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Research

CapMan: New growth from forests

CapMan
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We have updated our CapMan forecast with the acquisition of Dasos Capital. As the transaction was executed at approximately CapMan’s multiples, it has no material impact on our EPS forecasts. We think the stock is cheap relative to the normal earnings level we have set for CapMan, but to get there will require a pick-up in new sales in particular.

CapMan

1.94EUR05.03.2024, 18.00
2.20EURTarget price
Accumulate
Changed from:Accumulate
Recommendation updated:06.03.2024

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 Figures06.03.2024

202324e25e
202324e25e
Revenue59.469.279.7
growth-%-12.1 %16.6 %15.2 %
EBIT (adj.)6.732.246.7
EBIT-% (adj.)11.4 %46.5 %58.6 %
EPS (adj.)0.020.120.19
Dividend0.100.120.21
Dividend %4.4 %6.6 %11.7 %
P/E (adj.)107.215.69.6
EV/EBITDA68.711.57.9
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  • Bredgade 23B, 2. sal
    1260 København K
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