Ahead of CapMan’s Q3 report we keep our estimates unchanged from our initiation of coverage. From a case perspective the key focus should be on drivers of fee profit growth. We expect AUM to be, up driven by inclusion of the Caerus acquisition, and looking ahead, ongoing fundraising is crucial. While we expect a significant step-up in EBIT in Q3, we also see underlying fee profit rising 14% y/y. Our fair value for CapMan remains at EUR 2.2-2.5.
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