CapMan: Solid underlying performance in Q2 - Nordea

CapMan reported Q2 Adj. EBIT of 5.8m, 4% below LSEG Data & Analytics consensus at EUR 6.0m. We believe fair value changes could be driving the slight miss. Positive fair value changes of EUR +1.2m were booked, versus our estimate of EUR +2.0m. Management company business EBIT of EUR 4.3m excluding fair value changes came in line with our estimates, highlighting solid underlying profitability. Management company business fees came 10% above our estimate and grew 11% y/y, boosted by Nordic Infrastructure II’s and Growth III’s final closes. AUM increased 3% q/q to EUR 5.8bn (EUR 5.7bn in Q1). CapMan raised some EUR 200m of new capital during Q2 and based on the company commentary, outlook remains strong, with multiple funds in fundraising. Services business continued good performance, with sales of EUR 3.1m (our estimate EUR 3.0m) growing 13% y/y and EBIT of EUR 1.7m (our estimate: EUR 1.8m). Initially we believe consensus will only conduct minor underlying estimates revisions.

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