In This Article:
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Assets Under Management (AUM): SEK155 billion.
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Revenue: SEK2.3 billion.
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Net Revenue Increase: 39% year on year.
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EBIT Increase: Almost 7 times, considering SEK19 million restructuring cost.
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Transaction Volume Growth: Over 20% year on year in Q4.
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Residential Segment Growth: 45% year on year.
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Fixed Revenue Contribution: Nearly 70% of income.
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Restructuring Costs: SEK19 million in Q4; SEK44 million for the full year.
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Fixed Cost Reduction: SEK33 million in Q4; SEK76 million for the full year.
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Net Financial Improvement: SEK71 million better than last year, driven by FX tailwinds.
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Cash Position: SEK901 million at the end of the quarter.
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Equity Ratio: 37%.
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Principal Investments: 9 active projects at year-end.
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Investment Returns Target: 15% to 20% IRR.
Release Date: February 12, 2025
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
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Catella AB (STU:SKWB) reported a 39% year-on-year increase in net revenue, reflecting improved market conditions and efficiency initiatives.
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The company experienced a significant increase in transaction volumes, particularly in the residential segment, which grew by 45% year-on-year.
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Catella AB (STU:SKWB) achieved a milestone of EUR500 million in capital commitments into its logistics fund in Germany, highlighting strong performance in this asset class.
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The company successfully merged its two German fund platforms, creating Catella Investment Management with EUR10 billion in assets under management.
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Catella AB (STU:SKWB) has reduced fixed costs by over SEK200 million since 2022, demonstrating effective cost management.
Negative Points
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The market activity in smaller regions, such as Finland, remains limited, affecting transaction volumes.
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Despite positive developments, the company still faces challenges with muted capital inflows to core property funds.
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Negative revaluations of assets under management have persisted for several quarters, although they are expected to bottom out soon.
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The company incurred SEK19 million in restructuring costs during the quarter, impacting overall profitability.
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There is uncertainty regarding the timing and outcome of the Kaktus project divestment, which is a significant transaction for the company.
Q & A Highlights
Q: How should we think about the corporate finance results in the coming quarters given the strong performance in Q4 2024? A: Daniel Gorosch, Interim CEO, explained that market activity has improved, with transaction volumes increasing month by month and year over year. He noted that the Swedish market saw a 100% increase in transaction volumes in December and January compared to the previous year, indicating a positive trend fueled by better financing conditions.