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CapMan - Earnings beat through success fees

CapMan's net sales in Q2 amounted to EUR 13.4m, above our estimates (Evli EUR 10.8m), with EBIT also above our estimates (Evli EUR 4.5m), at EUR 5.8m. Scala recorded significant success fees in the quarter, larger than we had anticipated, contributing strongly to the earnings beat.
  • Revenue in Q2 was EUR 13.4m (EUR 11.4m in Q2/18), above our estimates (Evli EUR 10.8m). Growth in Q2 amounted to 18 % y/y.
  • Operating profit in Q2 amounted to EUR 5.8m (EUR 6m in Q2/18), clearly beating our estimates (Evli EUR 4.5m).
  • Management Company business: Revenue in Q2 was EUR 6.4m vs. EUR 6.7m Evli. Operating profit in Q2 amounted to EUR 0.9m vs. EUR 0.8m Evli.
  • Investment business: Revenue in Q2 was EUR 0m vs. EUR 0m Evli. Operating profit in Q2 amounted to EUR 1m vs. EUR 2.3m Evli.
  • Services business: Revenue in Q2 was EUR 6.9m vs. EUR 3.9m Evli. Operating profit in Q2 amounted to EUR 4.9m vs. EUR 2.1m Evli.
  • Capital under management by the end of Q2 was EUR 3.3b. Of the capital under management EUR 1.9bn was attributable to Real Estate, EUR 1.0bn to Private Equity & Credit and EUR 0.3bn to Infra and other.

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