EQT AB Ordinary Shares

EQT: XSTO (SWE)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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EQT Earnings: Acceleration in Investment and Exit Activity in 2024; Shares Overvalued

Johann Scholtz , Svetlana Menshchikova

Jan 24, 2025

Narrow-moat EQT ended 2024 with fee-generating assets under management reaching EUR 136 billion by year-end, which is in line with our expectations. The company reported a significant acceleration in capital deployment and exit activity compared with 2023 and 2022, investing EUR 22 billion and exiting EUR 11 billion during the year. Despite these solid results and a 17% rise in the share price since the start of 2025, we believe current trading multiples remain excessive and maintain our fair value estimate of SEK 315 per share. We believe shares are overvalued.

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EQT AB Ordinary Shares

EQT Earnings: Acceleration in Investment and Exit Activity in 2024; Shares Overvalued

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