CapMan reported Q3 results somewhat below our expectations. Revenue amounted to EUR 13.7m (EUR 17.3m/17.3m Evli/Cons.) while operating profit amounted to EUR 4.8m (EUR 7.0m/7.2m Evli/cons.). The main difference to our estimates came from the Management Company business, with limited carried interest and management fees also on the softer side due to limited new fundraising. Fair value changes were further slightly below our expectations. Assets under management amounted to EUR 5.0bn, on par with previous year levels. CapMan updated it distribution policy, aiming to 70% of profits attributable to equity holders excl. FV change impact and may additionally pay out distributions accrued from investment operations. The BoD is expected to propose a DPS of EUR 8-12 cents to the 2024 AGM, a notable decrease from a DPS of EUR 17 cents in 2023.
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