CapMan: Valuation not too challenging
CapMan reported mixed Q2 operational results. Management Business results exceeded our expectations, but we believe the earnings beat was mainly due to one-off items. At the same time, the cost level was higher than we expected. Investment income, and therefore also EBIT, landed below our forecast. As a result, we have slightly lowered our earnings forecasts for the coming years.
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 Figures08.08
2023 | 24e | 25e | |
---|---|---|---|
Revenue | 59.4 | 73.2 | 80.6 |
growth-% | -12.09 % | 23.29 % | 10.12 % |
EBIT (adj.) | 6.7 | 33.4 | 45.7 |
EBIT-% (adj.) | 11.35 % | 45.57 % | 56.65 % |
EPS (adj.) | 0.02 | 0.11 | 0.18 |
Dividend | 0.10 | 0.12 | 0.17 |
Dividend % | 4.37 % | 6.96 % | 10.14 % |
P/E (adj.) | 107.18 | 15.58 | 9.72 |
EV/EBITDA | 68.74 | 11.10 | 7.92 |