Redeye states that Q2 came in weaker than it had expected, although the reason continues to be a very dampened market. Particularly Corporate Finance was weaker, while Investment Management was solid with positive AUM growth. Not much was said about Kaktus more than Catella still searching for the right buyer. Redeye remains confident that Catella is well positioned through its strong balance sheet and continues to do the right activities, e.g., cost efficiencies and merging of its two fund companies. Redeye expects to lower its estimates on short-term sales but not make any significant changes to its mid- or long-term estimates. Redeye does not expect to make any major changes to our fair value range.
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