CapMan - Slightly below expectations
CapMan's turnover in Q3 amounted to EUR 8.9m, below our and consensus estimates (EUR 9.6m/9.9m Evli/cons.). Profitability was slightly below expectations and EBIT amounted to EUR 4.5m, (EUR 5.0m Evli/cons.).
- Turnover in Q3 was EUR 8.9m (EUR 9.7m in Q3/19), below our estimates and consensus estimates (EUR 9.6m/9.9m Evli/Cons.). Growth in Q3 amounted to -8.4% y/y.
- Operating profit in Q3 amounted to EUR 4.5m (EUR 5.5m in Q3/19), slightly below our estimates and consensus estimates (EUR 5.0m Evli/cons.).
- EPS in Q3 amounted to EUR 0.02 (EUR 0.03 in Q3/19), below our estimates and consensus estimates (EUR 0.03 Evli/cons.).
- Management Company business revenue in Q3 was EUR 7.0m vs. EUR 7.2m Evli. Operating profit in Q3 amounted to EUR 2.1m vs. EUR 2.6m Evli.
- Investment business revenue in Q3 was EUR 0.0m vs. EUR 0.0m Evli. Operating profit in Q3 amounted to EUR 2.5m vs. EUR 2.1m Evli. Fair value changes amounted to EUR 2.6m (Evli EUR 2.5m)
- Services business revenue in Q3 was EUR 1.8m vs. EUR 2.4m Evli. Operating profit in Q3 amounted to EUR 0.6m vs. EUR 1.1m Evli.
- Capital under management by the end of Q3 was EUR 3.6bn (Q3/19: EUR 3.2bn). Real estate funds: EUR 2.2bn, private equity & credit funds: EUR 1.0bn, infra funds: EUR 0.3bn, and other funds: EUR 0.03bn.
- CapMan’s NRE III fund held its first closing at EUR 313m. CapMan Growth II exceeded its target size, having raised EUR 88m to date.