Ahead of CapMan's Q1 2026 results on 6 May, we cut our EBIT estimates, mainly to reflect a lower level of fair value changes. We also marginally lower our outlook for carried interest bookings. For Q1, we estimate continued year-on-year improvements in fee profit (EUR 2.8m), driven by management fees of EUR 12.6m (up 15% y/y). We expect AuM of EUR 8.4bn by the end of 2026, corresponding to 16% y/y growth (2025: EUR 7.2bn and 19%, respectively). Following our estimate revisions, our SOTP-based fair value range remains intact at EUR 1.6-2.0 per share.
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