Catella: Q3 impacted by a muted transaction market - ABG

Q3 EBIT of SEK 33m, 25% below ABGSC forecast
AUM up 6% q-o-q, strengthen by Aquila Group transaction
Tough comps and a miss on EBIT - stock down today


Q3 EBIT of SEK 33m, 25% below ABGSC forecast

Catella reported an EBIT of SEK 33m (71m) in Q3’23, which was 25% below ABGSC estimate of SEK 44m. Looking at the operating profit within the largest segment, Investment management, it came at SEK 26m in Q3, 51% below our forecast of SEK 53m. Within Corporate Finance, the operating profit came in above ABGSC's expectation, at SEK -6m (6m), ABGSC expected SEK -15m, where the negative result is driven by a continued muted transaction market. Principal investment contributed with SEK 21m to the group operating profit in the third quarter, while ABGSC expected SEK 5m.

Länk till analysen i sin helhet: https://cr.abgsc.com/foretag/catella/Equity-research/2023/10/catella---q3-impacted-by-a-muted-transaction-market/