CapMan: Fair value changes are under pressure - Nordea

CapMan will report its Q1 results on 28 April. We take a more cautious view on fair value changes and note EUR 3.4m of old investments related to Russia, which we believe the company could write down in conjunction with the Q1 report. New sustainability-linked notes should secure the funding needed and we believe the positive trend in management fees will continue, despite the turbulent market conditions. We expect Nordic Real Estate to enter into carryforwards in Q1 and to support 2022 performance. We derive a fair value range of EUR 2.9-3.4 (3.0-3.5) per CapMan share. Marketing material commissioned by CapMan Oyj.

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