CapMan - Investment returns drive EBIT beat
CapMan's net sales in Q1 amounted to EUR 11.3m, below our and consensus estimates (EUR 12.5m/11.9m Evli/cons.). EBIT amounted to EUR 10.1m, clearly above our estimates and above consensus estimates (EUR 7.8m/7.6m Evli/cons.).
- Revenue in Q1 was EUR 11.3m (EUR 12.0m in Q1/20), below our estimates and consensus estimates (EUR 12.5m/11.9m Evli/Cons.). Growth in Q1 amounted to -5.3% y/y.
- Operating profit in Q1 amounted to EUR 10.1m (EUR -6.0m in Q1/20), clearly above our and consensus estimates (EUR 7.8m/7.6m Evli/cons.), at a margin of 89.4%. Compared with our estimates the largest difference was in fair value changes (Act./Evli EUR 8.2m/3.5m).
- EPS in Q1 amounted to EUR 0.05 (EUR -0.05 in Q1/20), above our and consensus estimates (EUR 0.04/0.04 Evli/cons.).
- Management Company business revenue in Q1 was EUR 9.0m vs. EUR 9.4m Evli. Operating profit in Q1 amounted to EUR 2.5m vs. EUR 3.9m Evli.
- Investment business revenue in Q1 was EUR 0.0m vs. EUR 0.0m Evli. Operating profit in Q1 amounted to EUR 7.9m vs. EUR 3.4m Evli.
- Services business revenue in Q1 was EUR 2.3m vs. EUR 3.1m Evli. Operating profit in Q1 amounted to EUR 1.2m vs. EUR 1.3m Evli.
- Capital under management by the end of Q1 was EUR 3.9bn (Q1/20: EUR 3.2bn). Real estate funds: EUR 2.5bn, private equity & credit funds: EUR 1.0bn, infra funds: EUR 0.4bn, and other funds: EUR 0.03bn.