CapMan Oyj

CapMan is a leading investment and asset management company in the Nordic region.

Commissioned research: Innovative private asset manager

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.

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