CapMan - Good core business profitability
CapMan’s Q3 results were below our and consensus expectations. On our estimates the main deviations came from FV changes (EUR -0.8m/2.0m act./Evli) and the classification of CaPS as discontinued operations. The relative profitability of the Management Company business was better than expected on lower than estimated turnover.
- Turnover in Q3 was EUR 12.8m (EUR 13.7m in Q3/23), below our estimates and consensus (EUR 16.9m/16.7m Evli/Cons.). CaPS has been classified as discontinued operations; turnover incl. CaPS would have been EUR 15.4m.
- Operating profit in Q3 amounted to EUR 1.7m (EUR 4.8m in Q2/23) and EUR 2.7m incl. CaPS, below our estimates and consensus (EUR 6.7m/7.6m) Evli/cons.
- EPS in Q3 amounted to EUR 0.00 (EUR 0.02 in Q3/23), below our estimates and consensus (EUR 0.02/0.02 Evli/cons.).
- Turnover in the Management Company business in Q3 was EUR 12.6m vs. EUR 14.0m Evli. Operating profit in Q3 amounted to EUR 3.9m vs. EUR 4.5m Evli. Carried interest EUR 0.0m vs. EUR 0.5m Evli.
- Turnover in the Investment business in Q3 was EUR 0.0m vs. EUR 0.0m Evli. Operating profit in Q3 amounted to EUR -0.9m vs. EUR 1.9m Evli.
- Capital under management by the end of Q3 was EUR 6.0bn (Q3/23: EUR 5.0bn). Real estate funds: EUR 3.1bn, Private Equity & Credit funds: EUR 1.0bn, Natural Capital funds: 0.7bn, Infra funds: EUR 0.7bn, and Wealth Management: EUR 0.5bn.