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Catella: Market turning to growth - Redeye

Redeye expects Catella's Q2, due 21 August, to show a 19% y/y revenue decline with 11% EBIT margin (12% last year). This is the last quarter with tough comps, which could have a dampening effect on the share price, even in the event of a good report. On the other hand, the real-estate market appears to have bottomed out - both in terms of valuations as well as transaction volumes. This bodes well for Catella, implying that both Investment Management and Corporate Finance could start growing again. Redeye also believes a divestment of Kaktus to be imminent, and that this will be a significant trigger to the share price.

Redeye expects Catella's Q2, due 21 August, to show a 19% y/y revenue decline with 11% EBIT margin (12% last year). This is the last quarter with tough comps, which could have a dampening effect on the share price, even in the event of a good report. On the other hand, the real-estate market appears to have bottomed out - both in terms of valuations as well as transaction volumes. This bodes well for Catella, implying that both Investment Management and Corporate Finance could start growing again. Redeye also believes a divestment of Kaktus to be imminent, and that this will be a significant trigger to the share price.
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