’23e-’24e underlying EBIT up by 5% The AUM within the Investment Management segment was 6% above our estimate; we have consequently raised our AUM base, which increases our estimates for the segment and also hikes our group EBIT by 5% for 2023e and 2024e.
2023e EV/EBIT of 7x with appealing dividend yield Catella has entered a harvesting period, with seven projects scheduled to be divested in 2022, including the Kaktus project in H2’22. The company is facing easy comps, which is why we expect strong growth throughout the year. In our view, the company has many attractive fundamentals including a strong balance sheet, combined with an appealing dividend yield. Applying our latest revisions, Catella is trading at a 2023e EV/EBIT of 7x, which is 40% below the average of our broader peer group.
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