Against consensus, EBIT missed in both operating segments and AUM met. Against Redeye’s forecast, EBIT beat in both segments and AUM met. The share fell 4%. Net outflows continued at 1.5% annualised. Redeye project it to continue till mid-2027 amid Europe’s fund-raising drought. Catella has revamped the C-Suite and made two new hires for capital raising. Capital policy implemented and bought back shares worth SEK52m in the quarter. Buybacks and higher peer valuations support a raised Base Case of SEK41(36).
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