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CapMan - Fair value change driven EBIT decline

CapMan's net sales in Q1 amounted to EUR 15.1m, below our estimates and below consensus (EUR 16.9m/17.2m Evli/cons.). EBIT amounted to EUR 0.5m, below our estimates and below consensus (EUR 11.6m/10.4m Evli/cons.), impacted by negative FV changes and lack of carried interest.
  • Revenue in Q1 was EUR 15.1m (EUR 14.2m in Q1/22), below our estimates and consensus estimates (EUR 16.9m/17.2m Evli/Cons.). Growth in Q1 amounted to 6% y/y.
  • Operating profit in Q1 amounted to EUR 0.5m (EUR 18.9m in Q1/22), below our estimates and consensus estimates (EUR 11.6m/10.4m Evli/cons.), at a margin of 3.5%.
  • Compared with our estimates, the clear deviation in EBIT was due to negative FV changes and lack of carried interest (Evli est. EUR 3.0m).
  • EPS in Q1 amounted to EUR 0.00 (EUR 0.08 in Q1/22), below our estimates and consensus estimates (EUR 0.06/0.05 Evli/cons.).
  • Revenue in Management Company business in Q1 was EUR 12.5m vs. EUR 14.7m Evli. Operating profit in Q1 amounted to EUR 3.2m vs. EUR 6.9m Evli. 
  • Revenue in Investment business in Q1 was EUR 0.0m vs. EUR 0.0m Evli. Operating profit in Q1 amounted to EUR -2.5m vs. EUR 4.9m Evli. 
  • Revenue in Services business in Q1 was EUR 2.6m vs. EUR 2.2m Evli. Operating profit in Q1 amounted to EUR 1.5m vs. EUR 1.3m Evli. 
  • Assets under management by the end of Q1 was EUR 5.07bn (Q1/22: EUR 5.06bn). Real estate funds: EUR 3.2bn, private equity & credit funds: EUR 0.9bn, infra funds: EUR 0.5bn, and other funds: EUR 0.5bn.
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