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CapMan - EBIT weakness driven by FV changes

CapMan's net sales in Q4 amounted to EUR 14.1m, below our estimates and below consensus (EUR 15.9m/18.7m Evli/cons.). EBIT also below expectations, at EUR -4.8m (EUR 5.1m/7.3m Evli/cons.). Dividend proposal: CapMan proposes a dividend of EUR 0.10 per share (EUR 0.09/0.09 Evli/Cons.).
  • Revenue in Q4 was EUR 14.1m (EUR 19.7m in Q4/22), below our estimates and consensus estimates (EUR 15.9m/18.7m Evli/Cons.). Growth in Q4 amounted to -29% y/y.
  • Operating profit in Q4 amounted to EUR -4.8m (EUR 7.5m in Q4/22), below our estimates and consensus estimates (EUR 5.1m/7.3m Evli/cons.
  • EPS in Q4 amounted to EUR -0.04 (EUR 0.03 in Q4/22), below our estimates and consensus estimates (EUR 0.02/0.03 Evli/cons.).
  • Revenue in Management Company business in Q4 was EUR 11.0m vs. EUR 12.7m Evli. Operating profit in Q4 amounted to EUR 0.5m vs. EUR 3.5m Evli. 
  • Revenue in Investment business in Q4 was EUR 0.0m vs. EUR 0.0m Evli. Operating profit in Q4 amounted to EUR -4.5m vs. EUR -0.4m Evli. 
  • Revenue in Services business in Q4 was EUR 2.8m vs. EUR 2.9m Evli. Operating profit in Q4 amounted to EUR 1.6m vs. EUR 1.7m Evli. 
  • Dividend proposal: CapMan proposes a dividend of EUR 0.10 per share (EUR 0.09/0.09 Evli/Cons.).
  • Capital under management by the end of Q4 was EUR 5.0bn (Q4/22: EUR 5.04bn). Real estate funds: EUR 2.93bn, private equity & credit funds: EUR 1.02bn, infra funds: EUR 0.56bn, and other funds: EUR 0.49bn.
  • Guidance for 2024: CapMan expects assets under management and fee profit to grow in 2024 (excl. possible IAC).
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