CapMan

10:56

CapMan’s Q3 was slightly better than expected. Q3 revenue grew clearly due to the acquisitions completed earlier in the year.

Overall, the Q3 report was good and in line with our expectations. New sales are still cumbersome, but there is finally light at the end of the tunnel for the market. Our forecasts still expect significant earnings growth, and this is subject to success in new sales.

CapMan released slightly better-than-expected Q3 results this morning. The earnings were in line with expectations, and the important management fees grew slightly more than we expected.

We expect the company to post good earnings in a seasonally strong quarter. However, fundraising remains gloomy, and the fundraising outlook is by far the most important aspect of the report.

In this article, we review the quality of earnings of listed asset managers. In summary, the quality of earnings varies significantly within the sector, but on average, the level is quite good. The level has also improved in recent years, as the share of recurring fees has increased. We note that we have made the comparison at the group level, and thus the comparison does not account for the companies' differing business structures. We excluded Aktia from our review as the necessary information on its asset management is not available.

14:41

No major surprises in CapMan's Q2 report, and the clear earnings miss was entirely attributable to investment portfolio returns.