Catella reported a strong Q1’22, where the EBIT of SEK 216m (-22m) was 40% above ABGSC, which expected SEK 154m. Operating profit attributable to Catella’s shareholders was SEK 111m, an improvement of SEK 127m compared to Q1’21. The main deviation compared to ABGSC estimates was Principal Investments, where the strong result was driven by the divestment of project Norrköping. The net invested amount within Principal Investments increased by SEK 207m q-o-q in Q1’22, in ongoing projects. Property investment management delivered a strong Q1 report, where the operating result was up 68% y-o-y, driven by higher fixed fees, where the LTM fixed fees has increased by 14% y-o-y.
AUM growth of 2% q-o-q in Q1, in line with ABGSC
Catella reported sales of SEK 581m (308m), which was 10% above ABGSC at SEK 528m. The EBITDA came in at SEK 234m, 34% above ABGSC at SEK 174m. The AUM came in at SEK 125.5bn, up 2% q-o-q, and in line with ABGSC. The increase was driven by positive net inflow and revaluations of Catella’s property funds, which grew 4% q-o-q. The company also flags that they have an additional +12bn in committed AUM capital to be put into use the coming year in new development projects and properties.
Strong beat in Q1, should outperform the market today
We expect cons. EBIT estimates for 2022 will come up on the back of the strong Q1 beat with 5-10%. For 2023-2024 we however only expect minor positive cons. EBIT revisions with 1-3%. Given the strong beat today, +40% on EBIT vs ABGSC, in combination with expected positive revisions from consensus, we expect the share to outperform the general market today with around 5%. In addition, the stock remains attractive on multiples, where it is currently trading on an EV/EBIT of 7x on our current 2022 estimates, which is almost 50% below our broader peer group.
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