Catella: Q4 earnings impacted by weak transaction market - ABG

Q4 EBIT of SEK 8m vs. ABGSC at 57m and cons. at SEK 66m
AUM down 4% q-o-q, driven by FX and negative valuation changes
Tough comps and a miss on EBIT - stock down today


Q4 EBIT of SEK 8m vs. ABGSC at 57m and cons. at 66m

Catella reported an EBIT of SEK 8m (138m) in Q4’23, which was below ABGSC expectations at SEK 57m and below FactSet consensus, which forecasted SEK 66m. The adj. EBIT came in at SEK 10m, while ABGSC expected SEK 55m. The weaker result is primarily driven by the falling AUM base combined with lower fixed and variable fees within Investment management, which showed an operating profit of SEK 19m in Q4, 61% below our forecast of SEK 48m. Within Corporate Finance, the operating profit came in above ABGSC's expectation, at SEK 14m (11m), ABGSC expected SEK 0m. Principal investment contributed with 0m to the group operating profit in the fourth quarter, while ABGSC expected SEK 14m.

Länk till analysen i sin helhet: https://cr.abgsc.com/foretag/catella/Equity-research/2024/2/catella---q4-earnings-impacted-by-weak-transaction-market/