CapMan

The Q3 result was in line with expectations and in the short term, the market situation will continue as challenging. We feel the surprising change in the dividend policy is a direct signal of preparing for M&A transactions. The investor story becomes more growth-driven as focus of capital allocation shifts, at least temporarily, from dividends to growth.

CapMan clearly reported a more modest Q2 result than we expected, which has led to a drastic decline in our earnings estimates for the coming years mainly in terms of heavily fluctuating investment and carried interest income

Osäkerhetsfaktorerna på marknaden tyngde resultatet för CapMan under H1’23. Vd Pia Kåll sover ändå gott om natten. Hållbart värdeskapande i kombination med skalbarhet är tillväxtreceptet även i svårare tider.

CapMan reported a much softer-than-expected Q1 results, and as a result, we lowered our earnings estimates for the coming years. However, there was no real drama in the results, as the most significant deviations from expectations were seen in investment and carried interest income, which are difficult to predict and fluctuate strongly between quarters.

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

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 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.

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.

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 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.