Top products are still selling
CapMan released better-than-expected Q1 figures. However, the EBIT overshoot due to performance fees flowed to the profit share attributable to minorities, so the net result was close to our forecast. In terms of the outlook, the company continued to be very optimistic, especially concerning new sales, and the year started off well for fundraising. However, we lowered our forecasts for real estate fund growth in the coming years slightly, as the market situation remains challenging. We find the stock's valuation neutral.
