CapMan - Strong figures once again
CapMan's net sales in Q3 amounted to EUR 14.9m, above our estimates and above consensus estimates (EUR 12.2m/12.6m Evli/cons.). EBIT amounted to EUR 10.9m, in line with our estimates and above consensus estimates (EUR 10.7m/8.9m Evli/cons.).
- Revenue in Q3 was EUR 14.9m (EUR 8.9m in Q3/20), above our estimates and consensus estimates (EUR 12.2m/12.6m Evli/Cons.). Growth in Q3 amounted to 67% y/y. The difference to our estimates was largely due to EUR 2.2m carried interest in the Management Company business from the Mezzanine V fund.
- Operating profit in Q3 amounted to EUR 10.9m (EUR 4.5m in Q3/20), in line with our estimates and above consensus estimates (EUR 10.7m/8.9m Evli/cons.), at a margin of 73%. The Investment business operating profit was below our expectations but compensated by the carried interest.
- EPS in Q3 amounted to EUR 0.06 (EUR 0.02 in Q3/20), above our estimates and consensus estimates (EUR 0.05/0.04 Evli/cons.).
- Management Company business revenue in Q3 was EUR 12.9m vs. EUR 10.3m Evli. Operating profit in Q3 amounted to EUR 5.1m vs. EUR 2.9m Evli.
- Investment business revenue in Q3 was EUR 0.0m vs. EUR 0.0m Evli. Operating profit in Q3 amounted to EUR 5.9m vs. EUR 7.9m Evli.
- Services business revenue in Q3 was EUR 1.9m vs. EUR 1.8m Evli. Operating profit in Q3 amounted to EUR 1.1m vs. EUR 1.0m Evli.
- Capital under management by the end of Q3 was EUR 4.3bn (Q3/20: EUR 3.6bn). Real estate funds: EUR 2.9bn, private equity & credit funds: EUR 1.1bn, infra funds: EUR 0.4bn, and other funds: EUR 0.03bn.