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CapMan somewhat ambitiously set its sights on doubling AUM over the next five years, but the CMD provided good insight into measures to achieve the target.
CapMan arranged a CMD event today with top management presenting new strategy with ambitious growth targets for the next five years.
CapMan released a new strategy and updated long-term financial objectives ahead of today’s CMD. Combined growth for the Management Company and Service businesses excluding carried interest target is raised to more than 15% p.a.
CapMan showed good progress across the board in Q2. The Services business is showing signs of bringing the growth pace up a notch and the overall expectations remain favourable. We retain our BUY-rating and TP of EUR 3.4.
CapMan reported Q2 EBIT of EUR 14.1m, 11% above Refinitiv consensus. Q2 was supported by strong fair value changes following completed exits and EUR 3.2m of carry. Fee income was up 25% y/y, while management fees were up 8% y/y.
CapMan's net sales in Q2 amounted to EUR 17.7m, slightly above our estimates and in line with consensus (EUR 16.5m/17.8m Evli/cons.). EBIT amounted to EUR 14.1m, above our and consensus estimates (EUR 11.5m/11.9m Evli/cons.).
CapMan reported Q2 EBIT of 14.1m, 11% above Refinitiv consensus. Investment business EBIT was EUR 9.6m (fair value changes EUR +9.8m) in Q2 and came above Nordea estimate of EUR 8.1m (EUR +8.3m fair value changes).
CapMan will release its Q2 report on 4 August. In June, the company announced its exit from Picosun, which takes its Growth 2017 fund into carried interest.
CapMan Growth exits semiconductor equipment company Picosun and starts generating carried interest.
CapMan reported Q1 earnings clearly above our and consensus estimates. Despite current market uncertainty, we still see a good outlook for continued earnings growth. We retain our BUY-rating with a TP of EUR 3.4 (3.2).