Catella reported a strong Q4’21, where the EBIT of SEK 145m (23m), was 90% above ABGSC, which expected SEK 76m. The main deviation compared to ABGSC estimates was stronger operating profit from both the Property Investment Management segment but also the Corporate Finance segment. The Principal Investment segment came in roughly in line with ABGSC on operating profit. The net invested amount within Principal Investments increased by SEK 328m q-o-q in Q4’21, in ongoing projects. Catella proposes a DPS of SEK 1.0, which was 10% above ABGSC, which expected at SEK 0.91.
Strong AUM growth in Q4, up 10% q-o-q, to SEK 123bn
Catella reported sales of SEK 604m (534m), which was 11% above ABGSC at SEK 543m. The EBITDA came in at SEK 166m, 74% above ABGSC at SEK 95m. The AUM showed impressive growth in Q4 and came in at SEK 123bn, up 10% q-o-q, and 4% above ABGSC. The AUM growth is mainly driven by Property Funds, which grew 11% q-o-q. The company also flags that they have an additional 12bn in committed AUM capital to be put into use the coming year in new development projects and properties.
Strong beat, should outperform the general market today
We view today’s report as a strong beat from Catella, mainly driven by the Property Investment Management segment, which continues to show strength. We do expect to see positive estimate revisions of a couple of percentage points from consensus, driven by the strong AUM growth in Q4’21 (up 10% q-o-q). The additional 12bn in committed AUM capital will also enable further earnings growth. Given the strong beat in Q4, in combination with expected positive revisions from consensus, we expect the share to outperform the general market today with around 5-10%. In addition, the stock remains very attractive on multiples, where it is currently trading on an EV/EB
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