CapMan will report its Q4 on 2 February. We expect solid underlying performance, while a quiet transaction market could be visible in low carry and fair value changes. Fundraising was successful in 2022, but we expect a more challenging 2023. However, Infra II could benefit relatively from the market situation. Given the continued strong increase in assets under management (AuM) in 2022, we model management fees up 14% for 2023 and expect carry to remain solid for 2023-24. Despite a challenging market environment, we expect fair value changes to remain positive in Q4 and 2023. We derive a SOTP-based fair value range of EUR 3.1-3.7. Marketing material commissioned by CapMan Oyj.

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