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EAB reported H2 comparable operating income of EUR 11.7m, 7% above our estimate. The cost/income ratio was in line with our forecast and H2 EBIT was 20% above our estimate. Performance was driven by continuous fees, as carry came in slightly below our estimate. EAB expects the 2022 net profit margin to be clearly positive, which we view as achievable given the positive growth momentum in alternative investments (AI). We believe the toughest fee pressure has faded and EAB should be able to continue increasing its continuous income via less volatile AI funds. We derive a multiples-based fair value range of EUR 3.2-3.9 (3.1-3.8) per share. Marketing material commissioned by EAB Group Oyj.
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