We expect CapMan’s Q4 fee business to have developed steadily from Q3 with some seasonally increased costs. The focus, however, is on future fee profit drivers. While we expect the first close of Natural Capital IV to take AUM to EUR 7.3bn (from EUR 7.1 in Q3), we look forward to any indications of the first close in Real Estate IV and the next vintage timeline in the Infra series. Our estimates and fair value range (EUR 2.0-2.3) remain intact.
LÄS MER
