CapMan’s Q3 was below our expectations, as fee profit of EUR 3.0m missed our estimate by 37% and declined 19% y/y. We had expected the fee margin to bounce from a soft Q2, but the fee income margin stayed at about 0.81% (SEB est. 0.90%). With fair value gains also close to zero, adj. EBIT missed our estimate by 38%, even though carried interest came in slightly ahead. AUM was in line and the next fund closings are expected at year-end.
LÄS MER
