CapMan: Multiple headwinds visible in Q4 - Nordea

CapMan's Q4 fell short of LSEG Data & Analytics consensus expectations, partly explained by adjustments to the top line and EBIT. Negative fair value changes pushed EBIT into negative territory, while the DPS proposal of EUR 0.10 was slightly ahead of consensus expectations. The company expects significant growth in AuM during 2024, driven by flagship funds. The fundraising environment could improve during 2024, we believe, and growth could be further supported through M&A after the completion of the Dasos acquisition. We cut our underlying EBIT estimates by 6-8% and derive a lower SOTP-based fair value range of EUR 2.0-2.4 (2.3-2.8). Marketing material commissioned by CapMan Oyj.

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