CapMan reported a solid Q1 with operating profit boosted by high fair value changes of investments. Recurring revenues grew 19% y/y highlighting the company's transformation in line with its strategy. Looking ahead, we point out two new fundraising projects planned to commence in H2 2021 and targeted to international investors, that could help the company to scale up its business. Around half of CapMan's AuM currently come from investors outside the Nordics. We expect operating profit excluding fair value changes to grow by a CAGR of 36% in 2019-22. We increase our SOTP-based fair value range to EUR 2.7-3.2 (2.6-3.1) per share.
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