CapMan is a leader in the Nordic investment and asset management space with AuM of EUR 6.4bn. The company has ambitions to increase its focus on real-asset strategies, which include real estate, natural capital and infrastructure investments (combined, accounting for ~75% of AuM). In line with the strategy, we expect new flagship funds and other organic growth to drive a 29% increase in AuM by 2027, with a fee profit CAGR of 37% (2024-27E). We regard the challenges in the fundraising market as temporary, leaving our view on the underlying growth prospects unchanged, although we now expect this growth to take somewhat longer to materialise. Our SOTP-based fair value range is EUR 1.6-2.0 (1.7-2.1). Marketing material commissioned by CapMan Oyj.
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