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CapMan reported Q4 adjusted EBIT of EUR 10.1m, in line with Refinitiv consensus. Fee income increased by 9% y/y in Q4, while management fees were down 1% y/y. Despite a more challenging fundraising market, CapMan expects its AuM to increase in 2023; combined with higher-quality AuM, this should support a positive development for underlying EBIT. Multiple funds are expected to reach final closing during H1, while two funds in carry are aiming for further exits. We believe the top management change and proposed change in the Board of Directors could support M&A activity. We derive a fair value range of EUR 3.0-3.6 per CapMan share. Marketing material commissioned by CapMan Oyj.
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