Skip to content, Open navigation eller Skip to contact information.

Copyright © Inderes 2011 - present. All rights reserved.
Latest
Börs
Aktiejämförelse
Kalender
Aktieanalys
Skrivna artiklar
inderesTV
Portfölj
Forum
Våra kunder
Settings
Copyright © Inderes 2011 - present. All rights reserved.
​

CapMan

2,745 EUR +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

Senaste analyserna

CapMan: A good finish for an excellent year
2023-02-03
CapMan: Making good progress with the strategy
2022-11-15
CapMan: So far, the difficult market has been successfully navigated
2022-10-28

Analyst

Sauli Vilén
Sauli Vilén
Analyst
Kasper Mellas
Kasper Mellas
Analyst

Senast publicerade videor

CapMan Q4’22 – Thursday, Feb. 2 at 9:30 am EET
2023-02-02
CapMan Q3’22 – Thursday, Oct. 27 at 9:30 EEST
2022-10-27
CapMan CMD 2022 – Wednesday, Sep. 7 at 1:00 pm EEST
2022-09-07

Finansiell kalender

Delårsrapport
2023-04-28
Delårsrapport
2023-08-03
Extra utdelning
2023-09-14
Halvårsdividend
2023-09-14
Delårsrapport
2023-10-26

Forum updates

Stay up-to-date with the latest talk about CapMan
Read the full thread
Visit the forum
Greetings forum members! CapMan released its Q3-report last Thursday. Operational development was quite well in line with our expectations but investment income exceeded our estimates by a wide margin. Adjusted for these, EBIT was slightly below our estimates. Management comments were quite positive but for the first time the company indicated that the fund raising markets show some signs of slowing down. Although weak market sentiment increases short-term risks, we believe that demand outlook for CapMan’s most significant products (RE, PE and Infra funds) has stayed solid in the long run. You can find our latest company report here (in English): CapMan: So far, the difficult market has been successfully navigated By the way, CapMan recently held a very informative Capital Markets Day where the management presented the company’s updated strategy and provided updates of its business segments. CMD presentation can be found here: CapMan CMD 2022 – Wednesday, Sep. 7 at 1:00 pm EEST
Kasper Mellas 128699
för 4 månader sedan💙 6
Tack! Och så är det ju, om man inte avviker från index kan man ju inte förvänta sig något annat resultat heller. CapMan har jag ägt i många år, och mitt förtroende för företaget och dess ledning har växt i takt med resultaten. VD Joakim Frimodig ger ett mycket bra intryck i alla intervjuer och känns som en trygg kapten. De senaste 3 mån har jag gjort ytterligare 3x köp, och positionen har nu faktiskt blivit den 5:e största i min portfölj. Även om makroläget kan ge en tuff motvind för en tid framöver, så tror jag CapMan kommer att komma igenom som en av vinnarna.
Christian Hultholm
för 3 månader sedan💙 5
Ganska rejält kan CapMans verksamhet ta stryk innan den är tillbaka på 2019 års nivå. Aktiekursen däremot, den har nästan backat tillbaka till 2019 redan. Intressant att EBIT-estimaten för 2022-2024 ligger på ungefär samma nivå som omsättningen 2019, medan kursen ligger på samma nivå. Screaming buy säger jag, med disclaimern att jag har haft fel förut.
Christian Hultholm
för 3 månader sedan💙 5
Inderes - Award Winning Research 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. Här ännu en länk till direktlänk till dagens pinfärska analys.
Isa Hudd
för 3 månader sedan💙 3
Måste bara kommentera på din inlägg “screaming buy!” :)! Liking your attitude ! Man måste våga ta ställning. (På börsen har alla rätt - och fel, i ngt skede ändå. Förloraren blir ju den som inte vågar agera alls). Gillar själv Capman- och att de även investerar ur egen balans. Rekommendationerna lämnar jag åt analytikerna: men såsom @Kasper_Mellas hänvisar till analysen ovan så är ni på samma linje: inderes.fi company_update_capman_271022.pdf Helt fel kan det inte gå - dividenderna tickar på :). Disclaimer även här: äger själv, minimalt dock.
Isa Hudd
för 3 månader sedan💙 2
Otroligt Q3/2022-resultat och alla mätare pekar i rätt riktning: rekord för AUM, rekordomsättning, rörelseresultatsrekord… Kostnadsutvecklingen i förhållande till omsättningen går också åt rätt håll. Jag ökade ännu en gång genast vid öppningen, till ett i mitt tycke mycket rimligt pris på 2,75€. CapMan Oyj Q3/2022: CapMan Oyj:n osavuosikatsaus kaudelta 1-9 2022 | Inderes: Osakeanalyysit, mallisalkku, osakevertailu & aamukatsaus Inderes kommentar: CapMan Q3-aamutulos: Sijoitustuotot johtivat jälleen reippaaseen tulosylitykseen.
Christian Hultholm
för 4 månader sedan💙 2

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
Showing Alla typer av innehåll
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.

CapMan
2023-02-03 av Sauli Vilén, Kasper Mellas
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.

CapMan
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.

CapMan
2022-11-15 av Sauli Vilén, Kasper Mellas
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...

CapMan
2022-10-28 av Sauli Vilén, Kasper Mellas
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.

CapMan
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.

CapMan
2022-09-08 av Sauli Vilén, Kasper Mellas
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.

CapMan
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...

CapMan
2022-08-05 av Sauli Vilén, Kasper Mellas
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.

CapMan
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.

CapMan
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.

CapMan
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 ...

CapMan
2022-03-21 av Sauli Vilén, Matias Arola, Kasper Mellas
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 ...

CapMan
2022-03-21 av Sauli Vilén, Kasper Mellas, Matias Arola
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.

CapMan
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.

CapMan
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.

CapMan
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...

CapMan
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...

CapMan
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...

CapMan
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...

CapMan
2021-02-24 av Sauli Vilén, Matias Arola