Due to the unprecedented situation, we believe that during Q2 investors might have postponed making decisions related to new fund investments, which could be reflected in CapMan's quarterly results published on 6 August. Given the strong comparison figures and an optimistic consensus, we identify Q2 as a negative trigger for the share. However, we are confident in CapMan's ability to attract investments to its funds over the medium term and expect the company to continue increasing dividend payments despite the short-term softness. We keep our fair value range unchanged at EUR 1.9-2.2 per share based on the average of three valuation methods. Marketing material commissioned by CapMan Oyj.

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