CapMan: Three new funds in the pipeline - Nordea

CapMan's Q2 2023 EBIT fell short of Refinitiv consensus expectations, partly explained by fair value changes and carry. In addition, Management company fees fell short of our expectations, while costs were well in line. The fundraising market remains slow, with tight allocations, while CapMan continues to expect multiple exits during the next 12 months from its three funds that are in carry. The company is preparing for three new fund openings within 12 months and reiterated its expectation of growing AuM in 2023, despite multiple exit processes. We derive a lower SOTP-based fair value range of EUR 2.6-3.1 (2.8-3.4) per CapMan share. Marketing material commissioned by CapMan Oyj.

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