Commissioned Research: EAB Group Oyj

Commissioned Research: Profitability turnaround is within reach

EAB Group is an asset manager with a broad service offering. It has shown
a strong sales CAGR of 17% over the past three years, ~6.4% of which was
organic. The company strengthened its position in asset management by
acquiring Alfred Berg Finland in 2017; it currently has AuM of EUR 3.2bn.
EAB Group is now seeking growth from its more profitable products like
alternative investment funds, while simultaneously implementing cost
savings. We consider the company’s growth targets ambitious, but we
believe that its relatively high fixed cost base (~70% of total costs) offers
good operating leverage once sales growth picks up. For now, however, we
remain cautious and model in a 10% EBIT margin for 2021, which is clearly
below the company’s 35% long-term target.

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Marketing material commissioned by EAB Group Oyj

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