CapMan

2,745EUR +1,1 %
12 773 investerare följer bolaget.

CapMan är ett investeringsbolag. Visionen är att vara en långsiktig ägare och skapa mervärde för aktieägarna på lång sikt. CapMan har främst investeringar i medelstora onoterade bolag, fastigheter och infrastrukturanläggningar runt om den nordiska marknaden. Vidare erbjuder bolaget kapitalförvaltning och inköpsaktiviteter samt analys, rapportering och backoffice-tjänster. CapMan grundades 1989 och dess huvudkontor ligger i Helsingfors.

P/E (23e)
13,25
EV/EBIT (23e)
11,08
P/B (23e)
2,98
Direktavkastnings- % (23e)
6,56 %
Riktkurs
3.10 EUR
Rekommendation
Öka
Uppdaterad
2.2.2023
NASDAQ Helsinki
CAPMAN
Dagens lägsta / högsta pris
2,72 / 2,75 EUR
Börsvärde
433,86 mn EUR
Omsättning
13,91 tn EUR
Volym
5,1 tn
Risk och rekommendation
HögRiskLåg
SäljRekommendationKöp

Forum updates

Stay up-to-date with the latest talk about CapMan

Income statement

20192020202120222023e2024e2025e2026e
Revenue48,9842,9952,7867,5376,1279,9384,0590,37
growth-%46,27 %−12,22 %22,78 %27,94 %12,72 %5,00 %5,16 %7,53 %
EBITDA25,0313,7346,1257,3145,6250,4751,2854,17
EBIT (adj.)24,9912,3444,6453,1144,3049,2249,8552,59
EBIT19,3912,3444,6453,1144,3049,2249,8552,59
Profit before taxes17,619,2240,6047,6340,3044,5345,3048,07
Net income13,965,1434,3239,6232,9036,8236,6937,90
EPS (adj.)0,130,030,220,250,210,230,230,24
growth-%134,62 %−74,33 %563,80 %14,38 %−17,32 %11,42 %−0,78 %2,86 %
Dividend0,130,140,150,170,180,190,200,16
Dividend ratio141,65 %424,10 %68,45 %67,82 %86,86 %82,29 %87,30 %67,82 %

Profitability and return on capital

20192020202120222023e2024e2025e2026e
EBITDA-%51,10 %31,94 %87,37 %84,86 %59,93 %63,15 %61,01 %59,94 %
EBIT-% (adj.)51,03 %28,70 %84,57 %78,64 %58,20 %61,58 %59,31 %58,19 %
EBIT-%39,60 %28,70 %84,57 %78,64 %58,20 %61,58 %59,31 %58,19 %
ROE11,26 %4,29 %28,80 %29,81 %23,00 %24,51 %23,29 %23,16 %
ROI10,48 %6,39 %21,93 %23,84 %18,10 %19,19 %19,12 %19,76 %

Valuation

20192020202120222023e2024e2025e2026e
Share price (EUR)2,362,323,042,712,752,752,752,75
Shares152,16155,80156,62158,06158,76159,46160,16160,86
Market cap358,33360,67475,33427,54435,78437,70439,63441,55
Enterprise value384,71393,99503,13474,93491,04485,85482,49479,90
EV/S7,869,169,537,036,456,085,745,31
EV/EBITDA15,3728,6910,918,2910,769,639,418,86
EV/EBIT (adj.)15,3931,9311,278,9411,089,879,689,13
EV/EBIT19,8431,9311,278,9411,089,879,689,13
P/E (adj.)18,3270,1313,8510,7913,2511,8911,9811,65
P/E25,6670,1313,8510,7913,2511,8911,9811,65
P/B2,813,213,783,052,982,842,742,65
P/S7,328,399,016,335,725,485,234,89
Dividend yield5,52 %6,05 %4,94 %6,28 %6,56 %6,92 %7,29 %5,82 %
Equity ratio59,83 %51,77 %53,02 %52,56 %50,50 %52,36 %53,49 %53,94 %
Gearing ratio12,65 %22,53 %13,97 %26,31 %30,55 %24,39 %20,19 %16,81 %

Quarter data

Q1/22Q2/22Q3/22Q4/222022Q1/23eQ2/23eQ3/23eQ4/23e
Revenue14,2217,6815,8919,7467,5315,8920,5216,1823,54
EBITDA19,2314,5313,0610,4957,3110,5412,428,7013,96
EBIT18,8614,1112,677,4753,1110,2112,098,3713,63
Profit before taxes16,3013,0212,176,1547,639,2111,097,3712,63
Net income13,3311,6410,204,4639,627,949,015,8710,08
Publisher
Aktieanalys

CapMan: A good finish for an excellent year

CapMan's Q4 report was operationally well in line with expectations and the company continues to make strong progress despite the challenging market conditions.

Publisher
Video

CapMan Q4’22 – Thursday, Feb. 2 at 9:30 am EET

Follow CapMan's Q4’22 info on Thursday, February 2 at 9:30 am EET on inderesTV.

2023-02-02
Publisher
Omfattande aktieanalys

CapMan: Making good progress with the strategy

Despite the challenging market situation, we expect strong performance from CapMan. Relative to this, the share valuation is not high. If our estimates materialize, low multiples and high dividend yield already offer a strong return on investment.

Publisher
Aktieanalys

CapMan: So far, the difficult market has been successfully navigated

Despite the challenging market situation, we still expect strong performance from CapMan, and relative to this, the share valuation is not high. When our estimates materialize, the expected return generated by low multiples and a strong dividend is already...

Publisher
Video

CapMan Q3’22 – Thursday, Oct. 27 at 9:30 EEST

Follow CapMan's Q3’22 info on Thursday, October 27 at 9:30 am EEST on inderesTV.

2022-10-27
Publisher
Analytikerkommentar

CapMan issued ambitious growth targets in the CMD

CapMan organized a CMD yesterday where it updated its strategy and its financial targets. No major changes were made to the main policies of the strategy, but focus will shift more toward growth and sustainability.

Publisher
Video

CapMan CMD 2022 – Wednesday, Sep. 7 at 1:00 pm EEST

Follow CapMan's Capital Markets Day on Wednesday, September 7 at 1:00 pn EEST on inderesTV.

2022-09-07
Publisher
Aktieanalys

CapMan: Most of the undervaluation has dissolved

In the big picture, CapMan published a rather unsurprising Q2 report, which led us to revise our earnings estimates only slightly upwards, mainly in terms of investment income. However, with the share price rise the expected return of the share has significant...

Publisher
Video

CapMan Q2’22 – Thursday, Aug. 4 at 9:30 EEST

Follow CapMan's Q2’22 info on Thursday, August 4 at 9:30 am EEST on inderesTV.

2022-08-04
Publisher
Aktieanalys

CapMan: Valuation starting to look cheap

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.

2022-04-29 av Sauli Vilén, Matias Arola
Publisher
Video

Capman Q1’22 – Thursday, Apr. 28 at 9:30 EEST

Follow Capman's Q1’22 info on Thursday, April 28 at 9:30 am EEST on inderesTV.

2022-04-28
Publisher
Aktieanalys

CapMan: A small write-down expected from Russia

We have revised our 2022 forecasts clearly downward due to the Russia-related write-down and the weakened capital market. Estimates for the coming years have remained unchanged and we still expect strong performance from the company. Forward-looking ...

Publisher
Aktieanalys

CapMan: A small write-down expected from Russia

We have revised our 2022 forecasts clearly downward due to the Russia-related write-down and the weakened capital market. Estimates for the coming years have remained unchanged and we still expect strong performance from the company. Forward-looking ...

Publisher
Aktieanalys

CapMan: Strong development continues

Although CapMan's Q4 result was very good, the impact of beating the expectations remains rather limited as it came wholly from investment income. Our estimate adjustments are relatively small, and we expect the company's result to remain at a strong level in the coming years.

2022-02-04 av Sauli Vilén, Matias Arola
Publisher
Video

CapMan's 2021 Financial Statements Bulletin 3.2.

Follow CapMan's 2021 Financial Statements Bulletin 3.2.2022 at 09:30.

2022-02-03
Publisher
Aktieanalys

CapMan: Timing of carried interest income specified

CapMan announced that its important NRE1 fund is entering into carry as a result of completed and agreed exits. Based on the news, we made some adjustments to our estimates.

2022-01-05 av Sauli Vilén, Matias Arola
Publisher
Aktieanalys

CapMan: After earnings improvement the focus is on earnings mix

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...

2021-10-28 av Sauli Vilén, Matias Arola
Publisher
Aktieanalys

CapMan: No reason to hop off

After the Q2 report, we revised our estimates upward due to a strong outlook. Currently, CapMan’s earnings are improving quickly. Relative to the estimated earnings improvement, the share is still not particularly expensive and this together with a strong...

2021-08-06 av Sauli Vilén, Matias Arola
Publisher
Aktieanalys

CapMan: First batch of harvest reaped

The Q1 report offered a good start considering the strong earnings improvement expectations for the rest of the year and the company’s story progressing nicely. Relative to the estimated earnings improvement, the share is still not especially expensive...

2021-04-30 av Sauli Vilén, Matias Arola
Publisher
Omfattande aktieanalys

CapMan: Time to deliver on promises

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...

2021-02-24 av Sauli Vilén, Matias Arola