Capman: Funds in focus with a strong balance sheet - Nordea

Ahead of CapMan's Q3 report due on 7 November, we revise our estimates to reflect the divestment of the CapMan Procurement Services (CaPS)business and we fine-tune Investments and Other segments' estimates. CapMan announced the divestment of CaPS for EUR 75m on 4 October, for which the company will recognise an immediate cash flow impact of roughly EUR 60m in Q4. With focus now sharpened on its core business, we expect CapMan's solid performance to continue, with the fundraising markets gradually improving. For 2024, we model management fee growth of 23% y/y, boosted by the Dasos acquisition, as well as the expected first close of the NRE IV fund by the end of 2024. We derive a new SOTP-based fair value range of EUR 1.8-2.2 (1.9-2.3). Marketing material commissioned by CapMan Oyj.