Catella: Earnings trough likely behind us - ABG
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Earnings growth to pick up from Q2'25e
Estimates down given more cautious view on activity pick-up
2025e-27e EV/EBIT of 5-7x with easy comps
Q1 on the soft side
Catella delivered a softer-than-expected Q1, with EBIT of SEK -43m (5m) below ABGSC expectations of SEK +30m. The results were negatively impacted by both lower transaction-based revenues, restructuring costs and FX headwinds. All three segments reported a sequential drop in earnings. The AUM came in at SEK 148bn, down 5% q-o-q (SEK 7bn), which was in line with ABGSC's forecast. The decrease compared to the end of the fourth quarter was primarily driven by FX, which was down SEK 9bn q-o-q. In EUR terms, the AUM base grew.
Estimates down given more cautious view on activity pick-up
2025e-27e EV/EBIT of 5-7x with easy comps
Q1 on the soft side
Catella delivered a softer-than-expected Q1, with EBIT of SEK -43m (5m) below ABGSC expectations of SEK +30m. The results were negatively impacted by both lower transaction-based revenues, restructuring costs and FX headwinds. All three segments reported a sequential drop in earnings. The AUM came in at SEK 148bn, down 5% q-o-q (SEK 7bn), which was in line with ABGSC's forecast. The decrease compared to the end of the fourth quarter was primarily driven by FX, which was down SEK 9bn q-o-q. In EUR terms, the AUM base grew.