In this equity analysis report, analysts Gustaf Bülow take a closer look at Catella, a company within real estate and fund segment in Europe. Discounted to peers of 71,8% despite expected AUM CAGR of 15,0% and EBIT margin improvement. Implying a 65,3% upside based on EV/EBIT multiple of 8,0x for 2022E justified for this misunderstood golden nugget.
- Strong continued growth in a highly scalable business.
- Divestment of underperforming business areas have left the company with a strong cash position.
- Margin expansion from 12.1% to 24.9% within PIM.