Redeye provides an initial comment on the Q4 2024 report from Catella. Overall, the report was mostly in line with estimates although with some deviations on a segmental level. AUM development for Investment Management was solid, although profitability was below our forecast. Corporate Finance showed a distinct beat on profitability, on the back of a cost structure that has been optimised throughout the year. For Principal Investments, Polaxis was divested in the quarter, but our eyes remain set on Kaktus divestment that should be rather imminent. We expect to make only minor estimate and valuation changes following the report.
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