Bildkälla: Stockfoto

Catella: Market is turning, easy comps, and a cheap stock - Redeye

Redeye states that while the Q2 report was soft, it had some positive highlights - including the sequential SEK3.3bn FX-adjusted AUM growth, and the clear optimism around the upcoming divestment of Kaktus. With the real-estate market appearing to have bottomed out, and with all tough y/y comparisons behind us, Redeye believes the valuation of an estimated EV/EBIT of 4x for 2025e is attractive. Redeye makes minor changes to its estimates and valuation range.

Redeye states that while the Q2 report was soft, it had some positive highlights - including the sequential SEK3.3bn FX-adjusted AUM growth, and the clear optimism around the upcoming divestment of Kaktus. With the real-estate market appearing to have bottomed out, and with all tough y/y comparisons behind us, Redeye believes the valuation of an estimated EV/EBIT of 4x for 2025e is attractive. Redeye makes minor changes to its estimates and valuation range.
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