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Capman: Growth beyond Nordics enables scalability - Nordea

CapMan's Q4 report contained several positive messages beyond the 83% EBIT beat versus Refinitiv consensus, which was mostly driven by positive fair value changes. Most importantly, the company announced two new fundraising projects that could commence in late 2021 and expand CapMan's presence in the global private asset management market. The recent funds NRE III and Growth II have exceeded their size targets and an increasing share of CapMan's AuM are coming from outside Nordic region. The company raised its dividend for the eighth consecutive year after COVID-19 burdened 2020, which we see as a sign of faith in the earnings development in the coming years.

We increase our fair value range to EUR 2.6-3.1 (2.1-2.5) based on our 2022E SOTP and DCF valuation methods.

Marketing material commissioned by CapMan Oyj.
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