CapMan: Strong underlying performance has continued - Nordea

CapMan reported Q3 EBIT of EUR 12.7m, 7% above Refinitiv consensus. Fair value changes remained strong thanks to successful exits, while carry was only EUR 1m in Q3. Fee income increased by 17% y/y, while management fees were up 4% y/y. Despite greater market uncertainty, demand for CapMan's products has remained favourable and the company expects AuM to increase further in 2022. CapMan expects to make a second closing of its Infra II in Q4, while Social Real Estate fund's first closing has been postponed to Q1. We derive a fair value range of EUR 3.1-3.7 per share. Marketing material commissioned by CapMan Oyj.

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