Capman: 2022 will benefit from high carry - Nordea

CapMan will report its Q4 on 3 February. The company announced on 4 January that its Nordic Real Estate fund will enter carry in the coming months once it has completed recently announced or signed property exits. At the end of Q3, 60% of the EUR 4.3bn assets under management (AuM)was derived outside the Nordics with a positive trend among large institutional investors. We expect the company to reach record carry in 2022, driven by the Nordic Real Estate fund, while the exit pipeline should offer fairly stable carry after 2022. We derive a fair value range of EUR 3.1-3.6 (3.2-3.8) per CapMan share. Marketing material commissioned by CapMan Oyj.

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