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Redeye provides its initial comments on Catella's Q4 2023 report, which came in moderately below our estimates. Investment Management's revenue generation was slightly lower than expected, but impressive cost control resulted in EBIT beating our estimates. We had wrongfully extrapolated the upbeat tone regarding market sentiment from Q4 2023, which explains most of the deviation for Corporate Finance. Adjusted for FX and a planned termination of a mandate in Investment Management, AUM remained flat in the quarter. We expect to reiterate our overall estimates, although we will slightly lower our 2024e forecasts to account for the sentiment in Corporate Finance.
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