Catella reported sales of SEK 462m, which was 1% above ABGSC at SEK 457m. Adj. EBIT came in at SEK 113m and grew 55% y-o-y, ABGSC expected adjusted EBIT of SEK 69m. Reported EBIT came in at SEK -31m, vs. ABGSC at SEK -111m. The AUM came in at SEK 112bn, in line with above ABGSCe and grew SEK 4bn q-o-q.
Underlying Catella stronger than expected, share up today
The Property investment management continues to grow its AUM, up 4% q-o-q. Overall, we saw better than expected underlying result in PIM and Corporate Finance which will lead to positive revisions of ~3-5% for consensus estimates in 2022-23e at first glance. The stock is currently trading on an EV/EBIT of 9x on 2022e, which is ~40% below our peer group. The large negative EO item should not come as a surprise to the market, since it has been well flagged by the company ahead of the report, and since “core Catella” performed much better than expectations (65% above ABGSC), we expect that will be
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