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ABGSC Financials Research ... (+2)
  • ABGSC Financials Research
  • Patrik Brattelius

Awaiting better market conditions

Activity remains subdued in Q1'24e. We cut '24e EBIT by 2%, driven by lower corporate finance. 2024e EV/EBIT of 4x with 4% dividend yield.

Catella AB: 1 director

A director at Catella AB bought 10,000 shares at 26.170SEK and the significance rating of the trade was 51/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly sh...

Patrik Brattelius
  • Patrik Brattelius

Catella - Investment Management carries the day

Q3 beat driven by Investment Management AUM and postponed divestments lift ’23-24 EBIT 2023e EV/EBIT of 5x, >50% below avg. of peers

Patrik Brattelius
  • Patrik Brattelius

Catella - Investment mgmt. drives earnings beat in Q3

Q3 adj. EBIT of SEK 62m, 24% above ABGSC AUM growth of 5% q-o-q, will drive positive revisions Earnings beat with positive revisions, stock up today

Patrik Brattelius
  • Patrik Brattelius

Catella - Slower quarter but main scenario still intact

Q3’22e EBIT of SEK 50m, down 2% y-o-y Estimates unchanged for 2022-2024 2023e EV/EBIT of 7x with 6-11% dividend yield

Patrik Brattelius
  • Patrik Brattelius

Catella - Investment Management continues to deliver

Strong Q2 beat driven by Investment Management We increase our ’23e-’24e underlying EBIT by 5% 2023e EV/EBIT of 7x with appealing dividend yield

Patrik Brattelius
  • Patrik Brattelius

Catella - Q2 shows strong result across the board

Q2 adj. EBIT of SEK 328m, 26% above ABGSC AUM growth of 8% q-o-q in Q2, will drive pos. revisions The stock should outperform today

Patrik Brattelius
  • Patrik Brattelius

Catella - Stellar Q2 on the cards

Record strong Q2e to be driven by PIM & Principal Inv. Underlying EBIT estimates raised by 3% for 2022 2022e EV/EBIT of 5.3x with appealing dividend yield

Patrik Brattelius
  • Patrik Brattelius

Catella - The harvesting season has begun

Strong Q1 beat driven by Principal Investments and PIM Underlying EPS estimates raised by 16% for 2022 2022e EV/EBIT of 6x, ~50% below avg. of peers

Patrik Brattelius
  • Patrik Brattelius

Catella - Strong start to the year

Q1 EBIT of SEK 216m, 40% above ABGSC AUM growth of 2% q-o-q in Q1, in line with ABGSC The stock should outperform today

Patrik Brattelius
  • Patrik Brattelius

Catella - Getting ready for the harvest

Strong Q1’22e driven by Principal investments & PIM Estimates raised because of project Norrköping 2022e EV/EBIT of 7x, ~50% below avg. of peers

Patrik Brattelius
  • Patrik Brattelius

Catella - Harvest time

Strong AUM growth in Q4, up 21% y-o-y 2022 will be a harvesting year for Catella 2022e EV/EBIT of 8x, 40% below peers

Patrik Brattelius
  • Patrik Brattelius

Catella - Ending the year on a high note

Q4 EBIT of SEK 145m, 90% above ABGSC at SEK 76m Strong AUM growth in Q4, up 10% q-o-q, 4% above ABG The stock should outperform today

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