EAB Group's H2 results were roughly in line with our estimates after its guidance upgrade in December. The tight cost control and increasing recurring revenue contributed to the profitability turnaround. Most importantly, EAB's Alternative Investments fundraising pipeline seems promising, including solid development in fundraising for the new renewable energy-focused fund and the intention to launch a new real estate fund soon. Assets under management grew by 9% y/y, adding confidence on growing fee income in 2021 and continued positive profitability development. The fundraising pipeline is likely to support AuM growth and improve revenue predictability over time. We increase our fair value range to EUR 2.5-3.0 based on the median of four valuation methods.
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