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Research

CapMan: No major drama in the drop in results

By Inderes
CapMan
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CapMan reported a much softer-than-expected Q1 results, and as a result, we lowered our earnings estimates for the coming years. However, there was no real drama in the results, as the most significant deviations from expectations were seen in investment and carried interest income, which are difficult to predict and fluctuate strongly between quarters.

CapMan

2.59EUR28.04.2023, 18.00
2.90EURTarget price
Accumulate
Changed from:Accumulate
Recommendation updated:29.04.2023

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.

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Key Estimate Figures29.04.2023

202223e24e
Revenue67.576.178.8
growth-%27.9 %12.7 %3.6 %
EBIT (adj.)53.134.947.0
EBIT-% (adj.)78.6 %45.9 %59.6 %
EPS (adj.)0.250.160.22
Dividend0.170.180.19
Dividend %6.3 %9.8 %10.3 %
P/E (adj.)10.811.58.5
EV/EBITDA8.39.87.3
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