Catella's shares fell 14% following Q4 results, driven by investor disappointment over the SEK0.9 dividend proposal (33% below consensus of SEK1.35) and a SEK151m impairment of KöTower representing 70% of gross investment. Beneath these concerns, the core business delivered a solid quarter: Investment Management EBIT beat Redeye estimates by 47.1% on personnel expense discipline, whilst Corporate Finance recovered from Q3's transaction drought with recurring EBIT advancing 19% y/y. Redeye lower its fair value range to SEK20-51 (previously SEK25-70) following reduced AUM assumptions and principal investment revaluation.
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