contentSlug

type

ContentSlug_ContentQuery

slug

ContentPageContentQuery

content

trendingContent

query ContentSlug_ContentQuery(
  $contentSlug: String!
  $type: [ContentType!]
) {
  ...ContentPageContentQuery_13QmVO
}

fragment CompanyDetails_Content on Content {
  __isContent: __typename
  companies {
    name
    description
    pageUrl
    id
  }
}

fragment ContentBasicInfo on Content {
  __isContent: __typename
  id
  type
  title
  lang
  companies {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  tags {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  ...PublishingDetails
  ...Reactions
}

fragment ContentMetadata on Content {
  __isContent: __typename
  type
  title
  lang
  pageUrl
  alternatePageUrls: translations {
    __typename
    pageUrl
    lang
  }
  imgUrl
  description
  ... on Video {
    liveTime
    videoUrl
  }
  ... on Webcast {
    liveTime
    videoUrl
  }
}

fragment ContentPageContentQuery_13QmVO on Query {
  content(slug: $contentSlug, type: $type) {
    __typename
    id
    type
    title
    isPremium
    lang
    htmlBody
    summary
    companies {
      forum {
        latestPosts {
          ...ForumPosts
        }
      }
      name
      id
      viewerIsFollowing
      pageUrl
      defaultInstrument {
        isin
        id
        marketOpen
        marketClose
        marketplace {
          region
        }
        returns {
          total
        }
      }
    }
    tags {
      viewerIsFollowing
      id
      name
      pageUrl
    }
    createdAt
    ... on Video {
      liveTime
    }
    ... on Webcast {
      liveTime
    }
    slug
    ... on CompanyReport {
      reportUrl
    }
    ... on ThirdPartyCompanyReport {
      reportUrl
    }
    ... on StockExchangeRelease {
      reportUrl
    }
    ...ContentBasicInfo
    ...ContentMetadata
    ...PriceAndRecommendation_Content
    ...CompanyDetails_Content
    ...ReportLink_Content
    ...KeyFigures_Content
  }
  ...TrendingContent_1jQ2Cn
}

fragment ForumPosts on ForumPost {
  text
  likesCount
  url
  author
  postedAt
  authorImgUrl
}

fragment KeyFigures_Content on Content {
  __isContent: __typename
  companies {
    defaultInstrument {
      estimateData {
        modelType
        reportingCurrency
      }
      snapshot {
        transaction {
          date
          actualized {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
          }
          estimates {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
          }
        }
      }
      id
    }
    id
  }
}

fragment PriceAndRecommendation_Content on Content {
  __isContent: __typename
  createdAt
  companies {
    name
    pageUrl
    defaultInstrument {
      priceData {
        tradeCurrency
      }
      snapshot {
        priceData {
          date
          lastPrice
          tradeCurrency
        }
        transaction {
          date
          recommendation
          targetPrice
        }
        prevTransaction {
          recommendation
        }
      }
      id
    }
    id
  }
}

fragment PublishingDetails on Content {
  __isContent: __typename
  createdAt
  publishers {
    name
    imgUrl
  }
  authors {
    __typename
    id
    name
    slug
    imgUrl
    jobTitle
  }
  ... on Video {
    liveTime
  }
  ... on Webcast {
    liveTime
  }
}

fragment Reactions on Content {
  __isContent: __typename
  id
  reactionGroups {
    reactionType
    reactionsCount
    viewerReacted
  }
}

fragment ReportLink_Content on Content {
  __isContent: __typename
  type
  isPremium
  ... on CompanyReport {
    reportUrl
  }
  ... on ThirdPartyCompanyReport {
    reportUrl
  }
  ... on StockExchangeRelease {
    reportUrl
  }
}

fragment TrendingContent_1jQ2Cn on Query {
  trendingContent(type: ARTICLE) {
    __typename
    id
    title
    lang
    pageUrl
    createdAt
    type
    imgUrl
    companies {
      squareLogoUrl
      name
      id
    }
    authors {
      __typename
      imgUrl
      id
    }
    publishers {
      imgUrl
    }
  }
}


catella-optimistic-outlook-maintained-abg

__typename

title

isPremium

lang

htmlBody

summary

companies

createdAt

publishers

authors

reactionGroups

pageUrl

translations

imgUrl

description

Catella operates in the finance and real estate industry and focuses on investments, advice and management of properties. The company's services are aimed at companies and institutions that need support in real estate investments and financing. The operations are global with a main presence in Europe. Catella was founded in 1961 and is headquartered in Stockholm, Sweden.

Catella

* Q3 a bump in the road* Estimates down given more cautious view on activity pick-up* 2025e-'27e EV/EBIT of 4-7x with easy compsQ3 softer than expectedCatella delivered a Q3 report below both...

* Q3 a bump in the road* Estimates down given more cautious view on activity pick-up* 2025e-'27e EV/EBIT of 4-7x with easy compsQ3 softer than expectedCatella delivered a Q3 report below both ABGSC and Factset consensus expectations, with EBIT coming in at SEK 7m (19m) compared to ABGSCe of SEK +30m. The results were negatively impacted by both lower transaction-based revenues and weaker Corporate Finance. The company showcased solid cost discipline in Q3, but the quarter is a seasonally weaker from a transaction point of view. We are, however more optimistic about Q4e and expect to see stronger results q-o-q. The variable fees within Investment mgmt. remain subdued, but we expect transaction activity to gradually increase, which will drive bottom-line earnings growth in the coming quarters. AUM stood out positively in Q3, coming in at SEK 160bn, up 2% q-o-q (SEK 4bn), slightly above ABGSCe of +1%.A more cautious view on activity reduces our estimatesFollowing the softer than expected Q3, we pencil in a slower recovery in variable fees vs. our previous assumption, leading us to cut our assumptions in both Corporate Finance and Investment Management. Despite lower estimates, we continue to forecast strong earnings growth in the coming years, with the help of market activity picking up.2025e-'27e EV/EBIT of 4-7x with a 6-8% dividend yieldDespite Q3 falling short of our expectations, the company has, in our view, many attractive fundamentals, including an impressive AUM growth track-record within Investment Management. The balance sheet remains strong, providing Catella with the necessary resources should the right opportunities arise. The comps are easy, and we believe the transaction activity outlook is promising. This means that we expect strong yearly earnings expansion from here. In addition, when applying our latest earnings revisions, Catella is trading at an EV/EBIT of 4-7x for 2025e-'27e and offers an appealing dividend yield of 6-8% p.a.