CapMan - Good performance continues
CapMan's net sales in Q3 amounted to EUR 15.9m, below our estimates and below consensus (EUR 19.7m/19.2m Evli/cons.). EBIT amounted to EUR 12.7m, below our estimates and in line with consensus (EUR 16.5m/12.3m Evli/cons.). Apart from carried interest (Act./Evli EUR 1.0m/5.0m), results were well in line with our expectations.
- Revenue in Q3 was EUR 15.9m (EUR 14.9m in Q3/21), below our estimates and consensus estimates (EUR 19.7m/19.2m Evli/Cons.). Growth in Q3 amounted to 7% y/y.
- Operating profit in Q3 amounted to EUR 12.7m (EUR 10.9m in Q3/21), below our estimates and in line with consensus estimates (EUR 16.5m/12.3m Evli/cons.), at a margin of 79.7%.
- EPS in Q3 amounted to EUR 0.06 (EUR 0.06 in Q3/21), below our estimates and above consensus estimates (EUR 0.08/0.06 Evli/cons.).
- Results were in line with our expectations apart from carried interest (Act./Evli EUR 1.0m/5.0m).
- Revenue in Management Company business in Q3 was EUR 12.6m vs. EUR 16.8m Evli. Operating profit in Q3 amounted to EUR 4.2m vs. EUR 8.2m Evli.
- Revenue in Investment business in Q3 was EUR 0.0m vs. EUR 0.0m Evli. Operating profit in Q3 amounted to EUR 7.9m vs. EUR 7.8m Evli.
- Revenue in Services business in Q3 was EUR 3.1m vs. EUR 2.9m Evli. Operating profit in Q3 amounted to EUR 1.8m vs. EUR 1.7m Evli.
- Capital under management by the end of Q3 was EUR 4.9bn (Q3/21: EUR 4.3bn). Real estate funds: EUR 3.3bn, private equity & credit funds: EUR 1.0bn, infra funds: EUR 0.5bn, and other funds: EUR 0.1bn.