CapMan - Investment returns remained weaker
CapMan's net sales in Q2 amounted to EUR 16.5m, below our estimates and below consensus (EUR 18.5m/19.4m Evli/cons.). EBIT amounted to EUR 4.2m, below our estimates and below consensus (EUR 10.7m/10.5m Evli/cons.), on our estimates mainly due to fair value changes.
- Revenue in Q2 was EUR 16.5m (EUR 17.7m in Q2/22), below our estimates and consensus estimates (EUR 18.5m/19.4m Evli/Cons.). Growth in Q2 amounted to -7% y/y.
- Operating profit in Q2 amounted to EUR 4.2m (EUR 14.1m in Q2/22), below our estimates and consensus estimates (EUR 10.7m/10.5m Evli/cons.), at a margin of 25.3%.
- EPS in Q2 amounted to EUR 0.02 (EUR 0.07 in Q2/22), below our estimates and consensus estimates (EUR 0.05/0.05 Evli/cons.).
- Revenue in Management Company business in Q2 was EUR 13.6m vs. EUR 15.8m Evli. Operating profit in Q2 amounted to EUR 5.0m vs. EUR 6.8m Evli. CapMan booked carried interest of EUR 2.7m (Evli EUR 3.0m).
- Revenue in Investment business in Q2 was EUR 0.0m vs. EUR 0.0m Evli. Operating profit in Q2 amounted to EUR -0.4m vs. EUR 3.9m Evli.
- Revenue in Services business in Q2 was EUR 2.7m vs. EUR 2.7m Evli. Operating profit in Q2 amounted to EUR 1.5m vs. EUR 1.6m Evli.
- Capital under management by the end of Q2 was EUR 5.0bn (Q2/22: EUR 5.0bn). Real estate funds: EUR 3.1bn, private equity & credit funds: EUR 0.9bn, infra funds: EUR 0.5bn, and other funds: EUR 0.4bn.