olivLaw · European equity research
Catena AB CATE.ST
Sweden · Nasdaq Stockholm · ISIN SE0001664707 · Vertical: Listed companies from Sweden
Catena AB develops, owns and manages strategic logistics properties in Sweden and Denmark, leased to long-term tenants. The portfolio is valued at 44473 Mkr, and the group remained stable in 2025 with a high occupancy rate. Growing interest in Scandinavian logistics makes its market position and land bank relevant now.
At the close of 05 Nov 2026, Catena AB (CATE.ST) stock was 390.80 SEK (+3.61% on the day), with market capitalisation 23.6 bn SEK, P/E 14.3 on diluted EPS of 27.24 SEK over the last 12 months, dividend yield 2.30%, beta 0.53, 52-week range 329.20–499.60 SEK.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 73.9
- overbought (≥ 70)
- Bollinger (20, 2)
- 317.95 – 379.93
- above the upper band · %B 1.18 · band width 17.8%
- SMA 50 / 200
- 358.71 / 415.09
- mixed trend
- MACD (12, 26, 9)
- 5.28 / -0.30
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | +12.6% | −0.6% | +13.3 pp | — |
| 3 months | −2.2% | −4.2% | +2.0 pp | — |
| 6 months | −11.4% | +4.3% | −15.7 pp | — |
| Year to date | −13.3% | +7.5% | −20.8 pp | — |
| 1 year | −13.2% | +9.9% | −23.2 pp | −8.3% |
| 3 years | −2.0% | +49.8% | −51.9 pp | +12.0% |
| 5 years | −29.4% | +42.8% | −72.2 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 0 percentile of its own 3-quarter history (min 16.5, median 23.9, max 24.4; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | unavailable | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable | unavailable |
| Net income | 986.0 m | 1.1 bn | 1.6 bn |
| Net income YoY | unavailable | +9.5% | +52.2% |
| Diluted EPS | 19.74 | 19.36 | 27.24 |
| Diluted EPS YoY | unavailable | −1.9% | +40.7% |
| net % | unavailable | unavailable | unavailable |
| Free cash flow | 1.1 bn | 1.3 bn | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 444.0 m SEK
- Financial debt
- 15.2 bn SEK
- Net debt
- 14.7 bn SEK
- Equity
- 24.0 bn SEK
- Total assets
- 46.8 bn SEK
- Debt / equity
- 0.63x
- Current ratio
- 0.25x
- ROE
- 7.0%
- ROA
- 3.6%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (SEK)
Income statement · SEK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Interest expense | 363.0 m | 493.0 m | 555.0 m | esef· 26 Oct 2026verified |
| Pre-tax income | 1.3 bn | 1.3 bn | 2.1 bn | esef· 26 Oct 2026verified |
| Net income | 986.0 m | 1.1 bn | 1.6 bn | esef· 26 Oct 2026verified |
| Diluted EPS | 19.74 | 19.36 | 27.24 | esef· 26 Oct 2026verified |
| Dividend per share | — | 8.50 | 9.00 | esef· 26 Oct 2026verified |
Balance sheet · SEK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 430.0 m | 990.0 m | 444.0 m | esef· 26 Oct 2026verified |
| Current assets | 1.1 bn | 1.5 bn | 911.0 m | esef· 26 Oct 2026verified |
| Property, plant & equipment, net | 2.0 m | 1.0 m | 0 | esef· 26 Oct 2026verified |
| Goodwill | 582.0 m | 582.0 m | 582.0 m | esef· 26 Oct 2026verified |
| Total assets | 33.5 bn | 44.6 bn | 46.8 bn | esef· 26 Oct 2026verified |
| Long-term debt | 9.2 bn | 16.4 bn | 15.2 bn | esef· 26 Oct 2026verified |
| Current liabilities | 3.5 bn | 1.5 bn | 3.7 bn | esef· 26 Oct 2026verified |
| Equity | 17.4 bn | 23.1 bn | 24.0 bn | esef· 26 Oct 2026verified |
| Shares outstanding at year end | 49.9 m | 55.8 m | 60.4 m | esef· 26 Oct 2026derived |
Cash flow · SEK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 1.1 bn | 1.3 bn | 1.6 bn | esef· 26 Oct 2026verified |
| Capex | 2.0 m | 0 | — | esef· 08 May 2025verified |
| Free cash flow | 1.1 bn ≈ | 1.3 bn ≈ | — | esef· 08 May 2025derived |
| Investing cash flow | -2.7 bn | -4.4 bn | -1.7 bn | esef· 26 Oct 2026verified |
| Financing cash flow | -92.0 m | 3.7 bn | -446.0 m | esef· 26 Oct 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 4 of at least 6
- score weight coverage: 29.2% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 23.6 bn SEK
Key indicators
Coverage and freshness
Score by group
29% · Insufficient data
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 4 of at least 6; score weight coverage: 29.2% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | unavailable | unavailable | — |
| FCF conversion · Quality | 95.9% | 94 (on a fixed band) | 21% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 0.2x | 0 (on a fixed band) | 14% |
| P/E (TTM) · Valuation | 14.3x | 85 (vs peers) | 36% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 6.7% | 84 (on a fixed band) | 29% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial0/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial94/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation84/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Catena AB (CATE.ST). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: ROE 7.0%.
The estimated value range is 255.51–514.71 SEK per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 338.55 SEK, the price of 390.80 SEK leaves a potential of -13.4% (value / price − 1) and a margin of safety of -15.4% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 29.2% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 95.9%
- P/E (TTM): 14.3x
- FCF yield: 6.7%
What contradicts it
- Current ratio: 0.2x
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): ROIC, Net margin, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from Sweden · same country · compared with 40 companies
Multiples and returns vs the median
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| ALFA.STAlfa Laval AB | 223.0 bn | 27.0 | 19.4% | 11.9% | +4.1% | +21% / +38% |
| BOL.STBoliden Ab | 143.0 bn | 15.2 | 13.3% | 10.1% | +4.8% | +12% / +81% |
| CAST.STCastellum Aktiebolag | 66.6 bn | 71.0 | 1.2% | 9.8% | −2.6% | +27% / +6% |
| AAK.STAak Ab (publ) | 47.5 bn | 13.9 | 17.2% | 7.5% | +2.2% | −31% / −14% |
| CAMX.STCamurus AB | 42.5 bn | 58.5 | 19.5% | 32.5% | +21.3% | +16% / +55% |
| BRAV.STBravida Holding AB | 30.1 bn | 24.5 | 13.7% | 4.4% | −4.9% | +84% / +123% |
| ASKER.STAsker Healthcare Group AB | 29.8 bn | 60.5 | 9.8% | 2.9% | +11.7% | −18% / unavailable |
| ALLEI.STAlleima AB | 22.7 bn | 33.8 | 4.1% | 3.6% | −5.4% | +11% / +19% |
| BURE.STBure Equity AB | 22.6 bn | — | -21.0% | — | unavailable | +20% / +19% |
| AQ.STAQ Group AB | 19.7 bn | 29.2 | 14.9% | 7.5% | +6.0% | +14% / +119% |
| ALTRA.STAltra Fastigheter AB | 18.4 bn | 33.9 | 3.0% | 15.1% | −2.2% | +9% / +19% |
| ATT.STAttendo AB (publ) | 16.8 bn | 20.7 | 15.1% | 4.3% | +0.1% | +34% / +223% |
| AFRY.STAfry Ab | 14.9 bn | 18.7 | 6.2% | 3.1% | −5.2% | −17% / +4% |
| ATRLJ-B.STAtrium Ljungberg AB | 14.0 bn | 17.1 | 2.9% | 23.9% | −2.0% | −33% / −44% |
| ALIG.STAlimak Group AB (publ) | 12.7 bn | 21.3 | 8.2% | 8.8% | −3.2% | −18% / +50% |
| ACAD.STAcadeMedia AB | 12.7 bn | 15.5 | 12.7% | 4.3% | +9.7% | +22% / +138% |
| APOTEA.STApotea AB (publ) | 10.7 bn | 46.8 | 31.3% | 3.2% | +10.1% | +15% / unavailable |
| BOOZT.STBoozt AB | 10.6 bn | 37.9 | 10.4% | 3.6% | +0.5% | +58% / +44% |
| BUFAB.STBufab AB (publ) | 5.0 bn | 9.2 | 15.1% | 6.9% | −7.4% | +36% / +110% |
| ACTI.STActive Biotech AB (publ) | 4.9 bn | — | -84.5% | — | unavailable | −32% / −77% |
| CEVI.STCellaVision AB | 4.7 bn | 30.8 | 18.0% | 20.2% | +4.9% | +20% / +12% |
| COOR.STCoor Service Management Holding AB | 4.7 bn | 18.2 | 13.0% | 2.2% | +16.7% | +1% / +25% |
| BHG.STBHG Group AB | 4.5 bn | 31.1 | 2.5% | 1.4% | +6.2% | −18% / +113% |
| CARA.STCarasent AB (publ) | 1.8 bn | 51.7 | 4.1% | 10.1% | +24.9% | −8% / +87% |
| BICO.STBICO Group AB | 1.7 bn | — | -46.0% | -72.7% | −13.3% | +16% / −51% |
1- and 3-year price returns: for CATE.ST from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Catena AB develops, owns and manages strategic logistics properties in Sweden and Denmark, leased to long-term tenants. The portfolio is valued at 44473 Mkr, and the group remained stable in 2025 with a high occupancy rate. Growing interest in Scandinavian logistics makes its market position and land bank relevant now.
SWOT
Strengths
Weaknesses
Opportunities
Risks
- Refinancing of debtmedium
Part of the debt maturing in the next year must be refinanced, and market conditions may influence the cost 1.
- Interest rate exposuremedium
The reference rate directly affects the cost of debt, although the company has hedged part of it with interest rate instruments 1.
- Property valuationshigh
Valuations depend on market yields, and a rise in those yields could reduce portfolio value 1.
- Danish krone exchange ratelow
A weaker Danish krone reduced the value of some properties in 2025 and could repeat that effect 1.
- Dependence on large customersmedium
Rents come from a limited number of major customers, and losing one could affect revenue 1.
Investment thesis
What would need to be true (bull case)
- If demand for strategic warehouses keeps growing, the well-let portfolio and land bank could support rising revenue 1.
- The BBB rating and green funding may help the company obtain capital on favourable terms in future 1.
- If projects under way are completed on time, development returns could lift property income 1.
What to watch
- Development of occupancy rate and vacancy in the portfolioQ1 2027
- Refinancing of debt maturing in the next year2027
- Completion of projects under way in Helsingborg, Linköping and Ängelholm2026
- New per-share targets and development of property incomenext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Catena is a property company specialised in logistics buildings in the metropolitan regions of Scandinavia, with a mission to link regional goods flows. The company manages a portfolio of 137 properties and works with 263 customers, including well-known brands in Sweden and Denmark 1. Its model combines close property management, efficient property development and a land bank for future projects 1.
Revenue comes from rents paid by long-term logistics customers, and the portfolio is valued internally each quarter, with external valuations for around 20-30 percent of properties per quarter 1. The company targets growth in property income of at least 10 percent per year, an objective that from 2026 will be stated as growth per share over five years 1.
Funding relies on controlled leverage, with a large part of debt secured by mortgages on properties and a stable BBB rating from Fitch 1. The funding strategy includes green bonds covering part of the portfolio, and the company keeps undrawn credit facilities for liquidity 1.
Segments
Market context
The Swedish and Danish logistics markets recovered in 2025, with higher transaction volumes and more active foreign investors, and prime yields in Sweden fell below 5 percent 1. However, vacancy rose after speculative construction in earlier years, and prime logistics yield in Denmark reached about 5.00 percent 1.
The future opening of the Fehmarn tunnel in 2029 and defence investments in Sweden could support demand for strategic warehouses if these trends are confirmed 1. The company expects demand for strategic locations to rise, but this is an assessment rather than a certainty 1.
Competitive position
Catena operates in a market where warehouse owners and institutional investors compete for prime locations in Scandinavia 1. The sources provided do not identify direct competitors in detail, so the analysis remains limited to the market context described in the report 1.
The company's stated advantage lies in its land bank, relationships with local communities and ability to offer customers strategic locations 1. If other developers obtain similar land, competitive pressure could increase 1.
- Other warehouse owners and developers in Scandinavia
The sources do not name specific competitors; the company refers only to the general logistics property market 1.
- International real estate funds active in logistics
Foreign investors have increased their share of logistics transactions, indicating rivalry for assets 1.
- Local developers of logistics parks
Competition comes from land and projects in regions such as Malmö and Gothenburg 1.
- Long-term lease operators in the industrial sector
Competition for customers with long contracts is present, though the sources give no further detail 1.
News & filings
In the press
- Supermercati sotto attacco hacker , frigoriferi fino a 55 gradi : così viene sabotata la catena del freddo . I casi in ItaliaSurge — GDELT DOC · 03 Nov 2026 · RO
- Catena susține campionii!
Catena Racing Team a cucerit Euro Business Cup 2026 – 7 meciuri, 7 victorii, 28 de goluri marcateLibertatea.ro · 15 Oct 2026 · RO
- Catena Racing Team a cucerit Euro Business Cup 2026 – 7 meciuri, 7 victorii, 28 de goluri marcateHotNews.ro · 15 Oct 2026 · RO
- Top 100 companii antreprenoriale din România. Familia Vlad - Grupul Fildas-Catena: „Copiii mei au fost martorii unei atmosfere de construcţie permanentă, viaţa noastră era un iureş continuu de experienţe. Mi-au demonstrat apoi că au ambiţie, că pot şi vor să ducă steagul mai departe”Ziarul Financiar · 03 Oct 2026 · RO
- Top 100 companii antreprenoriale din România: Grupul Fildas-Catena, jucător de top în comerţul farmaceuticZiarul Financiar · 30 Sept 2026 · RO
- Grupul Fildas-Catena, creat de antreprenoarea Anca Vlad, la un pas de 10.000 de angajaţi. Banca Transilvania, Digi şi Dedeman sunt grupurile create de antreprenori care au trecut chiar şi de 10.000 de angajaţiZiarul Financiar · 12 Sept 2026 · RO
- Grupul farmaceutic Fildas-Catena se apropie de borna de 10.000 de angajaţiZiarul Financiar · 06 Sept 2026 · RO
- Farmaciile Catena, business de peste 8,6 mld. lei în 2025 cu aproape 1.000 de farmaciiZiarul Financiar · 08 Jul 2026 · RO
- VIDEO Vlad Tigoiu, Chief Strategy Officer al Fildas Catena Group: Un miliard și jumătate de euro, 10.000 de angajați și nicio datorie bancară semnificativăCursDeGuvernare.ro · 28 May 2026 · RO
Annual reports (ESEF)
- Annual report 202526 Oct 2026
- Annual report 202408 May 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Catena AB · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.