Catella: Investment Management carries the day - ABG

Q3 beat driven by Investment Management
AUM and postponed divestments lift ’23-24 EBIT
2023e EV/EBIT of 5x, >50% below avg. of peers


Investment Management delivered another strong quarter

Catella delivered another strong report, with both sales and EBIT showing strong yearly growth development despite a turbulent and uncertain market climate. The operating profit attributable to Catella’s shareholders came in at SEK 62m in Q3, which was 24% above ABGSCe. The AUM development was also stronger than expected, growing 7bn in Q3 to SEK 142bn. The increase was primarily driven by inflows in Catella’s property funds and additional mandates in Catella Asset Management. Looking at the different segments, the main deviation was the stronger-than-expected result within the Investment Management segment, where operating profit came in at SEK 90m in Q3, 78% above our forecast, driven by a combination of both stronger AUM growth and higher variable fees from Asset Management.

Länk till analysen i sin helhet: https://cr.abgsc.com/foretag/catella/Equity-research/2022/11/catella---investment-management-carries-the-day/