CapMan - Investment returns boosted EBIT

CapMan’s Q4 results came with a pleasant surprise through higher than anticipated investment returns and EBIT of EUR 5.6m beat our expectation of EUR 2.1m. The BoD expects the dividend distribution for 2024 to be EUR 0.14 per share (Evli EUR 0.14).

  • Turnover in Q4 was EUR 13.9m (EUR 11.4m in Q3/24), in line with our and consensus estimates (EUR 14.4m/14.0m Evli/Cons.). 
  • Operating profit in Q4 amounted to EUR 5.6m (EUR -6.3m in Q4/23), above our estimates and consensus (EUR 2.1m) Evli/cons. 
  • EPS in Q4 amounted to EUR 0.37 (EUR -0.04 in Q4/23), quite in line with our estimates and consensus (EUR 0.34/0.35 Evli/cons.). The y/y improvement was driven largely by proceeds from the divestment of CaPS.
  • Turnover in the Management Company business in Q4 was EUR 13.7m vs. EUR 14.0m Evli. Operating profit in Q4 amounted to EUR 2.7m vs. EUR 3.1m Evli. Carried interest EUR 0.5m vs. EUR 0.0m Evli. 
  • Turnover in the Investment business in Q4 was EUR 0.0m vs. EUR 0.0m Evli. Operating profit in Q4 amounted to EUR 4.7m vs. EUR 0.9m Evli. 
  • Capital under management by the end of Q4 was EUR 6.1bn (Q4/23: EUR 5.0bn). Real estate funds: EUR 3.1bn, Private Equity & Credit funds: EUR 1.1bn, Natural Capital funds: 0.7bn, Infra funds: EUR 0.6bn, and Wealth Management: EUR 0.5bn.
  • Dividend proposal: The BoD expects the dividend distribution for 2024 to be EUR 0.14 per share (Evli EUR 0.14)
  • Guidance for 2025: CapMan estimates assets under management and fee profit to grow in 2025. 
     
Open Report