CapMan - Decent result, healthy AUM growth

CapMan's turnover in Q2 amounted to EUR 18.3m, above our estimates and consensus (EUR 16.6m/16.5m Evli/cons.). EBIT was slightly below expectations, at EUR 5.4m (EUR 5.7m/6.2m Evli/cons.). AUM grew closer to EUR 200m q/q with the final closing of Nordic Infrastructure II (EUR 375m) and Growth III (hard cap EUR 130m) to EUR 5.8bn.

  • Turnover in Q2 was EUR 18.3m (EUR 16.4m in Q2/23), above our estimates and consensus (EUR 16.6m/16.5m Evli/Cons.). Growth in Q2 amounted to 11% y/y.
  • Operating profit in Q2 amounted to EUR 5.4m (EUR 4.2m in Q2/23), slightly below our estimates and consensus (EUR 5.7m/6.2m) Evli/cons.
  • EPS in Q2 amounted to EUR 0.015 (EUR 0.021 in Q2/23), slightly below our estimates and consensus (EUR 0.02/0.02 Evli/cons.).
  • Turnover in the Management Company business in Q2 was EUR 15.1m vs. EUR 13.4m Evli. Operating profit in Q2 amounted to EUR 4.2m vs. EUR 3.6m Evli. 
  • Turnover in the Investment business in Q2 was EUR 0.0m vs. EUR 0.0m Evli. Operating profit in Q2 amounted to EUR 1.0m vs. EUR 2.4m Evli.
  • Turnover in the Service business in Q2 was EUR 3.0m vs. EUR 3.1m Evli. Operating profit in Q2 amounted to EUR 1.7m vs. EUR 1.8m Evli.
  • Capital under management by the end of Q2 was EUR 5.8bn (Q2/23: EUR 5.0bn). Real estate funds: EUR 3.0bn, Private Equity & Credit funds: EUR 1.0bn, Natural Capital funds: 0.7bn, Infra funds: EUR 0.7bn, and Wealth Management: EUR 0.5bn.
     
Open Report