CapMan - Carry offset by goodwill amortization

CapMan's net sales in Q4 amounted to EUR 16.6m, above our estimates and above consensus estimates (EUR 12.5m/11.4m Evli/cons.) following clearly higher carried interest. EBIT amounted to EUR 3.4m, below our and consensus estimates (EUR 4.7m/5.0m Evli/cons.). Adj. EBIT was EUR 7.7m. CapMan proposes a dividend of EUR 0.13 per share (EUR 0.13/0.13 Evli/Cons.).
  • Revenue in Q4 was EUR 16.6m (EUR 8.9m in Q4/18), above our estimates and consensus estimates (EUR 12.5m/11.4m Evli/Cons.). CapMan recorded EUR 5.4m in carried interest, (Evli EUR 2.0m).
  • Operating profit in Q4 amounted to EUR 3.4m (EUR -2.9m in Q4/18), below our estimates and consensus estimates (EUR 4.7m/5.0m Evli/cons.). The operating profit includes a EUR 4.2m goodwill amortization relating to CapMan’s business in Russia and the adjusted operating profit amounted to EUR 7.7m
  • EPS in Q4 amounted to EUR 0.02 (EUR -0.02 in Q4/18), in line with our and consensus estimates (EUR 0.02/0.03 Evli/cons.).
  • Management Company business: Revenue in Q4 was EUR 13.0m vs. EUR 8.7m Evli. Operating profit in Q4 amounted to EUR 2.4m vs. EUR 2.9m Evli. Adj. operating profit was EUR 6.6m
  • Investment business: Operating profit in Q4 amounted to EUR 2.1m vs. EUR 1.6m Evli.
  • Services business: Revenue in Q4 was EUR 3.2m vs. EUR 3.4m Evli. Operating profit in Q4 amounted to EUR 0.9m vs. EUR 1.2m Evli.
  • Dividend proposal: CapMan proposes a dividend of EUR 0.13 per share (EUR 0.13/0.13 Evli/Cons.).
  • Capital under management by the end of Q4 was EUR 3.2bn (Q4/18: EUR 3.0bn).

Open Report