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CapMan is a leading Nordic private asset manager, serving international and domestic customers. CapMan is currently raising funds for its largest fund ever, Nordic Real Estate III, with a value-add property development strategy and target size of EUR 500m. The Q3 report indicated that the fundraising is proceeding well and the company has several other opportunities to increase its assets under management in the near future. On the negative side, the reorganisation of the Services business burdened Q3 results, but we believe this will be temporary. The strong AuM growth and steep operating leverage could help the company increase its fee-based EBIT by 27-31% per year for 2021E-22E, hence we argue that the earnings quality is improving. We calculate a fair value range of EUR 1.9-2.2 based on the average of three valuation methods. Marketing material commissioned by CapMan Oyj.
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