CapMan: No reason to hop off
After the Q2 report, we revised our estimates upward due to a strong outlook. Currently, CapMan’s earnings are improving quickly. Relative to the estimated earnings improvement, the share is still not particularly expensive and this together with a strong dividend yield keeps the share’s return/risk ratio sufficient. We do, however, point out that the current share price level is difficult to justify without improved earnings and that there is no room for error in this regard.
CapMan
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.
Read more on company pageKey Estimate Figures2021-08-05
2020 | 21e | 22e | |
---|---|---|---|
Revenue | 43.0 | 59.3 | 68.7 |
growth-% | -12.22 % | 38.05 % | 15.82 % |
EBIT (adj.) | 12.3 | 49.0 | 43.7 |
EBIT-% (adj.) | 28.70 % | 82.56 % | 63.57 % |
EPS (adj.) | 0.03 | 0.24 | 0.21 |
Dividend | 0.14 | 0.15 | 0.16 |
Dividend % | 6.05 % | 7.61 % | 8.12 % |
P/E (adj.) | 70.13 | 8.11 | 9.55 |
EV/EBITDA | 28.69 | 6.87 | 7.78 |