CapMan - Operatively quite as expected
CapMan's net sales in Q4 amounted to EUR 19.7m, in line with our estimates and consensus (EUR 19.8m/18.9m Evli/cons.). EBIT amounted to EUR 7.5m adj. EBIT EUR 10.0m), below our consensus estimates (EUR 11.4m/9.6m Evli/cons.). Dividend proposal EUR 0.17 per share (EUR 0.16/0.16 Evli/Cons.).
- Revenue in Q4 was EUR 19.7m (EUR 14.7m in Q4/21), in line with our and consensus estimates (EUR 19.8m/18.9m Evli/Cons.). Growth in Q4 amounted to 34% y/y.
- Operating profit in Q4 amounted to EUR 7.5m (EUR 12.2m in Q4/21), below our estimates and consensus estimates (EUR 11.4m/9.6m Evli/cons.). An EUR 2.6m impairment of goodwill related to the disposal of the JAY Solutions business was booked, adj. operating profit was EUR 10.0m.
- EPS in Q4 amounted to EUR 0.03 (EUR 0.06 in Q4/21), below our estimates and consensus estimates (EUR 0.06/0.05 Evli/cons.).
- Management Company business revenue was EUR 17.1m vs. EUR 16.0m Evli. Operating profit EUR 7.6m vs. EUR 6.7m Evli. Carried interest EUR 4.1m (Evli 4.0m)
- Revenue in Investment business in Q4 was EUR 0.0m vs. EUR 0.0m Evli. Operating profit in Q4 amounted to EUR 3.7m vs. EUR 4.8m Evli.
- Revenue in Services business in Q4 was EUR 2.4m vs. EUR 3.3m Evli. Operating profit in Q4 amounted to EUR -1.9m vs. EUR 1.7m Evli.
- Dividend proposal: CapMan proposes a dividend of EUR 0.17 per share (EUR 0.16/0.16 Evli/Cons.).
- Capital under management by the end of Q4 was EUR 5.04bn (Q4/21: EUR 4.9bn).
- Pia Kåll appointed as CEO of CapMan, current CEO Joakim Frimodig to become full Chair of the Board.