CapMan posted a solid set of Q1 numbers, with fee income growing 8% y/y, roughly in line with our expectations. Fee profit and group adjusted EBIT both beat our expectations due to a lower cost base, but were also boosted by positive fair value changes, whereas we expected negative changes. AuM grew to EUR 6.4bn, boosted by the completed Midstar Fastigheter acquisition. While we consider the results solid, we believe the comments about the delays in fundraising warrant some caution in the near term. We adjust our estimates to account for a later close of the upcoming flagship funds, lower carry in 2025E and fair value changes, thus leading to a 5% EBIT cut for 2025E, but an 8-9% increase for 2026E-27E. We calculate an unchanged SOTP-based fair value range of EUR 1.7-2.1 per CapMan share. Marketing material commissioned by CapMan Oyj.
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