Ahead of CapMan's Q3 2025 results on 6 November, we only make minor revisions to our adjusted EBIT estimates. We cut 2025E-27E adjusted EBIT by 1-3%, although we keep our sales estimates intact for the same period. Our estimate changes mainly reflect slightly higher cost assumptions following the inclusion of the CAERUS Debt Investments acquisition. We argue that the cost level following the acquisition should be a focus point in the Q3 report. Overall, following our minor revisions to estimates, our SOTP-based fair value range for CapMan of EUR 1.7-2.1 per share remains intact.
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