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CapMan: After earnings improvement the focus is on earnings mix

CAPMANResearch2021-10-28 10:52
Sauli Vilén, Matias Arola
Discuss
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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 next few years is good. Relative to estimates, the share isn’t particularly expensive and this together with a strong dividend yield keeps the share’s return/risk ratio sufficient.

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.

Read more on company page

Key Estimate Figures2021-10-27

202021e22e
Revenue43.058.174.4
growth-%-12.2 %35.2 %28.0 %
EBIT (adj.)12.346.445.3
EBIT-% (adj.)28.7 %79.8 %60.8 %
EPS (adj.)0.030.230.22
Dividend0.140.150.16
Dividend %6.1 %8.5 %9.1 %
P/E (adj.)70.17.68.1
EV/EBITDA28.76.56.5

Forum discussions

News Powered by Cision CapManin hallitus on päättänyt varsinaisen yhtiökokouksen valtuuttamasta... CapMan Oyj Pörssitiedote / Muut pörssin s...
9/8/2026, 8:04 AM
by Cadel
17
Familiar from the “Alokas haastattelee” (Beginner interviews) thread CapMan’s CEO Pia Kåll was there to talk about her company as an investment...
9/7/2026, 3:28 PM
by Sijoittaja-alokas
6
Apologies for the delayed response! The best overview of the total fundraising can be seen from CapMan’s own slides: Personally, I expect Infra3...
8/31/2026, 9:47 AM
by Sauli Vilen
21
Inderes CapMan Oyj: Johdon liiketoimet - Kummu Capital Oy - Inderes CapMan Oyj Pörssitiedote / Johtohenkilöiden liiketoimet 24.8.2026 klo 16...
8/24/2026, 3:16 PM
by Tuuukka
11
@Sauli_Vilen how do you see the next significant milestones and their (approximate) timeline? I’ve gotten a bit confused about the timeline ...
8/22/2026, 10:44 AM
3
Serving you investors is, after all, the most important task for us analysts! The reason why these aren’t done more often is likely that there...
8/21/2026, 6:17 PM
by Sauli Vilen
36
Many thanks for this; it was exceptionally interesting to read a detailed examination of the differences and similarities between various analyses...
8/21/2026, 3:31 PM
19