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EAB reported solid numbers for H1, with sales slightly above our estimates and profitability clearly positive, in line with our expectation. Growth in the AI business, in particular, facilitates growth in recurring revenue over the long term and improves the earnings quality. The bullish tone in the financial markets has supported demand for both UCITS funds and Alternative Investment (AI) funds, we believe. We raise 2021E-22E EBIT by 2% on improved confidence in the fundraising pipeline amid strong equity market development. We increase our fair value range to EUR 3.0-3.7 per share (2.7-3.3) based on the median of four valuation methods, partly affected by the increased valuations of its peers. Marketing material commissioned by EAB Group Oyj.
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