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CapMan - Surprisingly good results

CapMan's net sales in Q4 amounted to EUR 13.4m, above our consensus estimates (EUR 10.6m/10.7m Evli/cons.). EBIT amounted to EUR 9.7m, above our and consensus estimates (EUR 4.4m/5.1m Evli/cons.). Dividend proposal: CapMan proposes a dividend of EUR 0.14 per share (EUR 0.14/0.14 Evli/Cons.).
  • Revenue in Q4 was EUR 13.4m (EUR 16.6m in Q4/19), above our estimates and consensus estimates (EUR 10.6m/10.7m Evli/Cons.). Growth in Q4 amounted to -19.2% y/y.
  • Operating profit in Q4 amounted to EUR 9.7m (EUR 3.4m in Q4/19), above our estimates and consensus estimates (EUR 4.4m/5.1m Evli/cons.), at a margin of 72.5%. Fair value changes were clearly higher than expected (Act./Evli EUR 7.0m/3.4m) and Management Company business EBIT also exceeded our expectations (Act./Evli EUR 3.6m/2.0m).
  • EPS in Q4 amounted to EUR 0.04 (EUR 0.02 in Q4/19), above our estimates and consensus estimates (EUR 0.02 Evli/cons.).
  • Management Company business revenue in Q4 was EUR 10.3m vs. EUR 7.9m Evli. Operating profit in Q4 amounted to EUR 3.6m vs. EUR 2.0m Evli.
  • Investment business revenue in Q4 was EUR 0.0m vs. EUR 0.0m Evli. Operating profit in Q4 amounted to EUR 7.0m vs. EUR 2.9m Evli.
  • Services business revenue in Q4 was EUR 2.6m vs. EUR 2.4m Evli. Operating profit in Q4 amounted to EUR 1.0m vs. EUR 0.6m Evli.
  • Dividend proposal: CapMan proposes a dividend of EUR 0.14 per share (EUR 0.14/0.14 Evli/Cons.).
  • Capital under management by the end of Q4 was EUR 3.8bn (Q4/19: EUR 3.2bn). Real estate funds: EUR 2.4bn, private equity & credit funds: EUR 1.0bn, infra funds: EUR 0.4bn, and other funds: EUR 0.03bn.
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