Capman: AuM outlook remains promising - Nordea

CapMan's Q4 EBIT of EUR 12.2m came in 8% above Infront consensus and was boosted by fair value changes. AuM increased by 18% y/y to EUR 4.5bn and the company expects further growth in 2022, driven by multiple real estate funds, Infra II and a new CWS product. The Nordic Real Estate fund will enter carry in the coming months and should clearly support the earnings development in 2022. CapMan's dividend proposal of EUR 0.15 per share represents a continued increase in annual dividends. We derive a fair value range for CapMan of EUR 3.0-3.5 (3.1-3.6). Marketing material commissioned by CapMan Oyj.