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CapMan's Q3 fell short of Refinitiv consensus expectations, we believe partly owing to lower carry bookings. While Management company fees fell short of our expectations, EBIT excluding carry beat with a lower cost base. Fair value changes turned positive, however, supported by external funds. The fundraising market remains subdued and the company announced a new distribution policy and aims to support fundraising by investing in its own funds alongside external investors. M&A options appear to be on the table and the company sticks to its strategic targets despite the more challenging operating environment. We derive a lower SOTP-based fair value range of EUR 2.3-2.8 (2.6-3.1) per CapMan share. - Marketing material commissioned by CapMan Oyj.
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