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EAB has benefitted from a positive financial market development in 2021. In addition, the company has trimmed its cost base, which should bode well for its earning development, with clear ambitions to increase its exposure to alternative investments (AI). We believe the toughest fee pressure has started to fade, while the company should be able to increase its recurring revenue in line with scaling up its AI portfolio. We remain slightly cautious about the possible carry potential from multiple funds, while these could boost earnings development in 2022-23. The process of recruiting a new CEO is underway and could support the cost development ahead. We derive a multiples-based fair value range of EUR 3.1-3.8 (3.0-3.7) per share. Marketing material commissioned by EAB Group Oyj.
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