CapMan posted a solid set of Q1 numbers, with fee income growing 8% y/y, roughly in line with our expectations. Fee profit and group adjusted EBIT both beat our expectations due to a lower cost base, but were also boosted by positive fair value changes...

CapMan’s fee income of EUR 13.0m grew 8% y/y and was fairly in line with our estimate of EUR 13.2m. Fee profit of EUR 1.5m came above our estimate of EUR 0.7m due to lower other operating expenses level. Group level adjusted EBIT of EUR 7.2m came significantly...

Ahead of CapMan's Q1 2025 report due on 9 May, we revise our estimates to reflect expected fair value changes and AuM growth. We believe CapMan's balance sheet investments will be negatively affected by recent market turbulence, which will especially...

There were no changes to CapMan's financial targets or the timeline for achieving them at the Capital Markets Day, and the company is still aiming for EUR 10 billion in AUM by the end of 2027 (Q4'24: 6.1 BEUR). Otherwise, the event was very unsurprising, which, of course, is not a bad thing in the long-term asset management business. Thus, the strategy will continue to focus on the profitable scaling of the asset management business in the coming years. Scalability is particularly sought from personnel expenses, which should grow more slowly than business income as CapMan's investment areas are in a more mature phase.

CapMan hosted its CMD event today in Helsinki. The company shared insights into its current state, as well as the vision for the future of CapMan. We view the CMD as a mid-term strategic update; financial targets as well as the EUR 10bn AuM target for...