Q1'24: Improved exit activity key

Higher exit activity needed to defend estimates. Minor adj. EPS revisions for 2024e-26e. We keep our HOLD rating with a target price of SEK 280.

Q1'24: Expect minor earnings revisions

Q1'24e: Stock up with hope of a market rebound

Focus on comments around fundraising and activity. Adjusted EPS up for 2026e. We keep our HOLD rating with a target price of SEK 280 (260).

Private Markets - Quarterly Review Q1'24

Deal activity well below peak levels in all regions, which is also the case for exits. Better deal and exit activity needed for the positive sentiment to hold.

Solid execution, but minor revisions (CMD)

Solid management presentations confirmed EQT's excellence within the sector. Financial targets largely intact - we keep our HOLD rating

EQT Future holds final close - NEUTRAL

Exits and revaluations still needed

Adjusted EPS down 4% for 2024e. A recovering exit market is key to the case. We keep our HOLD rating with a target price of SEK 255.

H2'23: Exits and revaluations needed

A slightly weaker report than expected, but our adj. EPS estimates are intact for 2024e-25e. We keep our HOLD rating with a target price of SEK 245.

H2'23: Lower carried interest, FAUM and MOIC

Heads-up for H2'23, 18 January

Private Markets - Quarterly Review

Transaction activity well below peak levels. Global PE fundraising volumes holding up as opposed to RE & Infra. Pick-up in exit activity needed for a recovery.

H2'23e: Fundraising of Infra VI in focus

Zero exits in Q4 - a recovering exit market is key to the case. Adjusted EPS marginally revised for 2023e-25e. We keep our HOLD rating and target price of SEK 240.

Estimates catching up with reality

Adjusted EPS down 7-12% for 2024-25e. A recovering exit market is key to the investment case. We keep our HOLD rating with a target price of SEK 240 (220).

Statistical update - European PE market in Q3'23

Q3'23: Another quarter of low deal activity

Transaction activity remained subdued in Q3. Adjusted EPS unchanged for 2023e-'24e and down 7% for 2025e. We keep our HOLD rating with a target price of SEK 220 (225).

Q3'23: Weaker FAUM and low deal activity

Statistical update - US PE market in Q3'23

Q3'23e: Another quarter of low activity

Transaction activity remained subdued in Q3. Adjusted EPS down significantly for 2023 and slightly for 2024-25. We keep our HOLD rating with a target price of SEK 225 (230).

Statistical update - European PE market in Q2'23

H1'23e: Earnings scenario intact

Slower fundraising than anticipated but our adj. EPS estimates are intact for 2023e-25e. We keep our HOLD rating with a target price of SEK 230.