CapMan - Earnings weaker as expected
CapMan’s Q4 results were weaker as expected due to the market volatility. A dividend of EUR 0.12 per share is proposed (Evli EUR 0.12). AUM grew to over EUR 3bn driven by the additional BVK mandate. CapMan further announced the acquisition of 60% of analysis and wealth management company JAM Advisors.
- Income in Q4 was EUR 8.9m (EUR 8.8m in Q4/17), above our estimates (Evli EUR 8.2m).
- Operating profit in Q4 was EUR -2.9m (EUR -3.4m in Q4/17), quite in line with our estimates (Evli EUR -2.8m).
- Management Company business revenue in Q4 was EUR 6.2m vs. EUR 6m Evli. Operating profit in Q4 was EUR 0.5m vs. EUR -0.1m Evli.
- Investment business: Revenue in Q4 was EUR 0.2m vs. EUR 0.2m Evli. Operating profit in Q4 was EUR -4m vs. EUR -3.2m Evli.
- Services business: Revenue in Q4 was EUR 2m vs. EUR 2m Evli. Operating profit in Q4 was EUR 0.8m vs. EUR 1m Evli.
- Dividend proposal: CapMan proposes a dividend of EUR 0.12 per share (Evli EUR 0.12).
- Guidance: CapMan does not provide a numeric guidance for 2019.
- Capital under management by the end of Q4 was EUR 3.0bn. Of the capital under management EUR 1.9bn was attributable to real estate funds, EUR 0.8bn to portfolio companies and EUR 0.3bn to Infra and Credit.
- CapMan announced that it has acquired 60% of analysis and wealth management company JAM Advisors. The acquisition will provide opportunities for CapMan to expand into new customer segments. The company’s turnover in 2018 was approx. EUR 3.3m and EBITDA barely positive.