We keep our estimates broadly unchanged ahead of the Q3 report. By delivering exits during the quarter, we see Capman returning to carried interest, boosting headline EBIT growth to >30% y/y. In terms of the key investment case drivers, we expected to see muted AUM movement in Q3 but a bounce back in the fee margin on new AUM raised in Q2. Our fair value range remains unchanged at EUR 2.1-2.3.
LÄS MER
