EQT AB Group

Research evidence excerpt

EQT AB Group

new Scale Up Europe fund; and c)

Insurance client solutions, further supported by its Coller Capital acquisition.

UBS VIEW EQT offers significant earnings sensitivity to near-term fund performance and carried interest

generation, alongside strong FRE growth momentum across a diversified range of investment classes.

This diversification by asset class (infrastructure, Asian / European private equity, real estate,

secondaries) and distribution channel (flagship funds, insurance solutions, evergreens) should help

support resilient fundraising and investment performance through the cycle. EQT's ability to deliver

returns for its investors will be key to its ability to raise the value of future fund raises. Buy.

EVIDENCE Detailed analysis of EQT's portfolio exits, historical performance track record, fund valuations and

timelines to fund closes within key fund families. Consideration of key recent transactions in the

portfolio. Assessment of historical valuations and earnings momentum, absolute and vs. peers.

WHAT´S PRICED IN? At ~17x 2027E PE, EQT is trading at higher multiples than most traditional and alternative asset

managers, but a lower multiple than its own recent history As a private markets manager with strong

demand for its funds, EQT's multiple should command a premium, in our view. We expect Coller

Capital to drive significantly higher EPS from 2027E. If EQT can persuade the market of the merits of

this deal through the year, we see scope for re-rating.

Upside/Downside

Spectrum

FPAUM Average Gross Avg EBITDA Valuedrivers Cost of Equity

CAGR 2025-28E MOIC at maturity margin 25-28E

SEK510 upside 18.0% 2.2x 64% 8.9%

SEK400 base 17.0% 2.0x 62% 10.4%

SEK245

16.0% 2.0x 60% 14.4%

downside

Source: UBS research estimates