CapMan: Temporary hiccup - Nordea

CapMan's Q1 EBIT came in well below Refinitiv consensus expectations due to fair value changes, driven by FX, and the lack of carried interest. Given the weakening of the USD, we see a possibility for further negative fair value changes. The Service business performed better than we expected. Management fees continued to grow well and the company was able to increase AuM slightly despite the volatile market environment. Owing to slower fundraising, closing of Infra II has been postponed to Q3 and first closing of Social Real Estate to H2. We derive a SOTP-based fair value range of EUR 2.8-3.4 (3.0-3.6). Marketing material commissioned by CapMan Oyj.

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