We expect major earnings growth from CapMan during 2019-2020 driven by solid execution of its growth strategy. If the earnings growth materializes there is a notable upside on multiples and strong + 8 % dividend yield lowers the risk profile of the stock. We are expecting the total shareholder return (TSR) for the period of 2019-2021 to be at an excellent level of 15-20 % per annum.