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Catella: Investment mgmt. drives earnings beat in Q3 - ABG

Q3 adj. EBIT of SEK 62m, 24% above ABGSC
AUM growth of 5% q-o-q, will drive positive revisions
Earnings beat with positive revisions, stock up today


Q3 adj. EBIT of SEK 62m, 24% above ABGSC

Catella reported an adj. EBIT of SEK 62m (49m) in Q3’22, which was 24% above ABGSC estimate, and up 27% y-o-y. The main deviation compared to ABGSC was the stronger result within the Investment management segment. The operating profit within this segment, Investment management, came in at SEK 90m in Q3, 78% above our forecast of SEK 51m, driven by a combination of both stronger AUM growth and higher variable fees from Property Asset Management. Within Corporate Finance, the operating profit came in slightly below ABGSC expectation at SEK 6m (-3m). Principal investment contributed negatively to the bottom line in Q3 while ABGSC expected SEK 0m.
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