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CapMan's Q1 came in significantly above LSEG Data & Analytics consensus expectations, mostly explained by carried interest and positive fair value changes, which pushed the comparable operating profit to EUR 8.6m, versus consensus expectations of EUR 3.7m. The carried interest boost came from exits from the Nest 2015 fund. AuM increased to EUR 5.7bn (EUR 5.0bn), of which EUR 714m was attributable to the Natural Capital investments, gained through the Dasos acquisition. CapMan expects growth in AuM and fee profit in 2024, and we believe the fundraising market could improve towards the end of the year, although the transaction market is still sluggish. We trim our underlying estimates, while our SOTP-based fair value range remains intact at EUR 2.0-2.4. Marketing material commissioned by CapMan Oyj.
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