00M	270.00M	985.00M	402.00M
Net Income	48.00M	30.00M	-21.00M	491.00M	174.00M
Balance Sheet
Total Assets	4.14B	5.55B	5.44B	6.32B	5.44B
Cash, Cash Equivalents and Short-Term Investments	1.69B	876.00M	718.00M	1.76B	1.45B
Total Debt	1.47B	2.73B	2.54B	2.88B	2.68B
Total Liabilities	2.22B	3.51B	3.41B	3.89B	3.62B
Stockholders Equity	1.89B	2.00B	1.99B	2.17B	1.69B
Cash Flow
Free Cash Flow	986.00M	90.00M	-156.00M	116.00M	-45.00M
Operating Cash Flow	1.01B	116.00M	-130.00M	140.00M	-31.00M
Investing Cash Flow	76.00M	27.00M	-315.00M	-11.00M	-1.52B
Financing Cash Flow	-340.00M	-64.00M	-554.00M	150.00M	1.11B

Catella AB Class B Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 28.00
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:CAT.B, the sentiment is Negative. The current price of 28 is above the 20-day moving average (MA) of 23.95, above the 50-day MA of 26.25, and below the 200-day MA of 28.69, indicating a bearish trend. The MACD of -1.54 indicates Positive momentum. The RSI at 31.40 is Neutral, neither overbought nor oversold. The STOCH value of 43.71 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SE:CAT.B.

Catella AB Class B Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%
CASE	61 Neutral	kr727.37M	17.29	―	―	34.18%	242.91%
IDUN.B	60 Neutral	kr3.50B	73.65	7.92%	0.31%	3.71%	26.89%
VEFAB	60 Neutral	kr2.18B	-2.19	―	―	―	―
CAT.B	53 Neutral	kr1.90B	41.30	8.96%	3.30%	40.78%	―
NAXS	49 Neutral	kr398.36M	-16.48	―	8.78%	―	―
LINC	48 Neutral	kr3.90B	-9.77	-1.58%	―	45733.33%	-105.08%

Catella AB Class B Corporate Events

Catella boosts underlying profit and tightens focus as European real estate recovers

Catella AB reported a transitional but successful 2025, ending the year with a solid underlying fourth quarter performance despite headline figures being weighed down by impairments and restructuring costs. Full-year operating profit rose to SEK 291 million from SEK 122 million, or SEK 394 million excluding items affecting comparability, while assets under management were stable at SEK 155 billion, implying 6% growth when adjusted for currency effects.

Strategically, the group accelerated its refocusing by divesting the Kaktus Towers project and Catella Valuation Advisory France, integrating its Principal Investments unit into core operations, and shifting away from owning or developing real estate on its own. These moves, combined with consolidation of German fund management front offices and new leadership appointments in investment management and corporate finance, position Catella to pursue higher-margin, fee-based growth as the European real estate market gradually recovers and transaction activity strengthens.

The most recent analyst rating on ($SE:CAT.B) stock is a Buy with a SEK28.00 price target. To see the full list of analyst forecasts on Catella AB Class B stock, see the SE:CAT.B Stock Forecast page.

Catella Names Visa Executive Gustav Jansson as New CFO to Support Growth Strategy

Catella has appointed Gustav Jansson as its new Chief Financial Officer, succeeding Michel Fischier, who will step down after nearly five years with the group and will remain in his role until May 1 to secure a smooth handover. Jansson, currently CFO for the Nordic & Baltics region at Visa and with prior senior financial roles at Canopius Insurance Group and RSA in London, will join the executive management team in Stockholm in April to strengthen financial governance and support Catella’s long-term strategic objectives as it continues its transition into a focused, pan-European real estate investment and advisory platform.

The most recent analyst rating on ($SE:CAT.B) stock is a Buy with a SEK28.00 price target. To see the full list of analyst forecasts on Catella AB Class B stock, see the SE:CAT.B Stock Forecast page.