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SENASTE
Despite negative profitability, we see several positives in the H1 report indicating that the company could achieve growth in both UCITS and Alternative Investments (AI) over the next few years. We continue to believe that EBIT could turn positive in H2, helped by cost savings and improved market conditions. Cash flow was strong in H1, adding dividend potential for 2021 if the turnaround progresses as planned. The increased share of recurring revenue, such as fees from UCITS funds and AI funds, has improved the earnings quality and bolsters our confidence in the company's growth plan. We lift fair value range to EUR 2.0-2.5 (1.6-2.0) based on the median of four valuation methods.
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