Catena AB (publ) (CATE.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

+217.4%

SEK 1,145.85

vs SEK 361.00 price

Levered DCF

SEK 859.55

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

0.68

Distress zone

Rating

Overall 4 / 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	16.56×	24.43×	23.78×	8.7×	8.46×	9.5×	12.74×	9.99×
P/B	1.14×	1.14×	1.35×	1.04×	2.02×	1.91×	2.47×	1.55×
P/S	10.21×	12.04×	12.97×	11.24×	16.36×	11.48×	13.31×	7.48×
EV / EBITDA	17.14×	23.09×	20.62×	9.91×	9.46×	11.2×	38.66×	14.09×
Gross margin	83.0%	81.6%	80.0%	79.0%	79.0%	79.4%	77.1%	76.1%
Operating margin	80.9%	79.2%	77.7%	76.3%	78.6%	79.4%	77.1%	75.3%
Net margin	61.7%	49.2%	54.5%	129.3%	193.3%	120.8%	104.5%	74.9%
Current ratio	0.35×	1.03×	0.31×	0.69×	0.57×	0.17×	0.09×	0.16×
Debt / equity	0.76×	0.75×	0.7×	0.66×	1.01×	1.33×	1.44×	1.6×
Interest coverage	3.83×	3.47×	3.78×	5.83×	7.88×	4.29×	4×	3.64×
Dividend yield	2.0%	1.9%	1.8%	2.1%	1.4%	1.7%	1.4%	2.0%
Payout ratio	33.0%	45.4%	41.9%	18.2%	11.5%	16.0%	17.7%	20.5%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	6.9%	4.7%	5.7%	12.0%	23.9%	20.1%	19.4%	15.5%
Return on invested capital	3.7%	3.2%	3.2%	3.1%	3.5%	4.0%	4.2%	4.7%
Return on assets	3.5%	2.4%	2.9%	6.4%	10.4%	7.5%	6.9%	5.2%
Free cash flow yield	5.8%	4.9%	4.5%	7.1%	3.6%	5.1%	3.9%	6.3%
Earnings yield	6.0%	4.1%	4.2%	11.5%	11.8%	10.5%	7.9%	10.0%
Enterprise value	SEK 45.1B	SEK 42.6B	SEK 35.2B	SEK 26.2B	SEK 33.2B	SEK 24.2B	SEK 24.6B	SEK 16.5B
Net debt / EBITDA	6.8×	8.79×	6.88×	3.36×	2.97×	4.47×	14.13×	7.05×
Cash conversion cycle (days)	-40	-118	-237	-212	-134	-167	-146	-135