Catella AB (publ) (CAT-A.ST) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+85.9%

SEK 28.63

vs SEK 15.40 price

Levered DCF

SEK 66.59

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

1.98

Grey zone

Rating

B-

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	52.96×	81.91×	-135×	4.7×	23.79×	17.6×	20.11×	-17.24×
P/B	1.34×	1.23×	1.43×	1.48×	2.46×	1.46×	1.49×	1.34×
P/S	1.22×	1.12×	1.41×	1.28×	2.39×	1.15×	0.96×	0.89×
EV / EBITDA	7.94×	13.66×	17.34×	4.44×	13.53×	5.37×	5.58×	5.02×
Gross margin	57.3%	25.4%	15.0%	63.5%	57.4%	58.0%	60.1%	58.4%
Operating margin	20.2%	5.5%	7.2%	32.8%	7.5%	19.2%	17.9%	16.3%
Net margin	2.3%	1.4%	-1.0%	19.6%	10.0%	3.2%	4.8%	-5.2%
Current ratio	13.63×	5.39×	5.25×	5.63×	5.47×	3.36×	2.45×	1.28×
Debt / equity	0.78×	1.37×	1.28×	1.33×	1.59×	0.91×	0.76×	0.52×
Interest coverage	3.48×	0.58×	0.93×	10.28×	1.83×	8.36×	8.61×	13.04×
Dividend yield	3.2%	3.3%	3.7%	2.7%	1.9%	0.0%	4.6%	4.4%
Payout ratio	166.7%	266.7%	-504.8%	17.9%	46.0%	0.0%	92.0%	-75.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	2.5%	1.5%	-1.1%	22.6%	10.3%	4.0%	7.4%	-7.8%
Return on invested capital	6.8%	2.2%	-0.7%	12.4%	1.7%	5.5%	7.5%	8.9%
Return on assets	1.2%	0.5%	-0.4%	7.8%	3.2%	1.5%	2.8%	-1.6%
Free cash flow yield	39.0%	3.7%	-5.5%	3.6%	-1.1%	6.0%	-81.7%	16.0%
Earnings yield	1.9%	1.2%	-0.7%	15.3%	4.2%	2.8%	5.0%	-5.8%
Enterprise value	SEK 2.4B	SEK 4.4B	SEK 4.7B	SEK 4.4B	SEK 5.4B	SEK 2.4B	SEK 2.6B	SEK 2B
Net debt / EBITDA	-0.46×	6.02×	6.84×	1.18×	3.21×	0.08×	0.68×	0.15×
Cash conversion cycle (days)	-5	458	581	969	1,085	285	178	77