CapMan: Capital Markets Day key impressions - Nordea

CapMan hosted its CMD event today in Helsinki. The company shared insights into its current state, as well as the vision for the future of CapMan. We view the CMD as a mid-term strategic update; financial targets as well as the EUR 10bn AuM target for 2027 were all kept intact from 2022. Real Estate, Infra and Natural Capital investment areas will be the main sources of organic AuM growth, complemented by other organic and M&A growth opportunities. After the sale of CaPS, CapMan has a strong balance sheet, with some EUR 262m of cash and investments, versus EUR 101m in interest-bearing debt. CapMan’s AuM is the main driver behind management fee income, which in turn should amplify fee profit growth as the platform scales up. With Nordic Real Estate IV in fundraising (EUR 750m target) and European Forest Fund IV and Nordic Infra III in the pipeline, we argue CapMan is well positioned to benefit from the likely improving fundraising market, with organic and inorganic growth capabilities supporting the profitable growth journey.

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