contentSlug

type

ContentSlug_ContentQuery

slug

ContentPageContentQuery

content

trendingContent

query ContentSlug_ContentQuery(
  $contentSlug: String!
  $type: [ContentType!]
) {
  ...ContentPageContentQuery_13QmVO
}

fragment CompanyDetails_Content on Content {
  __isContent: __typename
  companies {
    name
    description
    pageUrl
    id
  }
}

fragment ContentBasicInfo on Content {
  __isContent: __typename
  id
  type
  title
  lang
  companies {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  tags {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  ...PublishingDetails
  ...Reactions
}

fragment ContentMetadata on Content {
  __isContent: __typename
  type
  title
  lang
  pageUrl
  alternatePageUrls: translations {
    __typename
    pageUrl
    lang
  }
  imgUrl
  description
  ... on Video {
    liveTime
    videoUrl
  }
  ... on Webcast {
    liveTime
    videoUrl
  }
}

fragment ContentPageContentQuery_13QmVO on Query {
  content(slug: $contentSlug, type: $type) {
    __typename
    id
    type
    title
    isPremium
    lang
    htmlBody
    summary
    companies {
      forum {
        latestPosts {
          ...ForumPosts
        }
      }
      name
      id
      viewerIsFollowing
      pageUrl
      defaultInstrument {
        isin
        id
        marketOpen
        marketClose
        marketplace {
          region
        }
        returns {
          total
        }
      }
    }
    tags {
      viewerIsFollowing
      id
      name
      pageUrl
    }
    createdAt
    ... on Video {
      liveTime
    }
    ... on Webcast {
      liveTime
    }
    slug
    ... on CompanyReport {
      reportUrl
    }
    ... on ThirdPartyCompanyReport {
      reportUrl
    }
    ... on StockExchangeRelease {
      reportUrl
    }
    ...ContentBasicInfo
    ...ContentMetadata
    ...PriceAndRecommendation_Content
    ...CompanyDetails_Content
    ...ReportLink_Content
    ...KeyFigures_Content
  }
  ...TrendingContent_1jQ2Cn
}

fragment ForumPosts on ForumPost {
  text
  likesCount
  url
  author
  postedAt
  authorImgUrl
}

fragment KeyFigures_Content on Content {
  __isContent: __typename
  companies {
    defaultInstrument {
      estimateData {
        modelType
        reportingCurrency
      }
      snapshot {
        transaction {
          date
          actualized {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
            nav
            navPerShare
            opexOfNav
            quarterlySharePrice
          }
          estimates {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
            nav
            navPerShare
            opexOfNav
            quarterlySharePrice
          }
        }
      }
      id
    }
    id
  }
}

fragment PriceAndRecommendation_Content on Content {
  __isContent: __typename
  createdAt
  companies {
    name
    pageUrl
    defaultInstrument {
      priceData {
        tradeCurrency
      }
      snapshot {
        priceData {
          date
          lastPrice
          tradeCurrency
        }
        transaction {
          date
          recommendation
          targetPrice
        }
        prevTransaction {
          recommendation
        }
      }
      id
    }
    id
  }
}

fragment PublishingDetails on Content {
  __isContent: __typename
  createdAt
  publishers {
    name
    imgUrl
  }
  authors {
    __typename
    id
    name
    slug
    imgUrl
    jobTitle
  }
  ... on Video {
    liveTime
  }
  ... on Webcast {
    liveTime
  }
}

fragment Reactions on Content {
  __isContent: __typename
  id
  reactionGroups {
    reactionType
    reactionsCount
    viewerReacted
  }
}

fragment ReportLink_Content on Content {
  __isContent: __typename
  type
  isPremium
  ... on CompanyReport {
    reportUrl
  }
  ... on ThirdPartyCompanyReport {
    reportUrl
  }
  ... on StockExchangeRelease {
    reportUrl
  }
}

fragment TrendingContent_1jQ2Cn on Query {
  trendingContent(type: ARTICLE) {
    __typename
    id
    title
    lang
    pageUrl
    createdAt
    type
    imgUrl
    companies {
      squareLogoUrl
      name
      id
    }
    authors {
      __typename
      imgUrl
      id
    }
    publishers {
      imgUrl
    }
  }
}


__typename

title

isPremium

lang

htmlBody

summary

companies

createdAt

publishers

authors

reactionGroups

pageUrl

translations

imgUrl

description

Analyst

Kasper Mellas

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.

I don’t have any data on this, and the company doesn’t report the detailed success of individual exits. At a high level, the development of these individual assets can (and should) be monitored through the funds’ performance fees. In this business, the rules of the game are quite brutal. You have to generate good returns for investors, or else it is difficult to raise new capital. Therefore, the funds should, on average, reach performance fee levels, because otherwise, the equation doesn’t work. An example is the Buyout situation mentioned by @Hagking above, where a couple of weaker vintages led to a situation where new ones could no longer be raised. Of course, there will always be weaker vintages from time to time, but for every bad vintage, a manager should be able to show several good ones. In CapMan’s case, the results will be properly measured in the coming years as the exit market recovers and the company exits several flagship funds. These must yield significant performance fees, or something is wrong. The most important individual products are NRE2 and Infra1. And yes, the majority of CapMan’s value comes from management fees. However, without performance fees, there won’t be any management fees in the long run either

Can you give an estimate of what percentage of Capman’s funds make successful exits? Or are there complete misses included? Or if not at the company level, how much can these successes be estimated at the fund level? Funds are such a black box that you can’t really get a handle on what the true performance is by following casually. If it were so easy to just buy a company and make it good, Capman’s help wouldn’t be needed. I’ve gotten the impression from the comments that the company has quite competent personnel developing these firms; naturally, the teams’ minority stakes already ensure they do everything they can for good returns. My own view of Capman’s value is based entirely on management fees and recurring billing; regarding that, I should probably broaden my view so that these expenses don’t bother me as much. Fund carried interest (profit sharing) on top of this is a small option that comes if it comes, but it’s often overlooked because predicting them is complete guesswork on my part.

Usually, I always tell you not to get unnecessarily excited about individual assets because their significance to CapMan is small, but Valokuituinen is indeed an exception. It is one of the five investments in the Infra1 fund, and based on LinkedIn updates, it is an excellent and significantly sized exit. Infra1 already made an excellent exit from the ferry operator Norled, and as far as I understand, these two assets have been the fund’s largest. Why does this matter for CapMan then? With two successful major exits, the “path is open” for performance fees (carried interest), and the fund may enter the carry phase as soon as the next exit. We have modeled performance fees from the fund for 2026–2027, and this estimate now looks very sensible. Furthermore, this is a very important track record reference as the company is starting the fundraising for the Infra3 fund.

News Powered by Cision              CapMan Infra myy osuutensa Suomen johtavasta valokuituyhtiö Valokuitunen...    CapMan Infra lehdistötiedote 2.3.2026, klo 8.45 CapMan Infra myy osuutensa Suomen johtavasta                             CapMan Infra has agreed to sell its 60 percent ownership stake in Valokuitunen Oy, Finland’s largest builder of open fiber-optic connections, to Brookfield Infrastructure and Telia. Following the completion of the transaction, the buyers will own the company in its entirety. CapMan Nordic Infrastructure I (“CMNI I”) established Valokuitunen together with Telia in April 2020 to accelerate the construction of high-quality fiber-to-the-home (FTTH) connections in Finland. Since then, Valokuitunen has grown rapidly to become the country’s leading builder and owner of passive FTTH networks, enabling reliable and fast fiber-optic connections for households nationwide. The company operates on an open network model, offering services through multiple service providers, and is continuously expanding its nationwide coverage, which currently reaches over 400,000 households. During CapMan Infra’s ownership, Valokuitunen has grown significantly by strengthening its operational activities through the market’s most advanced partnerships in construction and sales, and by improving the customer experience based on the open network model. The company has also built the industry’s most recognized brand nationwide. This has supported Valokuitunen’s strong financial growth and made the company a key player in the development of Finnish digital infrastructure. The completion of the transaction is expected to take place around mid-2026.

News Powered by Cision              CapMan Growth sijoittaa Kuntokeskus Liikku -kuntosaliketjuun    CapMan Growth lehdistötiedote 26.2.2026, klo 11.00  CapMan Growth sijoittaa Kuntokeskus Liikku                             CapMan Growth invests in the Kuntokeskus Liikku gym chain CapMan Growth Equity Fund III has signed an agreement for a significant investment in the Kuntokeskus Liikku gym chain, known for high-quality gyms with an excellent price-quality ratio. With this investment, the company further strengthens its position as a market leader and continues to implement its growth strategy. Liikku is one of Finland’s leading gym chains, and its more than 70 locations across Finland already serve nearly 90,000 customers. The company’s concept is to offer customers high-standard self-service gyms at an exceptionally competitive price, which, combined with high operational efficiency, creates a strong foundation for profitable growth. The company has grown strongly over the past few years and demonstrated its ability to build a profitable business. At the core of its growth strategy is the opening of new locations in several municipalities annually. The goal is to support the well-being of Finns by serving an even wider customer base and responding to the growing demand for high-quality and easily accessible gym services throughout Finland. The company’s majority owner is COR Group, with whom CapMan Growth has a long history of cooperation. COR Group is a Finnish health and wellness group known in its industry for active ownership and long-term value creation. The investment is the fifth for the CapMan Growth Equity Fund III.

News Powered by Cision              CapMan Infran kohdeyhtiö Koiviston Auto Groupille noin 300 miljoonan euron...    CapMan Infra lehdistötiedote 23.2.2026, klo 16.00 CapMan Infran kohdeyhtiö Koiviston Auto                             CapMan Infra’s portfolio company Koiviston Auto Group, Finland’s largest bus operator, has signed a €300 million financing package. The financing arrangement consists of the refinancing of the group’s existing loans and new growth financing to support the company’s investments in its rapidly growing electric bus fleet. The financing package was granted by a lender group comprising Nord/LB, ABN AMRO, Edmond de Rothschild, LBP AM, and Siemens. The arrangement strengthens Koiviston Auto’s financial base and provides significant flexibility for the implementation of the company’s growth strategy focused on sustainable public transportation. The CapMan Nordic Infrastructure I fund acquired Koiviston Auto in December 2021 to support the company’s expansion and operational development. The group currently serves communities nationwide and is a pioneer in the transition to emission-free public transport in Finland. The company has approximately 300 electric buses in operation, and more than 50 new electric buses are expected to enter service during 2026, further accelerating the electrification of the fleet.

Investor Kyösti Kakkonen repeatedly vents his frustration with CapMan as a guest of Mikko Jylhä on Miltton’s Pörssipodi.  Kakkonen has been a CapMan shareholder for a couple of decades already, but now his patience has run out, and the formerly third-largest shareholder has begun selling off shares in earnest over the past year. During the period between December 31, 2024, and December 31, 2025, Kakkonen has sold well over 75 percent of his holdings. And I believe that the remaining portion will be sold during this year, either in blocks or directly into the market.

CapMan

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.

<p>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.&#xa0;</p>

	2023	24e	25e
Revenue	59.4	73.2	80.6
growth-%	-12.1 %	23.3 %	10.1 %
EBIT (adj.)	6.7	33.4	45.7
EBIT-% (adj.)	11.4 %	45.6 %	56.6 %
EPS (adj.)	0.02	0.11	0.18
Dividend	0.10	0.12	0.17
Dividend %	4.4 %	6.6 %	9.7 %
P/E (adj.)	107.2	16.4	10.2
EV/EBITDA	68.7	11.6	8.3

CapMan: Valuation not too challenging

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Key Estimate Figures08.08.2024

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