CapMan's Q2 top-line figures and profitability both came in below our expectations. Adjusted EBIT was EUR 3.9m (our estimate: EUR 7.5m), and revenues reached EUR 15.2m (our estimate: EUR 18.7m). Relative to our estimates, the profitability miss was driven by weaker-than-expected fee income, fair value changes and carried interest. Fee income grew to EUR 15.2m, corresponding to 9% y/y growth and resulting in EUR 1.3m in fee profit (up 5% y/y but down 40% q/q). Following our estimate revisions and our revised SOTP valuation framework, we raise our fair value range to EUR 1.8-2.2 (1.6-2.0) per share.
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