CapMan - Continued solid earnings
CapMan’s posted good Q3 results. EBIT was EUR 4.8m vs. Evli EUR 4.1m. The exit from Fluido significantly contributed to earnings. Net sales were EUR 7.2m (Evli 8.6m) and no larger carried interest was booked. CapMan held the first closing of its Nordic mid cap infrastructure fund, receiving commitments of EUR 115m.
- CapMan’s Q3 net sales amounted to EUR 7.2m, below our estimates of EUR 8.6m. No larger carried interest was booked in Q3. Management Company and Service businesses fees grew 24 % during Jan-Sep 2018.
- EBIT in Q3 amounted to EUR 4.8m, above our estimates of EUR 4.1m. The Management Company business EBIT was EUR 0.8m, Service business EBIT EUR 0.6m, Investment business EBIT EUR 3.8m, and Other EUR -0.4m. The exit from Fluido had a significant positive impact on Q3 earnings.
- Capital under management by the end of Q3 was EUR 2.7b. Of the capital under management EUR 1.7b was attributable to real estate funds and EUR 0.8b to portfolio companies and EUR 0.2b in Infra and Credit.
- The first closing of CapMan Infra’s Nordic mid cap infrastructure fund was held. The fund received commitments of EUR 115m. CapMan’s commitment to the fund is EUR 30m. Target size of EUR 300m is believed to be reached next year.