CapMan: A small write-down expected from Russia
We have revised our 2022 forecasts clearly downward due to the Russia-related write-down and the weakened capital market. Estimates for the coming years have remained unchanged and we still expect strong performance from the company. Forward-looking valuation is still not particularly challenging and a strong dividend yield supports the share’s total expected return. The risk associated with result estimates has increased with the weakening of the capital market, but we still see a sufficiently attractive risk/return ratio for the share.
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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 Figures20.03.2022
| 2021 | 22e | 23e | |
|---|---|---|---|
| Revenue | 52.8 | 75.4 | 76.9 |
| growth-% | 22.8 % | 42.9 % | 2.0 % |
| EBIT (adj.) | 44.6 | 35.8 | 43.0 |
| EBIT-% (adj.) | 84.6 % | 47.4 % | 56.0 % |
| EPS (adj.) | 0.22 | 0.15 | 0.20 |
| Dividend | 0.15 | 0.16 | 0.17 |
| Dividend % | 4.9 % | 9.2 % | 9.8 % |
| P/E (adj.) | 13.9 | 11.4 | 8.9 |
| EV/EBITDA | 10.9 | 8.4 | 6.9 |
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