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CapMan - FV changes burdened results

CapMan's net sales in Q1 amounted to EUR 11.9m, above our and consensus estimates (EUR 10.7m/10.7m Evli/cons.). EBIT amounted to EUR -6.0m, above our estimates and below consensus (EUR -7.5m/-3.9m Evli/cons.). Profitability burdened by fair value changes amounting to EUR -8.4m (Evli -9.7m).
  • Revenue in Q1 was EUR 11.9m (EUR 9.3m in Q1/19), above our estimates and consensus estimates (EUR 10.7m/10.7m Evli/Cons.). Growth in Q1 amounted to 28 % y/y.
  • Operating profit in Q1 amounted to EUR -6.0m (EUR 4.7m in Q1/19), below our estimates and above consensus estimates (EUR -7.5m/-3.9m Evli/cons.). Profitability burdened by fair value changes amounting to EUR -8.4m (Evli -9.7m). Portfolio companies average FV decline 20%, Infra/RE 4%.
  • EPS in Q1 amounted to EUR -0.05 (EUR 0.02 in Q1/19), in line with our estimates and below consensus estimates (EUR -0.05/-0.03 Evli/cons.).
  • Management Company business: Revenue in Q1 was EUR 7.2m vs. EUR 7.1m Evli. Operating profit in Q1 amounted to EUR 1.9m vs. EUR 1.4m Evli.
  • Investment business: Operating profit in Q1 amounted to EUR -8.4m vs. EUR -10.0m Evli.
  • Services business: Revenue in Q1 was EUR 4.8m vs. EUR 3.5m Evli, aided by Scala success fees during Q1. Operating profit in Q1 amounted to EUR 3.0m vs. EUR 2.0m Evli.
  • Capital under management by the end of Q1 was EUR 3.2bn (Q1/19: EUR 3.2bn). Real estate funds: EUR 2.0bn, private equity & credit funds: EUR 1.0bn, infra funds: EUR 0.3bn, and other funds: EUR 0.03bn.
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