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Third party research

Catella: Promising outlook - ABG

Catella

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

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Q3 in line with promising outlook for 2025
Large revisions as Kaktus divestment moving from '24e to '25e
2025e-26e EV/EBIT of 4-5x with easy comps


Underlying results in line for Q3

Transaction activity has remained hesitant since the start of 2024, which negatively impacts Catella, as it leads to low earnings contributions from the operational segments. The third quarter showcased similar trends as seen in the previous reports throughout the year, while EBIT adjusted for non-recurring items was in line with ABGSC's estimate. As market rates are coming down, we expect to see transaction activity gradually improve in the coming quarters, with Catella's earnings generation following suit.
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