Ahead of CapMan’s Q1 report, we consider the case broadly intact. Yet, elevated uncertainty and an increase in rates could again cause postponements to execution. In our view, CapMan is on its way to the EUR 10bn AUM target, although we see this materialising roughly one year behind the targeted end-2027. Our fair value range is down a notch to EUR 2.0-2.3 on a small cut in 2026E fee profit and lower peer valuations.
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