Prisinformation från TradingView

Bolagspresentation:

Nyhetsflöde EAB Group

Related articles:
8/5/2022 6:41:15 AM - EAB: H1 supported by strong performance-fees – EAB will merge into Evli on 30 September - Nordea - EAB reported H1 comparable operating income of EUR 14.7m, 27% above our estimate. Adjusted EBIT of EUR 4.2m beat our estimate by 110% due to higher-than-expected performance-fees. H1 costs increased by EUR 1.4m y/y, driven by EUR 1.5m increase in personnel expenses. Cost/income ratio was 73% in H1 (88% in 2021). AuM decreased to EUR 3,547m from EUR 3,938m at the end of H2 (3,799m a year ago). The company expects 2022 net profit margin to be significantly positive in 2022 (Nordea 14.5%) in case the market environment does not significantly worsen during the rest of the year. Fees from AI funds increased by 10% y/y (+36% in H2). Performance fees were EUR 4.4m (0.6m in H2 and EUR 0.3m year ago) and were clearly above our estimate of EUR 0.6m. Continuous operating income was up by 4% y/y to EUR 9.0m in H1 (EUR 9.1m in H2 and EUR 8.7m in H1 2021) and accounted for 61% of group’s operating income in H1 (76% in 2021). We note that the company is merging into Evli on 30 September.
6/10/2022 11:43:26 AM - EAB: The company expects significantly positive net profit margin in H1 and 2022 - Nordea - EAB announced that its H1 net profit margin will be significantly positive, while the company now expects 2022 net profit margin to be significantly positive (earlier guidance was for clearly positive margin). We have anticipated 13.1% in H1E and 14.5% in 2022E. We note the ongoing merger process with Evli. Companies are expecting completion of merger on or about 1 October 2022. Upon the completion, EAB shareholders will receive as merger consideration 0.172725 new series B shares in Evli for each EAB share and a cash consideration for total amount of EUR 3m, corresponding to EUR 0.217196 per outstanding EAB share. In addition, EAB has right to distribute funds to its shareholders up to a maximum of amount of EUR 2.35m before the completion. Additional distribution of funds corresponds to around EUR 0.17 per outstanding EAB share. Based on Evli’s yesterday closing share price (EUR 18.10) and taking into account the cash consideration (EUR 3m) and additional distribution of funds (EUR 2.35m), the theoretical price of EAB would correspond to around EUR 3.51 per share.
6/1/2022 5:55:51 AM - EAB Group: Evli and EAB have signed a combination agreement - Nordea - In line with earlier communication, Evli and EAB have today signed combination agreement. The potential merger is expected to implemented in H2 2022 subject to, inter alia, that Evli has received the approval from the Financial Supervisory Authority for the change of ownership. Pursuant to the merger plan, the completion of the merger would take place on or about 1 October 2022. Upon the completion, EAB shareholders will receive as merger consideration 0.172725 new series B shares in Evli for each EAB share and a cash consideration for total amount of EUR 3m, corresponding to EUR 0.217196 per outstanding EAB share. In addition, EAB has right to distribute funds to its shareholders up to a maximum of amount of EUR 2.35m before the completion. Additional distribution of funds corresponds to around EUR 0.17 per outstanding EAB share. Based on Evli’s yesterday closing share price (EUR 16.10) and taking into account the cash consideration (EUR 3m) and additional distribution of funds (EUR 2.35m), the theoretical price of EAB would correspond to EUR 3.17 per share. In case of successful merger, the current EAB owners would own approximately 9% of the share and 1% of the votes in the combined company.
4/22/2022 7:02:55 AM - EAB Group Oyj: Evli and EAB Group consider combination - Nordea - Evli and EAB have signed a letter of intent, pursuant to which the parties are looking into a potential combination of Evli’s and EAB’s operations. For 2021, the combined net revenue of Evli and EAB is approximately EUR 138m and operating profit approximately EUR 59m. Combined AuM of Evli and EAB at the end of 2021 were approximately EUR 20bn. The potential merger is expected to generate permanent annual synergy benefits of around EUR 8m, including top line and cost synergies, and visible from the beginning of 2023.The letter of intent does not obligate the parties to complete the contemplated combination or any other arrangements. EAB shareholders would receive new series B shares in Evli an aggregate number equal to 10% of the aggregate number of issued and outstanding shares (series A and B) prior to the issuance of merger consideration shares and a cash consideration of EUR 3m at the most. Following the potential combination, EAB shareholders would own approximately 9% of the shares and 1% of the votes in the combined company. The initial conversion rate taking into account the EUR 3m cash consideration and the right to distribute EUR 2.35m dividends, would include a 21.2% premium compared to closing price of EAB’s share on 21 April, 21.2% premium on one-month volume-weighted average price of the companies and 29.9% premium on a three-month basis. 85% and 82% of shares and votes, respectively, of Evli shares and shareholders and 65% of shares and votes in EAB have signed irrevocable undertakings and support for the merger. In addition, EAB shareholders representing approximately 18% of all votes in EAB have expressed support for the combination and committed to vote in favour of the merger. The combined company would continue as Evli and continue its business in accordance with Evli’s operating model. The intention of the parties is to sign the merger plan during May 2022 and the contemplated combination is estimated to be completed during H2 2022. Based on Evli’s yesterday’s closing price, the theoretical price of EAB would correspond to EUR 3.55 per share. We have a fair value range of EUR 3.2-3.9 per EAB share.
2/14/2022 6:42:38 AM - EAB Group: Expecting a positive 2022 - Nordea - EAB reported H2 comparable operating income of EUR 11.7m, 7% above our estimate. The cost/income ratio was in line with our forecast and H2 EBIT was 20% above our estimate. Performance was driven by continuous fees, as carry came in slightly below our estimate. EAB expects the 2022 net profit margin to be clearly positive, which we view as achievable given the positive growth momentum in alternative investments (AI). We believe the toughest fee pressure has faded and EAB should be able to continue increasing its continuous income via less volatile AI funds. We derive a multiples-based fair value range of EUR 3.2-3.9 (3.1-3.8) per share. Marketing material commissioned by EAB Group Oyj.
2/11/2022 10:19:50 AM - EAB Group: A solid H2 driven by higher continuous operating income - Nordea - EAB reported H2 comparable operating income of EUR 11.5m, 7% above our estimate. Adjusted EBIT of EUR 1.7m beat our estimate by 20% due to higher income. H2 costs increased by EUR 1m y/y, driven by EUR 1.4m increase in personnel expenses. Cost/income ratio was 88% in 2021 (99% in 2020). AuM increased to EUR 3,938m from EUR 3,799m at the end of H1 (3,419m a year ago). The company expects 2022 net profit margin to be clearly positive in 2022 (Nordea 13.6%), given that the favourable market environment is retained. Fees from AI funds increased by 36% y/y. Performance fees were EUR 0.6m (1.4m year ago). Continuous operating income was up by 30% y/y to EUR 9.1m in H2 (EUR 8.7m in H1 and EUR 7.0m in H2 2020) and accounted for 76% of group’s operating income in 2021 (71% in 2020). We have a EUR 3.1-3.8 per share fair value for EAB Group.
11/18/2021 6:45:44 AM - EAB Group: Waiting for economies of scale to kick in - Nordea - EAB has benefitted from a positive financial market development in 2021. In addition, the company has trimmed its cost base, which should bode well for its earning development, with clear ambitions to increase its exposure to alternative investments (AI). We believe the toughest fee pressure has started to fade, while the company should be able to increase its recurring revenue in line with scaling up its AI portfolio. We remain slightly cautious about the possible carry potential from multiple funds, while these could boost earnings development in 2022-23. The process of recruiting a new CEO is underway and could support the cost development ahead. We derive a multiples-based fair value range of EUR 3.1-3.8 (3.0-3.7) per share. Marketing material commissioned by EAB Group Oyj.
8/9/2021 5:51:19 AM - EAB Group: Solid execution driving up profitability - Nordea - EAB reported solid numbers for H1, with sales slightly above our estimates and profitability clearly positive, in line with our expectation. Growth in the AI business, in particular, facilitates growth in recurring revenue over the long term and improves the earnings quality. The bullish tone in the financial markets has supported demand for both UCITS funds and Alternative Investment (AI) funds, we believe. We raise 2021E-22E EBIT by 2% on improved confidence in the fundraising pipeline amid strong equity market development. We increase our fair value range to EUR 3.0-3.7 per share (2.7-3.3) based on the median of four valuation methods, partly affected by the increased valuations of its peers. Marketing material commissioned by EAB Group Oyj.
6/29/2021 6:45:51 AM - EAB Group: Favourable market supports growth ambitions - Nordea - EAB Group announced a FY 2021 guidance upgrade yesterday driven by positive sales development in H1. The bullish tone in the financial markets has supported demand for both UCITS funds and Alternative Investment (AI) funds, we believe. The growth in AI business, especially, facilitates the growth in recurring revenue over the long term and improves the earnings quality. The progress of the AI fund pipeline could be a positive trigger in the H1 report but we expect profitability to remain below consensus in the short term (we are 19% below consensus for 2021 EPS). We raise 2021E-22E EBIT by 8-11% and our fair value to EUR 2.7-3.3 per share (2.5-3.0) based on the median of four valuation methods. Marketing material commissioned by EAB Group Oyj.
2/15/2021 7:11:05 AM - EAB Group: Positive development in the fund pipeline - Nordea - EAB Group's H2 results were roughly in line with our estimates after its guidance upgrade in December. The tight cost control and increasing recurring revenue contributed to the profitability turnaround. Most importantly, EAB's Alternative Investments fundraising pipeline seems promising, including solid development in fundraising for the new renewable energy-focused fund and the intention to launch a new real estate fund soon. Assets under management grew by 9% y/y, adding confidence on growing fee income in 2021 and continued positive profitability development. The fundraising pipeline is likely to support AuM growth and improve revenue predictability over time. We increase our fair value range to EUR 2.5-3.0 based on the median of four valuation methods.
1/27/2021 8:39:16 AM - EAB Group: Favourable market development in H2 - Nordea - Recent data from the Finnish mutual funds market confirms a positive shift in demand during H2 2020 which should impact positively on EAB's fees from UCITS funds in H2 2020 and 2021 after a COVID-burdened H1 2020. Increased capital inflows could also have a positive impact on other sources of revenue such as brokerage fees and full-mandate wealth management. The market tailwinds together with declining fixed costs should help the company in its profitability turnaround over the coming years.
9/2/2020 2:56:17 PM - EAB Group: rowth in recurring revenue adds quality - Nordea - Despite negative profitability, we see several positives in the H1 report indicating that the company could achieve growth in both UCITS and Alternative Investments (AI) over the next few years. We continue to believe that EBIT could turn positive in H2, helped by cost savings and improved market conditions. Cash flow was strong in H1, adding dividend potential for 2021 if the turnaround progresses as planned. The increased share of recurring revenue, such as fees from UCITS funds and AI funds, has improved the earnings quality and bolsters our confidence in the company's growth plan. We lift fair value range to EUR 2.0-2.5 (1.6-2.0) based on the median of four valuation methods.