CapMan’s Q3 report showed our fee estimates were overly optimistic. Operationally, the company is now progressing well in exits, which plays an essential role in new fundraising. Thus, we look closely at near-term activity, which should result in the next closing round for flagship funds during Q4. With YTD fee profit broadly flat y/y, we cannot rule out profit warning risk. All in all, our fair value range declines to EUR 1.9-2.1 (2.1-2.3).
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