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CapMan

1.85 EUR

0.00 %

13,119 following
Corporate customer

CAPMAN

NASDAQ Helsinki

Investment

Financials

0.00 %
-6.86 %
-4.05 %
+0.87 %
-2.02 %
-4.75 %
-38.26 %
-34.07 %
-16.09 %

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.

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Market cap
326.52M EUR
Turnover
68.02K EUR
P/E (adj.) (26e)
12.19
EV/EBIT (adj.) (26e)
9.3
P/B (26e)
1.71
EV/S (26e)
4.67
Dividend yield-% (26e)
7.04 %
Coverage
Recommendation
Accumulate
Target price
2.10 EUR
Updated
2026-02-12
Disclaimer
Sauli Vilén
Sauli Vilén

Analyst

Latest research

Latest analysis report

Released: 2026-02-13

Latest extensive report

Released: 2024-10-21

Revenue and EBIT-%

Revenue M

EBIT-% (adj.)

EPS and dividend

EPS (adj.)

Dividend %

Financial calendar
25/3
2026

General meeting '26

26/3
2026

Half year dividend

6/5
2026

Interim report Q1'26

Risk
Business risk
Valuation risk
Low
High
ShowingAll content types
Third party research

CapMan: Closing out the year with exits - Nordea

CapMan's Q4 top-line figures and profitability came in above our expectations. Adjusted EBIT was EUR 6.0m, versus our estimate of EUR 5.2m, supported mainly by positive fair value changes and carried interest. Fee income increased to EUR 16.7m, corresponding...

CapMan

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Third party research

CapMan: Exit conditions improving - Nordea

Ahead of CapMan's Q4 2025 results on 12 February, we make estimate revisions to reflect completed and upcoming exits, the first close of European Forest Fund IV and fair value changes. For Q4, we estimate continued year-on-year improvements in fee profit...

CapMan
Analyst Comment by
Sauli Vilén, Kasper Mellas

The financial sector will rank top positions on dividend lists also next spring

For financial companies, 2025 has been very positive in terms of the operating environment, with strong capital market development and stabilized interest rates. However, the performance of the companies has been varying, and many companies we follow have suffered particularly from the subdued development of alternative investment returns (new sales and performance fees).

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Forum discussions
What do you think about the fact that when Sauli asked the CEO in the interview about costs, which grew by a whopping 35% in Q4, Pia stated that you have to look at the full year 2025? And that as a whole, cost control was good in '25. It’s always worrying and a bit of a red flag...
21 hours ago
by Kotipuutarhuri
27
This was such an interesting pick that it’s worth breaking down what went wrong! Even at this stage, it can be said that the share price level sketched out on the back of a cigarette pack is nowhere in sight. Let’s start with the management fees. In that calculation, the 2027 management...
yesterday
by Sauli Vilen
24
We do this work for you guys And fortunately, capital doesn’t only need to be sought from Finland, as you’re absolutely right that fundraisings of that size would be challenging if limited to the domestic market. One thing CapMan has succeeded in over the last 10 years is diversifying...
yesterday
by Sauli Vilen
20
I’m reflecting on that back-of-the-envelope sketch Sauli scribbled nearly 3 years ago about how the company could perform while striving towards the new set targets. If I remember correctly, the targets for 10 billion AUM etc. were introduced around then. My own latest additions ...
2/16/2026, 11:54 AM
by Don Jari
19
Below is an image from the Q4 result material: Source: https://capman.com/wp-content/uploads/2026/02/CapMan-Q4-2025-presentation.pdf The so-called spearhead funds: Nordic Real Estate IV: target EUR 750m (the predecessor was, I believe, ~~500m) Dasos 4: target ~EUR 700m (exact size...
2/16/2026, 11:27 AM
by Sauli Vilen
18
I’ve come to the conclusion that the CEO’s interviews are completely useless. Truly poor communication. Even though Sauli or Kasper ask the right questions, the answer is always the same. Meaning, things went great! — Regardless of what the reported figures say. He’s seriously trying...
19 hours ago
by Tfoure
12
I bought this at the 2020 COVID lows. It was being hyped here and there. I did some digging and bought it. Well, dividends have certainly come in, but it seems to be quite a laggard. The valuation just won’t rise, no matter what. Like many others, I’m also puzzled by the way management...
yesterday
by Cezeta
7
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