Catella: Q2 shows strong result across the board - ABG
Detta är en aktieanalys producerad av tredje part och reflekterar därför nödvändigtvis ej våra åsikter och värderingar
Q2 adj. EBIT of SEK 328m, 26% above ABGSCAUM growth of 8% q-o-q in Q2, will drive pos. revisions
The stock should outperform todayQ2 adj. EBIT of SEK 328m, 26% above ABGSCCatella reported a strong Q2’22, where the reported EBIT of SEK 386m (-31m) was 3% above ABGSC. Operating profit attributable to Catella’s shareholders was SEK 328m, an improvement of SEK 319m compared to Q2’21 and 26% ahead of ABGSC’s estimate. The main deviation compared to ABGSC estimates was the stronger result within the property investment management segment, which stood out in Q2 and reported operating profit of SEK 211m, which was 19% above ABGSC estimate. The operating profit in the PIM segment was strengthen by performance fees, primarily from Catella European residential fund. The LTM fixed fees increased by 31% y-o-y while the LTM variable fees has increased by 131% y-o-y.
AUM growth of 8% q-o-q in Q2, 6% above ABGSCeCatella reported sales of SEK 641m (462m), which was 44% below ABGSC, the large deviation is driven by we expecting another accounting effect in connection to the Infrahubs divestment in Q2. EBITDA came in at SEK 404m, 2% above ABGSC. The AUM came in at SEK 135bn, up 8% q-o-q, and 6% above ABGSC. The increase was primarily driven by positive net inflow of Catella’s property funds. The company also flags that they have an additional +10bn in committed AUM capital to be put into use the coming year in new development projects and properties.
Strong beat in Q2, should outperform the market todayWe expect positive cons. EBIT revisions of 3-5% for 2023-2024e driven by the strong AUM development. Given the ATH result in the quarter, the strong earnings beat today (+26% on adj. EBIT vs ABGSC) and in combination with expected positive revisions from consensus, we expect the share to outperform the general market today with at least 5%. In addition, the stock remains attractive on multiples, where it is currently trading on an EV/adj. EBIT of 6x on our current 2022 estimates, which is ...Läs mer på ABG Sundal Collier
The stock should outperform todayQ2 adj. EBIT of SEK 328m, 26% above ABGSCCatella reported a strong Q2’22, where the reported EBIT of SEK 386m (-31m) was 3% above ABGSC. Operating profit attributable to Catella’s shareholders was SEK 328m, an improvement of SEK 319m compared to Q2’21 and 26% ahead of ABGSC’s estimate. The main deviation compared to ABGSC estimates was the stronger result within the property investment management segment, which stood out in Q2 and reported operating profit of SEK 211m, which was 19% above ABGSC estimate. The operating profit in the PIM segment was strengthen by performance fees, primarily from Catella European residential fund. The LTM fixed fees increased by 31% y-o-y while the LTM variable fees has increased by 131% y-o-y.
AUM growth of 8% q-o-q in Q2, 6% above ABGSCeCatella reported sales of SEK 641m (462m), which was 44% below ABGSC, the large deviation is driven by we expecting another accounting effect in connection to the Infrahubs divestment in Q2. EBITDA came in at SEK 404m, 2% above ABGSC. The AUM came in at SEK 135bn, up 8% q-o-q, and 6% above ABGSC. The increase was primarily driven by positive net inflow of Catella’s property funds. The company also flags that they have an additional +10bn in committed AUM capital to be put into use the coming year in new development projects and properties.
Strong beat in Q2, should outperform the market todayWe expect positive cons. EBIT revisions of 3-5% for 2023-2024e driven by the strong AUM development. Given the ATH result in the quarter, the strong earnings beat today (+26% on adj. EBIT vs ABGSC) and in combination with expected positive revisions from consensus, we expect the share to outperform the general market today with at least 5%. In addition, the stock remains attractive on multiples, where it is currently trading on an EV/adj. EBIT of 6x on our current 2022 estimates, which is ...Läs mer på ABG Sundal Collier