CapMan: Time to deliver on promises

Av Inderes
We reiterate our EUR 2.8 target price and Accumulate recommendation for CapMan. We are still positive about the company’s growth story and find the long-term earnings expectation attractive. In the short term, the name of the game is clear, the company must bring its result to the next level this year. After an aggressive share price rise, the share is no longer cheap but if our estimates become reality, the share still offers a relatively good earnings expectation.