CapMan: A solid quarter despite market volatility - Nordea

CapMan reported Q2 EBIT of EUR 14.1m, 11% above Refinitiv consensus. Q2 was supported by strong fair value changes following completed exits and EUR 3.2m of carry. Fee income was up 25% y/y, while management fees were up 8% y/y. The company expects fee-based profitability to continue its strong growth due to an increase in AuM. Infra II reached first closing after Q2 with EUR 150m of commitments, while CapMan expects the new Social Real Estate fund to reach first closing in H2. In addition to new products, many funds are closing carry and the company expects some of this to start generating carry in the next 12 months. We derive a fair value range of EUR 3.1-3.7 (3.1-3.6) per CapMan share. Marketing material commissioned by CapMan Oyj.

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