CapMan - Good performance across the board

CapMan's net sales in Q2 amounted to EUR 17.7m, slightly above our estimates and in line with consensus (EUR 16.5m/17.8m Evli/cons.). EBIT amounted to EUR 14.1m, above our and consensus estimates (EUR 11.5m/11.9m Evli/cons.).
  • Revenue in Q2 was EUR 17.7m (EUR 11.9m in Q2/21), slightly above our estimates and in line with consensus estimates (EUR 16.5m/17.8m Evli/Cons.). Growth in Q2 amounted to 49% y/y.
  • Operating profit in Q2 amounted to EUR 14.1m (EUR 11.3m in Q2/21), above our estimates and consensus estimates (EUR 11.5m/11.9m Evli/cons.), at a margin of 79.8%. Compared with our estimates the difference was primarily due to higher than estimated fair value changes (EUR 6.0m/9.6m Evli/act.).
  • EPS in Q2 amounted to EUR 0.07 (EUR 0.06 in Q2/21), above our estimates and consensus estimates (EUR 0.06/0.05 Evli/cons.).
  • Revenue in Management Company business in Q2 was EUR 14.5m vs. EUR 14.2m Evli. Operating profit in Q2 amounted to EUR 6.1m vs. EUR 6.1m Evli. 
  • Revenue in Investment business in Q2 was EUR 0.0m vs. EUR 0.0m Evli. Operating profit in Q2 amounted to EUR 9.6m vs. EUR 5.8m Evli. 
  • Revenue in Services business in Q2 was EUR 3.2m vs. EUR 2.3m Evli. Operating profit in Q2 amounted to EUR 1.7m vs. EUR 1.0m Evli. 
  • Capital under management by the end of Q2 was EUR 4.8bn (Q2/21: EUR 4.3bn). Real estate funds: EUR 3.2bn, private equity & credit funds: EUR 1.1bn, infra funds: EUR 0.5bn, and other funds: EUR 0.1bn.
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