| Valuation method | Value, £ | Upside, % |
|---|---|---|
| Artificial intelligence (AI) | 28.90 | 1413 |
| Intrinsic value (DCF) | 1.20 | -37 |
| Graham-Dodd Method | 0.90 | -53 |
| Graham Formula | 1.80 | -6 |
CapMan Oyj is a leading Nordic private assets management and investment firm specializing in private equity, venture capital, real estate, and infrastructure investments. Founded in 1989 and headquartered in Helsinki, Finland, CapMan operates across the Nordic region with offices in Stockholm, Copenhagen, Oslo, Luxembourg, and London. The firm manages closed-end and open-ended funds, focusing on value creation through growth capital, buyouts, recapitalizations, and mezzanine financing in unquoted companies. CapMan's diversified portfolio spans industries such as energy, transportation, and telecommunications, with a strong emphasis on responsible investing as a signatory of the UN Principles for Responsible Investment (PRI) since 2012. Listed on Nasdaq Helsinki since 2001, CapMan leverages its deep regional expertise and active management approach to deliver strong returns for investors. The firm's strategic focus on the Nordic middle market and infrastructure sectors positions it as a key player in the region's private equity landscape.
CapMan Oyj presents a compelling investment opportunity due to its strong foothold in the Nordic private equity and asset management markets, supported by a diversified portfolio and a disciplined investment approach. The firm's solid financial performance, with a net income of €68.57 million in the latest fiscal year and a healthy cash position of €90.14 million, underscores its stability. However, investors should consider the inherent risks of private equity investments, including market volatility and illiquidity. CapMan's low beta of 0.517 suggests lower market risk compared to peers, but its reliance on fund performance fees and carried interest could lead to earnings variability. The dividend yield of €0.11 per share provides income appeal, though the firm's growth prospects are closely tied to the Nordic economic environment and its ability to execute successful exits.
CapMan Oyj's competitive advantage lies in its deep regional expertise and strong network across the Nordic private equity and infrastructure markets. The firm's active management approach and focus on middle-market buyouts and growth capital investments differentiate it from larger global players. CapMan's ability to identify and nurture undervalued assets in the Nordics, combined with its sector-specific funds, enhances its value proposition. However, the firm faces competition from both local and international private equity firms, which may have greater resources or broader geographic reach. CapMan's commitment to responsible investing (PRI signatory) also strengthens its brand among ESG-focused investors. The firm's relatively small market cap (€321 million) limits its ability to compete for mega-deals, but its niche focus on the Nordic middle market allows for specialized due diligence and value creation. CapMan's real estate and infrastructure segments provide diversification, though these areas are also highly competitive. The firm's performance will depend on its ability to maintain strong fund returns and secure high-quality exit opportunities in a challenging macroeconomic environment.