All eyes on the management business
We maintain our Accumulate recommendation with 1.85 EUR target price for CapMan. Company is progressing well with its updated strategy and we see that the current strategy is moving company closer to its full potential. Due to the strong rally in share price the valuation is fairly neutral (P/B 1.9x) and the future upside relies heavily on the success of the new strategy. If CapMan is able to turn its management business clearly profitable, it would support the acceptable valuation through a lower risk profile. Strong and fairly low risk dividend yield (6.3 %) together with the upside potential in the management business is enough to justify the positive recommendation.
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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 Figures02.11.2017
| 2016 | 17e | 18e | |
|---|---|---|---|
| Revenue | 26.7 | 34.0 | 40.8 |
| growth-% | -16.0 % | 27.5 % | 20.0 % |
| EBIT (adj.) | 18.7 | 28.2 | 24.5 |
| EBIT-% (adj.) | 69.9 % | 82.8 % | 60.1 % |
| EPS (adj.) | 0.10 | 0.15 | 0.12 |
| Dividend | 0.09 | 0.11 | 0.12 |
| Dividend % | 7.1 % | 6.3 % | 6.9 % |
| P/E (adj.) | 12.9 | 11.8 | 14.4 |
| EV/EBITDA | 10.7 | 10.5 | 11.7 |
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