Redeye thinks Catella continues to perform decently in a very tough environment. Topline performance was in line with Redeye's estimates but profitability was weaker than expected, particularly in Corporate Finance. Due to the weak market, Catella expects limited divestments of assets from Principal Investments, implying that Kaktus will likely not be sold in the near term. However, Redeye still views the ability to postpone divestments when the market is weak as a sign of financial strength. Redeye expects to lower its valuation range by around 10%.
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