CapMan: Own actions needed to wake up fundraising - Nordea

CapMan's Q3 fell short of Refinitiv consensus expectations, we believe partly owing to lower carry bookings. While Management company fees fell short of our expectations, EBIT excluding carry beat with a lower cost base. Fair value changes turned positive, however, supported by external funds. The fundraising market remains subdued and the company announced a new distribution policy and aims to support fundraising by investing in its own funds alongside external investors. M&A options appear to be on the table and the company sticks to its strategic targets despite the more challenging operating environment. We derive a lower SOTP-based fair value range of EUR 2.3-2.8 (2.6-3.1) per CapMan share. - Marketing material commissioned by CapMan Oyj.

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