CapMan - Back to healthy profitability

CapMan's net sales in Q2 amounted to EUR 8.7m, below our and consensus estimates (EUR 10.4m/10.6m Evli/cons.). Profitability was better than expected due to larger fair value changes and EBIT amounted to EUR 4.1m, above our estimates and above consensus estimates (EUR 2.6m/2.5m Evli/cons.).
  • Revenue in Q2 was EUR 8.7m (EUR 13.4m in Q2/19), below our estimates and consensus estimates (EUR 10.4m/10.6m Evli/Cons.). Growth in Q2 amounted to -35 % y/y.
  • Operating profit in Q2 amounted to EUR 4.1m (EUR 5.8m in Q2/19), above our estimates and consensus estimates (EUR 2.6m/2.5m Evli/cons.), driven by higher than expected fair value changes.
  • EPS in Q2 amounted to EUR 0.02 (EUR 0.02 in Q2/19), above our estimates and consensus estimates (EUR 0.01/0.01 Evli/cons.).
  • Management Company business revenue in Q2 was EUR 6.5m vs. EUR 7.2m Evli. Operating profit in Q2 amounted to EUR 1.6m vs. EUR 2.0m Evli.
  • Investment business revenue in Q2 was EUR 0.0m vs. EUR 0.0m Evli. Operating profit in Q2 amounted to EUR 2.8m vs. EUR 0.1m Evli. Fair value changes amounted to EUR 3.2m (Evli EUR 0.8m)
  • Services business revenue in Q2 was EUR 2.2m vs. EUR 3.2m Evli. Operating profit in Q2 amounted to EUR 0.5m vs. EUR 1.5m Evli.
  • Capital under management by the end of Q2 was EUR 3.2bn (Q2/19: EUR 3.3bn). Real estate funds: EUR 1.9bn, private equity & credit funds: EUR 1.0bn, infra funds: EUR 0.3bn, and other funds: EUR 0.03bn.
  • CapMan Growth established a new growth fund with a target size of EUR 85m, having so far raised EUR 74m.
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