CapMan has raised EUR 60m in new capital during Q3 and expects new commitments into several ongoing fundraising projects during the remaining months of the year. The company has several exits ongoing from funds that are in carry or are approaching carry. In addition, the company revised its dividend policy and expects to distribute at least 70% of profit to shareholders. The board of directors expects to propose 8-12 cents per share distribution for 2023, which is clearly below EUR 0.18 expected by us and consensus.
We expect consensus to make only minor estimate changes to its underlying estimates, while dividend expectations are likely to be slashed following the new distribution policy
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