Catella is an active player in real estate investment and fund management, with operations all over Europe. It works with both retail and institutional clients. Catella's business can be divided into two main business areas, Corporate Finance and Asset Management. The latter can be subdivided into two additional business areas, Equity-Hedge and Fixed Income Funds and Property Investment Management.
We see opportunities for Catella in diversifying its corporate finance business, to make it less dependent on one sector.
One major risk for Catella is to lose key employees, as it is heavily dependent on them. It is also highly dependent on one (real estate) sector. In addition, we see income and earnings volatility risk and regulatory risk.