contentSlug

type

ContentSlug_ContentQuery

slug

ContentPageContentQuery

content

trendingContent

query ContentSlug_ContentQuery(
  $contentSlug: String!
  $type: [ContentType!]
) {
  ...ContentPageContentQuery_13QmVO
}

fragment CompanyDetails_Content on Content {
  __isContent: __typename
  companies {
    name
    description
    pageUrl
    id
  }
}

fragment ContentBasicInfo on Content {
  __isContent: __typename
  id
  type
  title
  lang
  createdAt
  ... on Video {
    liveTime
  }
  ... on Webcast {
    liveTime
  }
  companies {
    viewerIsFollowing
    id
    name
    pageUrl
    forum {
      threadUrl
    }
    defaultInstrument {
      symbol
      id
    }
  }
  ...PublishingDetails
  ...Reactions
}

fragment ContentMetadata on Content {
  __isContent: __typename
  type
  title
  lang
  pageUrl
  alternatePageUrls: translations {
    __typename
    pageUrl
    lang
  }
  imgUrl
  description
  createdAt
  changedAt
  isPremium
  authors {
    __typename
    name
    pageUrl
    id
  }
  companies {
    name
    pageUrl
    id
  }
  tags {
    name
    id
  }
  ... on Video {
    liveTime
    videoUrl
    videoEmbedUrl(location: "inderes")
  }
  ... on Webcast {
    liveTime
    videoUrl
    videoEmbedUrl(location: "inderes")
  }
}

fragment ContentPageContentQuery_13QmVO on Query {
  content(slug: $contentSlug, type: $type) {
    __typename
    id
    type
    title
    isPremium
    lang
    htmlBody
    summary
    companies {
      forum {
        threadUrl
        latestPosts {
          ...ForumPosts
        }
      }
      name
      id
      viewerIsFollowing
      pageUrl
      defaultInstrument {
        isin
        id
        symbol
        marketOpen
        marketClose
        marketplace {
          region
        }
        returns {
          total
        }
      }
    }
    tags {
      viewerIsFollowing
      id
      name
      pageUrl
    }
    createdAt
    ... on Video {
      liveTime
    }
    ... on Webcast {
      liveTime
    }
    slug
    ... on CompanyReport {
      reportUrl
      researchContentUrl
      researchContent {
        title
        lang
        pdfUrl
        relatedContent {
          __typename
          ...PublishingDetails
          ...Reactions
          id
        }
        content {
          title
          lang
          htmlBody
          publishedAt
          createdAt
          changedAt
          isOutdated
          isPremium
        }
      }
    }
    ... on ThirdPartyCompanyReport {
      reportUrl
    }
    ... on StockExchangeRelease {
      reportUrl
    }
    ...ContentBasicInfo
    ...ContentMetadata
    ...PriceAndRecommendation_Content
    ...CompanyDetails_Content
    ...ReportLink_Content
    ...KeyFigures_Content
  }
  ...TrendingContent_1jQ2Cn
}

fragment ForumPosts on ForumPost {
  text
  likesCount
  url
  author
  postedAt
  authorImgUrl
}

fragment KeyFigures_Content on Content {
  __isContent: __typename
  companies {
    defaultInstrument {
      estimateData {
        modelType
        reportingCurrency
      }
      snapshot {
        transaction {
          date
          actualized {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
            nav
            navPerShare
            opexOfNav
            quarterlySharePrice
          }
          estimates {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
            nav
            navPerShare
            opexOfNav
            quarterlySharePrice
          }
        }
      }
      id
    }
    id
  }
}

fragment PriceAndRecommendation_Content on Content {
  __isContent: __typename
  createdAt
  companies {
    name
    pageUrl
    defaultInstrument {
      priceData {
        tradeCurrency
      }
      snapshot {
        priceData {
          date
          lastPrice
          tradeCurrency
        }
        transaction {
          date
          recommendation
          targetPrice
        }
        prevTransaction {
          recommendation
        }
      }
      id
    }
    id
  }
}

fragment PublishingDetails on Content {
  __isContent: __typename
  publishers {
    name
    imgUrl
  }
  authors {
    __typename
    id
    name
    slug
    imgUrl
    jobTitle
  }
}

fragment Reactions on Content {
  __isContent: __typename
  id
  reactionGroups {
    reactionType
    reactionsCount
    viewerReacted
  }
}

fragment ReportLink_Content on Content {
  __isContent: __typename
  type
  isPremium
  ... on CompanyReport {
    reportUrl
  }
  ... on ThirdPartyCompanyReport {
    reportUrl
  }
  ... on StockExchangeRelease {
    reportUrl
  }
}

fragment TrendingContent_1jQ2Cn on Query {
  trendingContent(type: ARTICLE) {
    __typename
    id
    title
    lang
    pageUrl
    createdAt
    type
    imgUrl
    companies {
      squareLogoUrl
      name
      id
    }
    authors {
      __typename
      imgUrl
      id
    }
    publishers {
      imgUrl
    }
  }
}


capman-q2-fee-income-and-profit-softer-than-expected-nordea

__typename

title

isPremium

lang

htmlBody

summary

companies

createdAt

publishers

authors

reactionGroups

pageUrl

translations

imgUrl

description

changedAt

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.

”The risk to earnings growth in the coming years has clearly diminished” Typo

Sauli’s updated comments. Why do I get the feeling that this is in the same vein as Rapala? Good on paper, and that’s about it.                   Inderes              CapMan Q2'26: Kriittinen askel tulosparannuksen polulla - Inderes    CapManin Q2-numerot olivat vaisut, mutta reippaasti edennyt varainkeruu oli kriittinen asia lähivuosien tulosparannusta ajatellen. Tulosparannuksen realisoituessa ennustetusti on osake halpa.

Here is Pia’s interview.   00:00 Q2 01:05 Profitability 03:05 Infrastructure 04:03 Nordic Real Estate 06:25 Caeros 08:02 Headcount 10:28 Carried interest income

That may be true, but this is just one quarter and the long-term theme is clear. How those promised growing fee revenues materialize for equity holders depends on future cost discipline. There are many middlemen who take their own bonuses before it filters down to earnings per share. If Pia is confident that the fee revenues will indeed go specifically to equity holders, then that could easily be provided as guidance.

When you own Capman, the feeling year after year is this:  Today’s interim report wasn’t exactly miserable, but it doesn’t provide much comfort when you’re just getting “defensive victories” year after year. Things are moving in the right direction, so to speak, but very slowly. And if one thing goes well, something else inevitably goes less well. If money comes in, expenses increase in the same proportion. AuM (Assets under Management) is growing, true (by acquisitions). Even now, fundraising went “well,” but still fell short of analysts’ expectations. Management fees are making us wait, and as Inderes pointed out, how can the investment returns always be so weak?  Inderes keeps repeating time after time that the company has potential and the stock is cheap IF things progress even in an OK way. The bar for the stock has been set low. We’ve been building momentum for 3 years in a row (or much longer, depending on how you look at it). Could we finally start clearing that low bar?

Here are Sale’s quick comments on this morning’s result; the headline already says a lot.                    Inderes – 6 Aug 26              CapMan Q2'26 -pikakommentti: Ei niin paha mitä vaisut numerot antaisivat...    Yhtiön numerot jäivät selvästi odotuksistamme, mikä johtui odotettua alhaisemmasta liikevaihdosta sekä heikoista sijoitustuotoista.

So, the cost trend was precisely the positive surprise this quarter. Personnel costs and headcount are clearly on the decline.

CapMan

CapMan’s Q2 fee income of EUR 15.2m grew 9% y/y but was 14% below our estimate of EUR 17.7m. Fee profit of EUR 1.3m grew by 5% y/y, but came clearly below our estimate of EUR 3.2m, while the...

CapMan’s Q2 fee income of EUR 15.2m grew 9% y/y but was 14% below our estimate of EUR 17.7m. Fee profit of EUR 1.3m grew  by 5% y/y, but came clearly below our estimate of EUR 3.2m, while the fee profit margin (8.8%) declined by 40 bp y/y. Driven by lower-than-expected fee income, slightly lower-than-expected positive fair value changes (EUR 2.6m vs. NDAe EUR 3.3m) and no carried interest bookings (EUR 0.0m vs. NDAe EUR 1.0m) group level adjusted EBIT of EUR 3.5m came clearly below our estimate of EUR 7.5m. AuM increased to EUR 7.7bn (Q1:EUR 7.2bn), in line with our expectation, driven by first closes in NRE IV and Infra III, which collectively raised some EUR 400m in Q2. The company outlook for 2026 was reiterated (AuM and fee profit to grow in 2026), while management points to uplift in profitability when final closes in flagship funds are held (targeted in 2027). Taken together, and reflecting a soft result, we expect a mid-single to high-single digit negative share price reaction today.

CapMan: Q2 fee income and profit softer than expected - Nordea

CapMan: Q2 fee income and profit softer than expected - Nordea