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CapMan: Valuation starting to look cheap

CAPMANResearch29.04.2022, 07.37
Sauli Vilén, Matias Arola
Discuss
Download report (PDF)

We have revised our forecasts upwards with the very strong Q1 report, and the company's profit outlook remains excellent. With the declined share price and our elevated forecasts, the expected return on the share has improved considerably and we believe that the current share price offers an excellent opportunity to jump in CapMan's ride.

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 Figures28.04.2022

202122e23e
Revenue52.879.881.8
growth-%22.8 %51.3 %2.5 %
EBIT (adj.)44.657.047.0
EBIT-% (adj.)84.6 %71.4 %57.4 %
EPS (adj.)0.220.260.21
Dividend0.150.160.17
Dividend %4.9 %8.7 %9.3 %
P/E (adj.)13.97.18.6
EV/EBITDA10.95.16.2

Forum discussions

Inderes CapMan Oyj: Johdon liiketoimet - Kummu Capital Oy - Inderes CapMan Oyj Pörssitiedote / Johtohenkilöiden liiketoimet 24.8.2026 klo 16...
yesterday
by Tuuukka
9
@Sauli_Vilen how do you see the next significant milestones and their (approximate) timeline? I’ve gotten a bit confused about the timeline ...
8/22/2026, 10:44 AM
3
Serving you investors is, after all, the most important task for us analysts! The reason why these aren’t done more often is likely that there...
8/21/2026, 6:17 PM
by Sauli Vilen
34
Many thanks for this; it was exceptionally interesting to read a detailed examination of the differences and similarities between various analyses...
8/21/2026, 3:31 PM
17
Besides our own, there are two other analyses of CapMan available (SEB and Nordea). Both are high-quality analyses and are publicly available...
8/21/2026, 9:33 AM
by Sauli Vilen
68
Over 20 years ago, I managed investments for the investment firm I represented, including investments in CapMan funds, and we had the opportunity...
8/20/2026, 5:21 AM
by Fanza
38
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
8