2021 has been heavily burdened by the wind-down of IPM, but that is now in the past. The shareholders of Catella should expect the group to deliver much stronger EBIT results in the coming years, driven both by the growth engine of PIM, but also from Principal Investments, which can, in our opinion, be seen as a new major growth platform for Catella. The company is entering a sort of harvesting phase over the next 1.5 years, which we expect will drive strong earnings growth. Applying our latest revisions, the valuation remains intriguing, with Catella trading on a 2022 EV/EBIT of 8x on ABGSC estimates, which is more than 50% below our broader peer group.
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