CapMan: New growth from forests
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
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 pageKey Estimate Figures06.03
2023 | 24e | 25e | |
---|---|---|---|
Revenue | 59.4 | 69.2 | 79.7 |
growth-% | -12.09 % | 16.59 % | 15.16 % |
EBIT (adj.) | 6.7 | 32.2 | 46.7 |
EBIT-% (adj.) | 11.35 % | 46.45 % | 58.62 % |
EPS (adj.) | 0.02 | 0.12 | 0.19 |
Dividend | 0.10 | 0.12 | 0.21 |
Dividend % | 4.37 % | 6.96 % | 12.27 % |
P/E (adj.) | 107.18 | 14.85 | 9.17 |
EV/EBITDA | 68.74 | 11.04 | 7.60 |