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Research

CapMan: No need to throw in the towel

CapMan
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CapMan clearly reported a more modest Q2 result than we expected, which has led to a drastic decline in our earnings estimates for the coming years mainly in terms of heavily fluctuating investment and carried interest income. Reflecting our estimate cuts, we lower our target price to EUR 2.7 (was EUR 2.9). However, we still believe that the expected return of the share is good if our earnings estimates materialize, so we reiterate our Accumulate recommendation.

CapMan

2.57EUR03.08.2023, 18.00
2.70EURTarget price
Accumulate
Changed from:Accumulate
Recommendation updated:03.08.2023

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 Figures03.08.2023

202223e24e
Revenue67.567.278.8
growth-%27.9 %-0.5 %17.3 %
EBIT (adj.)53.122.241.6
EBIT-% (adj.)78.6 %33.0 %52.8 %
EPS (adj.)0.250.100.18
Dividend0.170.180.19
Dividend %6.3 %9.2 %9.8 %
P/E (adj.)10.819.411.0
EV/EBITDA8.316.19.0
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