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The Q2 report highlighted CapMan's growth momentum, as its AuM increased 37% y/y, to EUR 4.3bn, and we believe more is yet to come. The share of AuM from outside the Nordics increased to ~60% by the end of June 2021, indicating that CapMan is successfully attracting international investors. The next triggers for the share include fundraising for Infra II and a new real estate concept during H2 2021. We raise 2022E-23E adjusted EBIT by 4-6% owing to improved confidence in the upcoming fundraising projects. We increase our SOTP-based fair value range to EUR 3.1-3.6 per share (3.0-3.5). We model an EBIT CAGR of 17% for 2019-23 and calculate a 2021 dividend yield of 4.8%. Marketing material commissioned by CapMan Oyj.
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