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CapMan reported Q3 EBIT of EUR 10.9m, 19% above Infront consensus' expectations. The strong market continued to support fair value changes, up EUR 6m, while carry from two funds accounted for EUR 2.2m in Q3. Although EBIT from the management company business was below our estimate, fees were above our expectations, up 46% y/y and 14% q/q. CapMan Wealth Service's new fund should start to support fee generation from Q4 onwards and the company is planning its next vintage for 2022. The new RE product and Infra II should launch around the end of the year, while multiple funds are expected to enter into carry in the next six months. We derive fair value range of EUR 3.2-3.8 (3.1-3.7) per CapMan share. Marketing material commissioned by CapMan Oyj.
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