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Catella: Transaction activity remained muted for Q2 - ABG

CAT BThird party research21.08.2024, 08.50

This is a third party research report and does not necessarily reflect our views or values

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Q2 EBIT of SEK 34m, +41% vs. ABGSC but -21% vs. consensus
AUM 2% above forecast, positive for revisions 2025-26e
Q2 on the soft side, stock slightly down today


Q2 EBIT of SEK 34m, +41% vs. ABGSC but -21% vs. cons

Catella reported an EBIT of SEK 34m (90m) in Q2’24, which was 41% above ABGSC forecast of SEK 24m but 21% below FactSet consensus, which forecasted SEK 43m. The quarter was boosted by a divestment transaction of CatWave to Söderberg and Partners, which had a positive profit effect of SEK 18m. The main deviation compared to ABGSC forecast was the principal investment segment, which was slightly stronger than expected. The earnings contribution within both Investment management and Corporate Finance came more in line with our expectations.