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CapMan: Time to deliver on promises

By Inderes
CapMan
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We reiterate our EUR 2.8 target price and Accumulate recommendation for CapMan. We are still positive about the company’s growth story and find the long-term earnings expectation attractive. In the short term, the name of the game is clear, the company must bring its result to the next level this year. After an aggressive share price rise, the share is no longer cheap but if our estimates become reality, the share still offers a relatively good earnings expectation.

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 Figures19.02.2021

202021e22e
Revenue43.060.164.3
growth-%-12.2 %39.7 %7.1 %
EBIT (adj.)12.337.842.0
EBIT-% (adj.)28.7 %63.0 %65.3 %
EPS (adj.)0.030.180.20
Dividend0.140.150.16
Dividend %6.0 %8.0 %8.5 %
P/E (adj.)70.310.69.6
EV/EBITDA28.78.78.0

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