CapMan Oyj

Country:
Sector:
Market cap (m):
Finland
Investment Companies
EUR 270.34
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Reuters:
Website:
CAPMAN FH
CAPMAN.HE
Share price (close):
EUR 1.84

Latest Reports

9 AUG 2019
Commissioned Research: Positive momentum continues
CapMan's Q2 EBIT of EUR 6.3m beat consensus' estimate by 35%. The strong Q2 was driven by healthy growth in fee-based income, especially from the Services segment. The Management company business is also developing well, with AuM growth of +18% y/y. The fair value changes were positive despite a decline in general market valuation levels. The company is currently exiting several portfolio companies, which increases its carried interest potential for the next 12 months. CapMan is also raising capital for three funds currently and will likely publish new products during H2. We believe the company's outlook for paying a growing dividend seems safe. Our fair value range is EUR 1.7-2.1. Marketing material commissioned by CapMan Oyj.

26 APR 2019
Commissioned Research: New funds and services as growth factors
Q1 comparable EBIT was positively affected by growth in fee-based income (service income +88 y/y, management fees +9% y/y) in accordance with CapMan's strategy to increase the earnings stability. The carried interest, that tends to vary over time, was low but is expected to increase in H2 2019. A strong balance sheet, AuM growth and the ongoing fundraising pave the way for continuing growth in fee-based income, investment gains and annually increasing dividends. Marketing material commissioned by CapMan

Analysts: Harri Wallenius
1 FEB 2019
Commissioned Research: Solid strategic execution continues
CapMan's Q4 EBIT of EUR -2.9m was broadly in line with consensus of EUR -2.7m but above our estimate of EUR -4.5m, as we had assumed higher negative fair value changes (EUR -4m versus our estimate of EUR -5m). The strategy of creating more earnings stability remains well on track, with CapMan having increased its AuM to around EUR 3.4bn (EUR 3.0bn at end-2018). We believe that the acquisition of JAM Advisors should also help CapMan to broaden its distribution network and acquire new clients. We remain cautious and model in only half of the targeted EUR 0.5m annual cost synergies and do not assume any cross-selling opportunities in our estimates. Marketing material commissioned by CapMan Oyj

15 JAN 2019
Commissioned Research: Growth strategy well on track
CapMan continues to execute on its growth strategy, as shown by the recent EUR 320m increase in the BVK mandate. In Q4 2018, the company raised EUR 115m for its new infra fund and in the same quarter it started raising funds for its new buyout fund; both will boost future management fees and add earnings stability. Following the BVK news, we increase our 2019-20 EBIT estimates by 8% and 7%, respectively, but we take our 2018 estimate down significantly due to market volatility (the OMXH 25 was down 12% q/q in Q4). For Q4, we estimate the value of CapMan's market portfolio decreased by EUR 5m, although this is a non-cash expense. The market decline in Q4 also likely had a negative effect on the value of CapMan's private assets.

29 NOV 2018
Commissioned Research: CMD confirmed CapMan is heading the right way
CapMan hosted a CMD today where it reiterated its strategy, which aims to 1) stabilise earnings and 2) focus on shareholder returns by paying an increasing dividend. We expect management fee and service penetration (as a percentage of total sales) will increase to 65% and 22% by 2020, respectively, up from 56% and 20% in 2017. CapMan also intends to reallocate its legacy market portfolio of EUR 59m (mainly listed shares, ~25% of our SOTP enterprise value estimate) to private assets within the next 1-1.5 years, which we find positive as private equity is the company's core competence.

26 NOV 2018
Commissioned Research: Innovative private asset manager
CapMan is a leading investment and asset management company in the Nordic region with AuM of EUR 2.7bn. It focuses mainly on private equity (38% of AuM) and real estate (62%). After acquiring Norvestia in 2015, it grew significantly (with EBIT up from EUR 6.4m in 2014 to EUR 19.5m in 2017) and increased the utilisation of its own balance sheet for investing. The company is seeking new growth opportunities, eg from infrastructure and growth equity funds, but is also looking to increase its service sales. We expect it to maintain good earnings growth (we forecast a 9% EBIT CAGR in 2018E-20E) and to continue paying a steadily increasing dividend. Marketing material commissioned by CapMan.

Equity analysts

Key persons

CEO: Joakim Frimodig

CFO: Niko Haavisto

Chairman: Andreas Tallberg