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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 early-year performance of asset managers was moderate, and earnings growth should accelerate clearly in the second half of the year, driven by a strong market.
CapMan's Q2 top-line figures and profitability both came in below our expectations. Adjusted EBIT was EUR 3.9m (our estimate: EUR 7.5m), and revenues reached EUR 15.2m (our estimate: EUR 18.7m). Relative to our estimates, the profitability miss was driven...
CapMan's Q2 numbers were lacklucster, but the rapid progress in fundraising was critical for the earnings improvement in the coming years. If the earnings improvement materializes as estimated, the stock is cheap.
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...
Ahead of CapMan's Q2 2026 results on 8 August, we make slight revisions to our estimates, mainly to reflect the fist closes in two flagship funds. Supported by two new funds, we expect AuM to grow to EUR ~7.7bn (Q1: EUR 7.2bn). We model fee income of...
