contentSlug

type

ContentSlug_ContentQuery

slug

ContentPageContentQuery

content

trendingContent

query ContentSlug_ContentQuery(
  $contentSlug: String!
  $type: [ContentType!]
) {
  ...ContentPageContentQuery_13QmVO
}

fragment CompanyDetails_Content on Content {
  __isContent: __typename
  companies {
    name
    description
    pageUrl
    id
  }
}

fragment ContentBasicInfo on Content {
  __isContent: __typename
  id
  type
  title
  lang
  companies {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  tags {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  ...PublishingDetails
  ...Reactions
}

fragment ContentMetadata on Content {
  __isContent: __typename
  type
  title
  lang
  pageUrl
  alternatePageUrls: translations {
    __typename
    pageUrl
    lang
  }
  imgUrl
  description
  ... on Video {
    liveTime
    videoUrl
  }
  ... on Webcast {
    liveTime
    videoUrl
  }
}

fragment ContentPageContentQuery_13QmVO on Query {
  content(slug: $contentSlug, type: $type) {
    __typename
    id
    type
    title
    isPremium
    lang
    htmlBody
    summary
    companies {
      forum {
        latestPosts {
          ...ForumPosts
        }
      }
      name
      id
      viewerIsFollowing
      pageUrl
      defaultInstrument {
        isin
        id
        marketOpen
        marketClose
        marketplace {
          region
        }
        returns {
          total
        }
      }
    }
    tags {
      viewerIsFollowing
      id
      name
      pageUrl
    }
    createdAt
    ... on Video {
      liveTime
    }
    ... on Webcast {
      liveTime
    }
    slug
    ... on CompanyReport {
      reportUrl
      researchContentUrl
    }
    ... on ThirdPartyCompanyReport {
      reportUrl
    }
    ... on StockExchangeRelease {
      reportUrl
    }
    ...ContentBasicInfo
    ...ContentMetadata
    ...PriceAndRecommendation_Content
    ...CompanyDetails_Content
    ...ReportLink_Content
    ...KeyFigures_Content
  }
  ...TrendingContent_1jQ2Cn
}

fragment ForumPosts on ForumPost {
  text
  likesCount
  url
  author
  postedAt
  authorImgUrl
}

fragment KeyFigures_Content on Content {
  __isContent: __typename
  companies {
    defaultInstrument {
      estimateData {
        modelType
        reportingCurrency
      }
      snapshot {
        transaction {
          date
          actualized {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
            nav
            navPerShare
            opexOfNav
            quarterlySharePrice
          }
          estimates {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
            nav
            navPerShare
            opexOfNav
            quarterlySharePrice
          }
        }
      }
      id
    }
    id
  }
}

fragment PriceAndRecommendation_Content on Content {
  __isContent: __typename
  createdAt
  companies {
    name
    pageUrl
    defaultInstrument {
      priceData {
        tradeCurrency
      }
      snapshot {
        priceData {
          date
          lastPrice
          tradeCurrency
        }
        transaction {
          date
          recommendation
          targetPrice
        }
        prevTransaction {
          recommendation
        }
      }
      id
    }
    id
  }
}

fragment PublishingDetails on Content {
  __isContent: __typename
  createdAt
  publishers {
    name
    imgUrl
  }
  authors {
    __typename
    id
    name
    slug
    imgUrl
    jobTitle
  }
  ... on Video {
    liveTime
  }
  ... on Webcast {
    liveTime
  }
}

fragment Reactions on Content {
  __isContent: __typename
  id
  reactionGroups {
    reactionType
    reactionsCount
    viewerReacted
  }
}

fragment ReportLink_Content on Content {
  __isContent: __typename
  type
  isPremium
  ... on CompanyReport {
    reportUrl
  }
  ... on ThirdPartyCompanyReport {
    reportUrl
  }
  ... on StockExchangeRelease {
    reportUrl
  }
}

fragment TrendingContent_1jQ2Cn on Query {
  trendingContent(type: ARTICLE) {
    __typename
    id
    title
    lang
    pageUrl
    createdAt
    type
    imgUrl
    companies {
      squareLogoUrl
      name
      id
    }
    authors {
      __typename
      imgUrl
      id
    }
    publishers {
      imgUrl
    }
  }
}


__typename

title

isPremium

lang

htmlBody

summary

companies

createdAt

publishers

authors

reactionGroups

pageUrl

translations

imgUrl

description

Analyst

Sauli Vilén

Kasper Mellas

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.

CEO’s review of yesterday’s AGM!                    Inderes              CapManin yhtiökokous | Toimitusjohtajan katsaus 25.3.2026 - Inderes    Aika: 26.03.2026 klo 15.20 Toimitusjohtaja Pia Kållin katsaus CapManin yhtiökokouksesta 25.3.2026.

Here are Sale’s comments regarding the recent CapMan announcement above.                    Inderes              CapMan laajentaa infrastruktuurivelkaan - Inderes    Kyseessä on CapManille uusi omaisuuslaji, mutta lähivuosien ennusteisiin emme näe tarpeellista tehdä muutoksia.

News Powered by Cision              CapMan ja CAERUS laajentavat Euroopan infrastruktuurivelkamarkkinoille    CapMan Oyj lehdistötiedote 19.3.2026, klo 08.00    CapMan ja CAERUS laajentavat Euroopan                             CapMan, together with CAERUS, is expanding its Real Asset Debt investment area into infrastructure debt. CapMan established its Real Asset Debt investment area, which focuses on real asset debt, upon acquiring a majority stake in CAERUS Debt Investments in June 2025. The new infrastructure debt strategy will be led by René Kassis, who has over 30 years of experience in building and developing infrastructure debt investment strategies. During his career, Kassis built a European real estate and infrastructure debt platform for the international investment firm LBP AM, with assets under management exceeding EUR 6 billion. Previously, he developed Dexia’s infrastructure business into one of the world’s three largest infrastructure banks. The expansion enables CapMan and CAERUS to operate in a rapidly growing market segment. According to recent market reports, the financing needs for infrastructure investments in Europe are growing significantly, particularly in projects that strengthen operational reliability and self-sufficiency and promote the transition toward a low-carbon economy. At the same time, CapMan and CAERUS are strengthening their presence in Western Europe by opening an office in Paris under Kassis’s leadership.

I don’t have any data on this, and the company doesn’t report the detailed success of individual exits. At a high level, the development of these individual assets can (and should) be monitored through the funds’ performance fees. In this business, the rules of the game are quite brutal. You have to generate good returns for investors, or else it is difficult to raise new capital. Therefore, the funds should, on average, reach performance fee levels, because otherwise, the equation doesn’t work. An example is the Buyout situation mentioned by @Hagking above, where a couple of weaker vintages led to a situation where new ones could no longer be raised. Of course, there will always be weaker vintages from time to time, but for every bad vintage, a manager should be able to show several good ones. In CapMan’s case, the results will be properly measured in the coming years as the exit market recovers and the company exits several flagship funds. These must yield significant performance fees, or something is wrong. The most important individual products are NRE2 and Infra1. And yes, the majority of CapMan’s value comes from management fees. However, without performance fees, there won’t be any management fees in the long run either

Can you give an estimate of what percentage of Capman’s funds make successful exits? Or are there complete misses included? Or if not at the company level, how much can these successes be estimated at the fund level? Funds are such a black box that you can’t really get a handle on what the true performance is by following casually. If it were so easy to just buy a company and make it good, Capman’s help wouldn’t be needed. I’ve gotten the impression from the comments that the company has quite competent personnel developing these firms; naturally, the teams’ minority stakes already ensure they do everything they can for good returns. My own view of Capman’s value is based entirely on management fees and recurring billing; regarding that, I should probably broaden my view so that these expenses don’t bother me as much. Fund carried interest (profit sharing) on top of this is a small option that comes if it comes, but it’s often overlooked because predicting them is complete guesswork on my part.

Usually, I always tell you not to get unnecessarily excited about individual assets because their significance to CapMan is small, but Valokuituinen is indeed an exception. It is one of the five investments in the Infra1 fund, and based on LinkedIn updates, it is an excellent and significantly sized exit. Infra1 already made an excellent exit from the ferry operator Norled, and as far as I understand, these two assets have been the fund’s largest. Why does this matter for CapMan then? With two successful major exits, the “path is open” for performance fees (carried interest), and the fund may enter the carry phase as soon as the next exit. We have modeled performance fees from the fund for 2026–2027, and this estimate now looks very sensible. Furthermore, this is a very important track record reference as the company is starting the fundraising for the Infra3 fund.

News Powered by Cision              CapMan Infra myy osuutensa Suomen johtavasta valokuituyhtiö Valokuitunen...    CapMan Infra lehdistötiedote 2.3.2026, klo 8.45 CapMan Infra myy osuutensa Suomen johtavasta                             CapMan Infra has agreed to sell its 60 percent ownership stake in Valokuitunen Oy, Finland’s largest builder of open fiber-optic connections, to Brookfield Infrastructure and Telia. Following the completion of the transaction, the buyers will own the company in its entirety. CapMan Nordic Infrastructure I (“CMNI I”) established Valokuitunen together with Telia in April 2020 to accelerate the construction of high-quality fiber-to-the-home (FTTH) connections in Finland. Since then, Valokuitunen has grown rapidly to become the country’s leading builder and owner of passive FTTH networks, enabling reliable and fast fiber-optic connections for households nationwide. The company operates on an open network model, offering services through multiple service providers, and is continuously expanding its nationwide coverage, which currently reaches over 400,000 households. During CapMan Infra’s ownership, Valokuitunen has grown significantly by strengthening its operational activities through the market’s most advanced partnerships in construction and sales, and by improving the customer experience based on the open network model. The company has also built the industry’s most recognized brand nationwide. This has supported Valokuitunen’s strong financial growth and made the company a key player in the development of Finnish digital infrastructure. The completion of the transaction is expected to take place around mid-2026.

CapMan

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.

<p>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.</p> 

	2021	22e	23e
Revenue	52.8	66.8	79.5
growth-%	22.8 %	26.5 %	19.0 %
EBIT (adj.)	44.6	54.9	41.3
EBIT-% (adj.)	84.6 %	82.3 %	52.0 %
EPS (adj.)	0.22	0.26	0.19
Dividend	0.15	0.16	0.17
Dividend %	4.9 %	9.2 %	9.8 %
P/E (adj.)	13.9	6.6	9.4
EV/EBITDA	10.9	5.8	7.8

CapMan: Making good progress with the strategy

Key Estimate Figures2022-11-13

Forum discussions