CapMan: Strong Q1 driven by carried interest and fair value changes – fees a tad below our expectation - Nordea

CapMan reported Q1 EBIT of 8.6m, clearly above LSEG Data & Analytics consensus at EUR 3.7m. Management company business fee income came 7% below our estimate and was down 5% y/y, driven timing of fund closings and lower sales from property and asset management services. AuM increased 13% from year-end to EUR 5.7bn (EUR 5.0bn in 2023) driven by Dasos acquisition and the company expects growth to its AuM in 2024. CapMan has raised over EUR 110m in new capital to its Infra and Growth funds during Q1. On 29 April, Capman announced the final close of its Infra II with EUR 375m while the final close of its Growth III fund at hard cap of EUR 130m was reached on 2 May. The company aims to raise EUR 500m to its new Social Real Estate fund within next few years (has completed two investment), while the company started fundraising to its new flagship fund, Nordic Real Estate IV. CapMan aims to reach first close with NRE IV in 2024 and to reach final close of EUR 750m. Initially, we expect consensus to make only minor estimate changes to its underlying estimates while we note the closing of two funds in recent days, supporting fee income in Q2.