CapMan - Profitability below estimates
CapMan’s Q2 results were decent, but the operating profit fell below expectations largely due to lower than estimated fair value changes, at EUR 2.5m in Q2 (EUR 4.7m/6.0m Evli/cons.). Turnover was somewhat in line with expectations, although management fee development was on the softer side.
- Turnover in Q2 was EUR 14.1m (EUR 15.4m in Q2/25), slightly below our estimates and slightly above consensus (EUR 13.6m/14.7m Evli/cons.). The difference to our estimates was attributable to lower than estimated management fees, while sale of services and carried interest contributed positively compared with our estimates.
- Operating profit in Q2 amounted to EUR 2.5m (EUR 3.8m in Q2/24), below our and consensus estimates (EUR 4.7m/6.0m Evli/cons.). Compared with our estimates the difference was driven mainly by fair value changes (EUR 1.9m/4.0m Act./Evli) and to a smaller extent due to higher than estimated OPEX.
- EPS in Q2 amounted to EUR 0.00 (EUR 0.02 in Q2/24), below our and consensus estimates (EUR 0.02/0.02 Evli/cons.).
- Assets under management by the end of Q2 was EUR 6.5bn (Q2/24: EUR 5.8bn). Real estate funds: EUR 3.6bn, Private Equity & Credit funds: EUR 1.0bn, Natural Capital funds: 0.7bn, Infra funds: EUR 0.6bn, and Wealth Management: EUR 0.6bn.
- Guidance for 2025 (reiterated): CapMan estimates assets under management and fee profit to grow in 2025.