AUM growth of 8% q-o-q in Q2, 6% above ABGSCe Catella reported sales of SEK 641m (462m), which was 44% below ABGSC, the large deviation is driven by we expecting another accounting effect in connection to the Infrahubs divestment in Q2. EBITDA came in at SEK 404m, 2% above ABGSC. The AUM came in at SEK 135bn, up 8% q-o-q, and 6% above ABGSC. The increase was primarily driven by positive net inflow of Catella’s property funds. The company also flags that they have an additional +10bn in committed AUM capital to be put into use the coming year in new development projects and properties.
Strong beat in Q2, should outperform the market today We expect positive cons. EBIT revisions of 3-5% for 2023-2024e driven by the strong AUM development. Given the ATH result in the quarter, the strong earnings beat today (+26% on adj. EBIT vs ABGSC) and in combination with expected positive revisions from consensus, we expect the share to outperform the general market today with at least 5%. In addition, the stock remains attractive on multiples, where it is currently trading on an EV/adj. EBIT of 6x on our current 2022 estimates, which is ... Läs mer på ABG Sundal Collier
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