CapMan - Earnings flash - Earnings beat, solid AUM growth
CapMan's net sales in Q2 amounted to EUR 11.9m, in line with our estimates and consensus (EUR 11.7m/11.8m Evli/cons.). EBIT amounted to EUR 11.4m, above our estimates and above consensus estimates (EUR 9.4m/7.5m Evli/cons.). Capital under management grew strongly to EUR 4.3bn, up 1.2bn y/y.
- Revenue in Q2 was EUR 11.9m (EUR 8.7m in Q2/20), in line with our estimates and consensus estimates (EUR 11.7m/11.8m Evli/Cons.). Growth in Q2 amounted to 36.6% y/y.
- Operating profit in Q2 amounted to EUR 11.4m (EUR 4.1m in Q2/20), above our estimates and consensus estimates (EUR 9.4m/7.5m Evli/cons.), at a margin of 95.5%. The deviation compared to our estimates was mainly due to higher than estimated fair value changes (EUR 9.6m/6.0m Act./Evli).
- EPS in Q2 amounted to EUR 0.06 (EUR 0.02 in Q2/20), above our estimates and consensus estimates (EUR 0.05/0.04 Evli/cons.).
- Management Company business revenue in Q2 was EUR 9.9m vs. EUR 9.1m Evli. Operating profit in Q2 amounted to EUR 2.4m vs. EUR 3.1m Evli.
- Investment business revenue in Q2 was EUR 0.0m vs. EUR 0.0m Evli. Operating profit in Q2 amounted to EUR 9.4m vs. EUR 5.9m Evli.
- Services business revenue in Q2 was EUR 2.0m vs. EUR 2.6m Evli. Operating profit in Q2 amounted to EUR 0.7m vs. EUR 1.3m Evli.
- Capital under management by the end of Q2 was EUR 4.3bn (Q2/20: EUR 3.2bn). Real estate funds: EUR 2.8bn, private equity & credit funds: EUR 1.1bn, infra funds: EUR 0.4bn, and other funds: EUR 0.03bn.