CapMan reported Q3 EBIT of EUR 4.8m, clearly below Refinitiv consensus at EUR 7m. The deviation is likely explained to some extent by fair value changes and carry. Management company business fee income came in 5% below our estimate. Investment business EBIT was EUR 0.9m (fair value changes EUR 0.9m) in Q3 and was in line with Nordea estimate of EUR 0.9m (EUR +1m fair value changes). We calculate that fair value changes in own funds were negative of EUR 1m, while negative fair value changes of external funds reversed in Q3.
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