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Capman: International growth taking big steps forward - Nordea

CapMan has guided for two new fundraising projects for 2021 targeting international investors specifically, in addition to the other fundraising with mainly domestic focus. One of these global projects has already exceeded our expectations as CapMan announced in June that it has secured EUR 300m for a new open-ended residential property fund and targets EUR 1bn by 2023. We raise 2021E-23E adjusted EBIT by 2-12% owing to the ambitious target size for the fund. We increase our SOTP-based fair value range to EUR 3.0-3.5 per share. We expect an EBIT CAGR of 15% between 2019-23 and calculate a 2021E dividend yield of 5.2%. Marketing material commissioned by CapMan Oyj.

CapMan has guided for two new fundraising projects for 2021 targeting international investors specifically, in addition to the other fundraising with mainly domestic focus. One of these global projects has already exceeded our expectations as CapMan announced in June that it has secured EUR 300m for a new open-ended residential property fund and targets EUR 1bn by 2023. We raise 2021E-23E adjusted EBIT by 2-12% owing to the ambitious target size for the fund. We increase our SOTP-based fair value range to EUR 3.0-3.5 per share. We expect an EBIT CAGR of 15% between 2019-23 and calculate a 2021E dividend yield of 5.2%. Marketing material commissioned by CapMan Oyj.
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