CapMan: Positive tailwinds from new investments - Nordea

Ahead of CapMan's Q1 2025 report due on 9 May, we revise our estimates to reflect expected fair value changes and AuM growth. We believe CapMan's balance sheet investments will be negatively affected by recent market turbulence, which will especially have an impact on external VC funds. On the group level, we cut adjusted EBIT by 5% for 2025E but increase our estimates by 4% for 2026-27, reflecting the Midstar Fastigheter acquisition and the expected closing of the NRE IV flagship fund (we expect Q2). Following our estimate changes, we derive a slightly higher SOTP-based fair value range of EUR 1.7-2.1 (1.6-2.0). Marketing material commissioned by CapMan Oyj.

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