Aktia reported positive momentum on both NII and AUM flows. On NII, it is now past the trough, and we expect continued positive momentum with the market pricing in additional rate hikes by the ECB. Positive to the asset light-side, AUM came in at an all-time-high, supported by strong inflows. We expect this to translate into higher fees and raise our estimates slightly. This results in a raised fair value range of EUR 12.6-13.0 (12.0-12.7).
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