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Catella: Soft Q1, cheap stock, but re-pricing could wait to 2024 - Redeye

Redeye thinks the Q1 report was soft and that the outlook remains uncertain. While Catella is trading at a substantial discount to Redeye's intrinsic value, the stock lacks short-term catalysts. Looking into 2024, Redeye expects a rebound in group profitability and harvesting of Principal Investments will fuel the share price. Redeye lowers its estimates and fair value range.

Redeye thinks the Q1 report was soft and that the outlook remains uncertain. While Catella is trading at a substantial discount to Redeye's intrinsic value, the stock lacks short-term catalysts. Looking into 2024, Redeye expects a rebound in group profitability and harvesting of Principal Investments will fuel the share price. Redeye lowers its estimates and fair value range.
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