Catella's second quarter was a stable print against a low bar. Group operating profit of SEK8m beat Redeye’s SEK3m, with Investment Management EBIT of SEK35m (SEK23m est.) and Corporate Finance SEK6m (nil est.) both ahead on cost, while revenue fell short in both areas at SEK231m (SEK235m est.) and SEK116m (SEK132m est.). AUM of SEK160.8bn was in line (SEK160.1bn est.) at a fee rate of 14bp against 15bp. Nothing deteriorated. Catella paid out SEK132m in the quarter and has SEK48m of buyback left to run. Redeye sees the shares up 0-7% today.
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