CapMan - In line with expectations
CapMan's net sales in Q3 amounted to EUR 9.7m, in line with our estimates and slightly below consensus (EUR 9.9m/10.1m Evli/cons.). EBIT amounted to EUR 5.5m, slightly above our estimates and in line with consensus (EUR 5.3m/5.6m Evli/cons.).
- Revenue in Q3 was EUR 9.7m (EUR 7.2m in Q3/18), in line with our estimates and slightly below consensus estimates (EUR 9.9m/10.1m Evli/Cons.). Growth in Q3 amounted to 34.7 % y/y.
- Operating profit in Q3 amounted to EUR 5.5m (EUR 4.8m in Q3/18), slightly above our estimates and in line with consensus estimates (EUR 5.3m/5.6m Evli/cons.), at a margin of 56.7 %.
- EPS in Q3 amounted to EUR 0.03 (EUR 0.03 in Q3/18), in line with our estimates and consensus estimates (EUR 0.03/0.03 Evli/cons.).
- Management Company business: Revenue in Q3 was EUR 7.0m vs. EUR 6.9m Evli. Operating profit in Q3 amounted to EUR 1.9m vs. EUR 2.0m Evli.
- Investment business: Revenue in Q3 was EUR 0.0m vs. EUR 0.0m Evli. Operating profit in Q3 amounted to EUR 3.2m vs. EUR 2.4m Evli.
- Services business: Revenue in Q3 was EUR 2.7m vs. EUR 3.0m Evli. Operating profit in Q3 amounted to EUR 1.6m vs. EUR 1.3m Evli.
- Capital under management by the end of Q3 was EUR 3.2bn (Q3/18: EUR 2.7bn). Real estate funds: EUR 1.9bn, private equity & credit funds: EUR 1.0bn, infra funds: EUR 0.3bn, and other funds: EUR 0.1bn.
- The CapMan Mezzanine V fund under our CapMan’s Credit strategy started realizing carry in September.