Today, Catella announced the sale of Infrahubs’ logistics property in Norrköping. Infrahubs is a company partly owned by Catella together with the founders of the e-commerce company Royal Design. The property is being sold to Allianz Real Estate for ~SEK 880m. SEK 60m of the purchase price is conditional on Infrahubs completing the installation of solar panels, which to our understanding the company is set to finalize shortly.
We esimate an IRR of ~73%, boosting consensus 2022 ~20%...
All else equal, given the book value of the project and additional development costs in Q1’22, we estimate this will lead to a P&L profit for Catella of ~SEK 150m, coming in Q1’22. This would be an IRR on the project for Catella of ~73%, which is well above Catella’s own target of >20%. ABGSC had assessed a profit on the Norrköping project of SEK 41m. Hence, the outcome was ~3.7x higher. We would expect consensus EBIT for 2022, all else equal, to be up by ~20% including the divestment.
…suggesting an EV/EBIT 7x on consensus ‘22
The transaction will not only lift estimates, the impressive IRR also sends a positive signal for the remaining 6 projects that we expect will be divested later this year. Three of these projects are also Infrahubs projects, in which Catella as of Q4’21 had invested SEK 311m. Of the remaining six projects to be divested in 2022, we expect two will be sold in Q2’22 and four in Q3’22. Including the Norrköping divestment in consensus, Catella would trade at an EV/EBIT for 2022 of 7x, which would be attractive.
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