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CapMan: After earnings improvement the focus is on earnings mix

CAPMANResearch28.10.2021, 10.52
Sauli Vilén, Matias Arola
Discuss
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The Q3 report was very strong in terms of figures but estimate changes have remained moderate as the earnings overshoot largely come from investments. The company's earnings improvement continues materializing strongly and the earnings outlook for the next few years is good. Relative to estimates, the share isn’t particularly expensive and this together with a strong dividend yield keeps the share’s return/risk ratio sufficient.

CapMan is an investment company. The vision is to be a long-term owner and create added value for the shareholders in the long term. CapMan mainly invests in medium-sized unlisted companies, properties and infrastructure facilities around the Nordic market. Furthermore, the company offers asset management, purchasing activities as well as analysis, reporting and back office services. CapMan was founded in 1989 and its headquarters are in Helsinki, Finland.

Read more on company page

Key Estimate Figures27.10.2021

202021e22e
Revenue43.058.174.4
growth-%-12.2 %35.2 %28.0 %
EBIT (adj.)12.346.445.3
EBIT-% (adj.)28.7 %79.8 %60.8 %
EPS (adj.)0.030.230.22
Dividend0.140.150.16
Dividend %6.1 %8.1 %8.6 %
P/E (adj.)70.18.18.5
EV/EBITDA28.76.86.8

Forum discussions

News Powered by Cision CapMan Natural Capital ja FSC I&P yhteistyöhön metsien ympäristö- ja... CapMan Natural Capital -lehdistötiedote 14.08...
8/14/2026, 7:05 AM
by Cadel
7
It is also worth noting that establishing the fund itself is an important milestone. Typically, in this industry, all subsequent investors pay...
8/11/2026, 2:37 PM
by Kermit
24
No exact figures have been disclosed. My own estimate is that the new Forest Fund now has over €200M (target €300M+), and there shouldn’t be...
8/11/2026, 12:43 PM
by Sauli Vilen
11
A couple of flagship funds announced their first closing. Both have a target size of 750m by 2027 at the latest. Does anyone know if the first...
8/11/2026, 10:53 AM
by omatrahat
0
Below is data from an extensive report ( CapMan laaja raportti: Skaalautumisen vuoro - Inderes ): When looking purely at the personnel expenses...
8/7/2026, 5:17 PM
by Sauli Vilen
36
Is the labor cost (including bonuses, etc.) per person at CapMan in the same ballpark as the peer companies you mentioned, Sauli?
8/7/2026, 4:28 PM
by Middle67
0
I share your concerns regarding the realization of that cost efficiency. It is worth remembering that we have seen very different operating ...
8/7/2026, 3:46 PM
by Sauli Vilen
28