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CapMan's Q2 adjusted EBIT was good on an underlying basis, with the Management company result in line with our estimates when excluding carried interest. We note that personnel costs increased above our estimates. Management company business sales and EBIT were boosted by the closing of two funds during Q2 and the acquisition of Dasos. AuM increased to EUR 5.8bn from EUR 5.7bn in Q1. We expect a gradual recovery in the fundraising market by the end of the year, despite the prevailing sluggishness in the overall market. With multiple funds in fundraising, we believe the foundation is solid for growth once the market improves. We trim underlying 2024E-26E EBIT by 2-3% and lower our SOTP-based fair value range slightly to EUR 1.9-2.3 (2.0-2.4). Marketing material commissioned by CapMan Oyj.
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