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
  createdAt
  ... on Video {
    liveTime
  }
  ... on Webcast {
    liveTime
  }
  companies {
    viewerIsFollowing
    id
    name
    pageUrl
    forum {
      threadUrl
    }
    defaultInstrument {
      symbol
      id
    }
  }
  ...PublishingDetails
  ...Reactions
}

fragment ContentMetadata on Content {
  __isContent: __typename
  type
  title
  lang
  pageUrl
  alternatePageUrls: translations {
    __typename
    pageUrl
    lang
  }
  imgUrl
  description
  createdAt
  changedAt
  isPremium
  authors {
    __typename
    name
    pageUrl
    id
  }
  companies {
    name
    pageUrl
    id
  }
  tags {
    name
    id
  }
  ... on Video {
    liveTime
    videoUrl
    videoEmbedUrl(location: "inderes")
  }
  ... on Webcast {
    liveTime
    videoUrl
    videoEmbedUrl(location: "inderes")
  }
}

fragment ContentPageContentQuery_13QmVO on Query {
  content(slug: $contentSlug, type: $type) {
    __typename
    id
    type
    title
    isPremium
    lang
    htmlBody
    summary
    companies {
      forum {
        threadUrl
        latestPosts {
          ...ForumPosts
        }
      }
      name
      id
      viewerIsFollowing
      pageUrl
      defaultInstrument {
        isin
        id
        symbol
        marketOpen
        marketClose
        marketplace {
          region
        }
        returns {
          total
        }
      }
    }
    tags {
      viewerIsFollowing
      id
      name
      pageUrl
    }
    createdAt
    ... on Video {
      liveTime
    }
    ... on Webcast {
      liveTime
    }
    slug
    ... on CompanyReport {
      reportUrl
      researchContentUrl
      researchContent {
        title
        lang
        pdfUrl
        relatedContent {
          __typename
          ...PublishingDetails
          ...Reactions
          id
        }
        content {
          title
          lang
          htmlBody
          publishedAt
          createdAt
          changedAt
          isOutdated
          isPremium
        }
      }
    }
    ... 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
  publishers {
    name
    imgUrl
  }
  authors {
    __typename
    id
    name
    slug
    imgUrl
    jobTitle
  }
}

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
    }
  }
}


capman-steady-progress-in-fee-based-profitability-evli

__typename

title

isPremium

lang

htmlBody

summary

companies

createdAt

publishers

authors

reactionGroups

pageUrl

translations

imgUrl

description

changedAt

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.

Inderes              CapMan Oyj: Johdon liiketoimet - Kummu Capital Oy - Inderes    CapMan Oyj Pörssitiedote / Johtohenkilöiden liiketoimet 24.8.2026 klo 16.30CapMan Oyj: Johdon liiketoimet - Kummu Capital OyCapMan Oyj on vastaanottanut seuraavan markkinoiden väärinkäyttöasetuksen...

@Sauli_Vilen how do you see the next significant milestones and their (approximate) timeline? I’ve gotten a bit confused about the timeline at some point, and didn’t notice a clear mention of it in the latest analysis (the fault may of course be mine). Naturally, there is this general goal of getting the key fundraising over the finish line during 2027   In a way, I spent the beginning of the year waiting for those first closings, as the timeline for them had been hinted as being “within the coming months.” In the report, you mentioned that carried interest returns could be coming as early as the end of the year. Is that what I should keep an eye on next, or is it something else?

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 are very few companies for which multiple publicly available analyses are offered  Furthermore, this type of comparison usually requires a sum-of-the-parts calculation, as comparing DCF models or multiple-based analyses is rarely very fruitful.

Many thanks for this; it was exceptionally interesting to read a detailed examination of the differences and similarities between various analyses, as well as their potential reasons. One can only hope that analysts would have time to do this more often, for example on this forum, but I fully understand that it can be difficult to find the time for this alongside all other work.

Besides our own, there are two other analyses of CapMan available (SEB and Nordea). Both are high-quality analyses and are publicly available. You can also find Nordea’s in our service, but SEB’s has to be dug up from their own open portal.  Especially in valuation, it is good for an analyst to occasionally look at how colleagues approach a company’s value. I have put together a short comparison of our three valuations for CapMan here:   Regarding the investment portfolio, we are practically in agreement: everyone values it at roughly its book value (173 MEUR). I think this is a logical starting point, and I don’t see any justification for applying any kind of discount to it. Net debt is also practically the same for everyone.  When it comes to carried interest income, there are huge differences in our views. Nordea values these at only 25 MEUR, we at 54 MEUR, and SEB at as much as 92 MEUR. In SEB’s analysis, it stands out that they use a high annual performance fee flow of 9.2 MEUR and a high 10x multiple for it. Considering that CapMan’s average carried interest income for 2017–2025 has been a solid 4 MEUR, that sounds like a very aggressive forecast. I think Nordea’s rather pessimistic forecast is well justified, as CapMan’s track record on this in recent years has been quite lean, and large carried interest expectations have consistently been diluted and pushed forward. I personally see my own forecast as optimistic rather than pessimistic.  The second and more interesting difference is the treatment of minority interests, which is an exceptionally large issue for CapMan. We deduct the minority share of earnings directly from the fee-based income, as the teams directly own minorities in the companies they manage (Infra, Growth, etc.). Implicitly, our value for the minorities is over 40 MEUR, which is the highest of the group. SEB values the minorities at 21–27 MEUR, and Nordea at only 9 MEUR. I think the value given by Nordea, in particular, is very low, because for the last 12 months, the minority share of earnings is over 3 MEUR, and it will grow as the fee-based income scales. Of course, one could argue for a lower multiple for those minorities than for the fee-based income, since carried interest also affects the minority earnings. However, that 9 MEUR from Nordea, in particular, is in my opinion a clear error.  The management business then requires a bit of calculation to get comparable numbers. Nordea separates group expenses, and for both SEB and Nordea, minorities must be deducted from this management business value to arrive at a comparable number to ours. The comparable numbers are thus: Inderes 183, SEB 165 (calculated at the midpoint of the minorities), and Nordea 230. There is certainly a lot of variation in the values, but they are now roughly in the same ballpark. There are surprisingly large differences in the multiples. We use 15x, SEB 9–11x, and Nordea 10–12x. SEB and Nordea use the year 2027 in their forecasts, but we exceptionally use 2028, as 2028 is clearly a weaker result than 2027. 2027 will, with high probability, include significant catch-up fees for the funds, and thus, we believe the 2027 result looks too good. When we look at the fee-based income forecasts, we notice that 2026–2027 are almost identical, but there is a very large difference in the 2028 forecasts. To my ear, that SEB/Nordea 2028 sounds really high, because 2027 gets those previously mentioned catch-up fees. Both SEB and Nordea are significantly more aggressive than us regarding operating leverage and expect CapMan to succeed excellently in this over the next 2 years. As I have said here before, I have my own concerns about maintaining cost control and the realization of operating leverage.   Summa summarum, even though there are differences in the calculations, they all end up very close to each other: ours 2.1e, SEB 2.1–2.3e, and Nordea 1.8–2.2e. For everyone, the valuation also relies heavily on the realization of the 2027–2028 earnings improvement, i.e., successful new sales and operating leverage. If the operating leverage were to fizzle out and the valuation had to be done on the current fee-based income, the value of the management business would be roughly half of what it is now, and the sum of parts would collapse to somewhere around 1.5e. Hopefully, this was useful for those following CapMan!  Sources: Nordea, SEB, and Inderes Q2 reports on CapMan, as well as comprehensive reports from SEB and Inderes.

Over 20 years ago, I managed investments for the investment firm I represented, including investments in CapMan funds, and we had the opportunity to look into the incentive structures of the funds’ investment teams. It became clear that the teams effectively collect a large portion of the capital appreciation, which, of course, comes at the expense of those who invested in the funds and, in particular, the shareholders who own CapMan company. It is too large a portion, and that is why CapMan’s stock has not been an attractive investment target. Have the teams’ incentive principles been disclosed to analysts or CapMan shareholders nowadays?

News Powered by Cision              CapMan Natural Capital ja FSC I&P yhteistyöhön metsien ympäristö- ja...    CapMan Natural Capital -lehdistötiedote 14.08.2026 klo 10.00  CapMan Natural Capital ja FSC I&                             CapMan Natural Capital and FSC I&P partner to verify environmental and social impacts of forests CapMan Natural Capital and FSC International & Partnerships (FSC I&P) have launched a strategic partnership to apply the FSC Verified Impact framework to selected forest investment portfolios in developed European markets. Implementation is set to begin with forest holdings in Finland in 2026, followed by expansion to other key European forest regions in 2027. The collaboration covers forest investments within the CapMan Dasos European Forest Fund IV. FSC Verified Impact has been developed to verify the measurable environmental and social impacts of responsibly managed forests. The partnership addresses the growing demand from investors for reliable, transparent, and measurable data on sustainability outcomes alongside financial returns. As one of Europe’s leading natural capital investment platforms, CapMan Natural Capital manages forest and agricultural investments where sustainable management practices support the long-term value creation of the underlying assets. Through this collaboration, CapMan Natural Capital aims to more strongly demonstrate how responsible forest management can contribute to the preservation of biodiversity, climate change adaptation, and positive social impacts, while supporting the long-term return potential of the investments. In this project, FSC I&P, CapMan Natural Capital, and FSC’s European national offices will combine their expertise, share experiences, and develop practical insights on how verified forest impacts can be utilized in investment decision-making and natural capital-related strategies. The collaboration also supports CapMan’s commitment to responsible investment and value creation. By developing ways to measure and communicate the environmental and social impacts related to forests, CapMan Natural Capital seeks to promote the development of nature-based investment solutions in Europe.

CapMan

Q2 saw the Management Company business performing well, while investment returns were lacking. AUM growth of 3% q/q provides further support for continued good growth in fee-based profitability...

Q2 saw the Management Company business performing well, while investment returns were lacking. AUM growth of 3% q/q provides further support for continued good growth in fee-based profitability. 

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Capman: Steady progress in fee-based profitability - Evli

Capman: Steady progress in fee-based profitability - Evli