CapMan's Q3 profitability came in below our expectations, while the top line was in line with our estimate. Adjusted EBIT was EUR 7.2m (our estimate: EUR 9.2m), and revenues reached EUR 19.2m (our estimate: EUR 18.9m). The profitability miss was explained mainly by lower fair value changes, although key underlying metrics were soft. Fee income grew to EUR 15.6m, corresponding to 3% y/y growth and resulting in EUR 3.0m in fee profit (down 16% y/y). Following our estimate revisions, we lower our SOTP-based fair value range to EUR 1.7-2.1 per share (1.8-2.2).
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