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Catella AB (publ)

CAT-A.ST
28
Asset Management · Financial Services
Also trades as: 0RL4.L GBP 0.16 (-9.46%)
Price
kr 16.50
+0.00 (+0.00%)
Market Cap
kr 1.49B
Exchange
Stockholm Stock Exchange
Winston Score
28
Winston is worried
Below-average fundamentals — multiple weak pillars.
Data as of Oct 12, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Mixed
9/30
Growth
Weak
2/20
Cash Flow
Weak
0/10
Stability
Mixed
4/10
Valuation
Data not available
0/10
Ownership
Good
10/15
Dividends
Good
3/5

28 of 100 counted points = Winston Score 28.

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Share count falling — buybacks

−2.5% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 90.6M (2021) → 88.3M (2025)

§Winston Score History

The full picture

Catella AB is a Swedish financial services company that focuses on real estate. It helps clients buy, sell, and manage property across Europe, and also runs investment funds that own real estate assets. Its main customers are institutional investors, such as pension funds and insurance companies, as well as wealthy individuals looking to invest in property.

Catella makes money in two main ways: fees from advising on property transactions and fees from managing real estate funds on behalf of investors. The company operates primarily across Europe, with a strong presence in Sweden, Germany, France, and the Nordic region. Its edge comes from combining transaction advisory with asset management under one roof, which keeps clients engaged across multiple services. The key growth driver is rising demand from institutional investors for professionally managed real estate funds, though the business faces real risk from higher interest rates, which tend to slow property transactions and reduce real estate valuations across its markets.

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-43.8% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-103.9% YoY

YoY Growth Rate

Earnings declining

R&D Spend

kr 0/ year

0.0% of revenue

Below sector average (7%)

Research and development spending

Insider Activity

52.0%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

5+ years

Quarterly Free Cash Flow

↑ Burn rate improving

kr 1.8B cash & investments at current burn rate

Revenue declining

Catella AB (publ)'s revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale
Gross Margin
46.1%
Healthy — 46.1% gross margin
Profit after running costs
Operating Margin
3.4%
Thin — 3.4% operating margin
Return on the money invested
ROCE
3.8%
Weak — 3.8% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales growth
Sales YoY
-30.6%
Shrinking sales (-30.6% YoY)
Profit growth
EPS YoY
-187.3%
Earnings shrinking (-187.3% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

How steady the profit is
EPS Consistency
3/8 quarters
Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash
Cash Conversion
N/A
Data not available
Spare cash per sale
FCF Margin
-1.6%
Burning cash (-1.6%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns
Debt / Equity
0.74
Moderate — manageable debt (0.74)
Covers its interest
Interest Cover
1.13x
Dangerous — barely covers interest (1.1x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

Price vs profit
P/E Ratio (TTM)
N/M
Negative earnings — P/E not meaningful
Cheaper or dearer next year
P/E vs Forward
N/A
not available
Data not available

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Dividends

Dividend
Dividend Yield
5.03%
Healthy income — 5.03% yield

Generous yield. Worth checking whether the payout is sustainable.

Dividend record
Dividend Growth
-4.9%
Dividend cut (-4.9% YoY) — warning sign

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