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Research

CapMan: A small write-down expected from Russia

CapMan
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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.

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Key Estimate Figures20.03.2022

202122e23e
Revenue52.875.476.9
growth-%22.8 %42.9 %2.0 %
EBIT (adj.)44.635.843.0
EBIT-% (adj.)84.6 %47.4 %56.0 %
EPS (adj.)0.220.150.20
Dividend0.150.160.17
Dividend %4.9 %8.5 %9.1 %
P/E (adj.)13.912.29.6
EV/EBITDA10.99.07.4

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