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CapMan: After earnings improvement the focus is on earnings mix

CAPMANResearch28.10.2021 klo 11.52
Sauli Vilén, Matias Arola
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The Q3 report was very strong in terms of figures but estimate changes have remained moderate as the earnings overshoot largely come from investments. The company's earnings improvement continues materializing strongly and the earnings outlook for the next few years is good. Relative to estimates, the share isn’t particularly expensive and this together with a strong dividend yield keeps the share’s return/risk ratio sufficient.

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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 page

Key Estimate Figures27.10.2021

202021e22e
Revenue43.058.174.4
growth-%-12.2 %35.2 %28.0 %
EBIT (adj.)12.346.445.3
EBIT-% (adj.)28.7 %79.8 %60.8 %
EPS (adj.)0.030.230.22
Dividend0.140.150.16
Dividend %6.1 %8.1 %8.6 %
P/E (adj.)70.18.18.5
EV/EBITDA28.76.86.8

Forum discussions

@Sauli_Vilen how do you see the next significant milestones and their (approximate) timeline? I’ve gotten a bit confused about the timeline ...
yesterday
3
Serving you investors is, after all, the most important task for us analysts! The reason why these aren’t done more often is likely that there...
8/21/2026, 6:17 PM
by Sauli Vilen
32
Many thanks for this; it was exceptionally interesting to read a detailed examination of the differences and similarities between various analyses...
8/21/2026, 3:31 PM
16
Besides our own, there are two other analyses of CapMan available (SEB and Nordea). Both are high-quality analyses and are publicly available...
8/21/2026, 9:33 AM
by Sauli Vilen
65
Over 20 years ago, I managed investments for the investment firm I represented, including investments in CapMan funds, and we had the opportunity...
8/20/2026, 5:21 AM
by Fanza
38
News Powered by Cision CapMan Natural Capital ja FSC I&P yhteistyöhön metsien ympäristö- ja... CapMan Natural Capital -lehdistötiedote 14.08...
8/14/2026, 7:05 AM
by Cadel
8
It is also worth noting that establishing the fund itself is an important milestone. Typically, in this industry, all subsequent investors pay...
8/11/2026, 2:37 PM
by Kermit
25