CapMan - Investment returns positive surprise
CapMan's turnover in Q1 amounted to EUR 14.2m, below our estimates and below consensus (EUR 19.6m/17.2m Evli/cons.). EBIT amounted to EUR 18.9m, clearly above our estimates and consensus estimates (EUR 10.7m/4.1m Evli/cons.). Pre-Q1 concerns relating to investment returns were unwarranted, with stellar FV changes of EUR +14.7m
- Turnover in Q1 was EUR 14.2m (EUR 11.3m in Q1/21), below our estimates and consensus estimates (EUR 19.6m/17.2m Evli/Cons.). Growth in Q1 amounted to 26% y/y.
- Operating profit in Q1 amounted to EUR 18.9m (EUR 10.1m in Q1/21), clearly above our estimates and consensus estimates (EUR 10.7m/4.1m Evli/cons.), at a margin of 132.8%. Compared with our estimates, FV changes were significantly higher (14.7m/4.0m act./Evli), carried interest lower (6.5m/1.3m act./Evli).
- EPS in Q1 amounted to EUR 0.09 (EUR 0.05 in Q1/21), above our estimates and consensus estimates (EUR 0.05/0.02 Evli/cons.).
- Management Company business turnover in Q1 was EUR 11.7m vs. EUR 17.3m Evli. Operating profit in Q1 amounted to EUR 4.4m vs. EUR 7.2m Evli.
- Investment business revenue in Q1 was EUR 0.0m vs. EUR 0.0m Evli. Operating profit in Q1 amounted to EUR 14.5m vs. EUR 3.8m Evli.
- Services business revenue in Q1 was EUR 2.5m vs. EUR 2.3m Evli. Operating profit in Q1 amounted to EUR 1.4m vs. EUR 1.2m Evli.
- Capital under management by the end of Q1 was EUR 4.75bn (Q1/21: EUR 3.9bn). Real estate funds: EUR 3.2bn, private equity & credit funds: EUR 1.1bn, infra funds: EUR 0.4bn, and other funds: EUR 0.1bn.