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CapMan Oyj (0E1L) fair value: what the stock is really worth

As of Oct 2, 2026: fair value of CapMan Oyj €2.23, price €1.74, upside +27.9%, quality 57 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? Yes
  2. Good quality? Yes
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Energy · GB · Home Finland · ISIN FI0009009377

CO Broad data Sep 24, 2026

CapMan Oyj

0E1L · LSE

UndervaluedThe stock appears undervalued with acceptable quality.

✓Fair value €2.23 · Undervalued (+27.9%)
!Quality 57/100
!Weak Growth (revenue 5y +7.9 %/yr)
✓Solidly profitable · 18.7% net margin (TTM)
!Low debt · negative free cash flow
!6.9% dividend yield · Watch coverage
!Moderate moat 47/100

What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

€2.55 €0.7053 Fair Value €2.23 Sep 2016 Oct 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.

How to read this chart

60‑month range €0.7053 – €2.55 · fair‑value band €0.9700 – €2.89 · the €1.74 price screens below the €2.23 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 24, 2026.

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Company profile

CapMan Oyj is a leading Nordic private assets management and investment firm with an active approach to value creation and private equity and venture capital firm specializing in growth capital investments, industry consolidation, special situations, turnaround, recapitalization, middle market buyouts, credit and mezzanine financing in unquoted companies, …

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CapMan Oyj is a leading Nordic private assets management and investment firm with an active approach to value creation and private equity and venture capital firm specializing in growth capital investments, industry consolidation, special situations, turnaround, recapitalization, middle market buyouts, credit and mezzanine financing in unquoted companies, investments in value-add and income focused real estate, transportation, infrastructure assets, real asset debt, natural capital, telecommunications infrastructure and investments in small and mid-cap companies. The firm manages typically closed-end funds that invest in companies and assets based in the Nordic countries in accordance with the fund's strategy. Within private equity firm invest between 15 million ($17.46 million) and 75 million ($87.33 million). Within private equity it seeks to take both minority and majority stakes in its investment portfolios. The funds typically exit their investments in three to six years through trade sales and IPOs. The firm also manages some open-ended funds. CapMan Oyj was founded in 1989 and is based in Helsinki, Finland with additional offices in Europe. CapMan Oyj is listed on Nasdaq Helsinki since 2001 and is a signatory of the UN Principles for Responsible Investment (PRI) since 2012.

Stock analysis

CapMan Oyj (0E1L) currently trades at €1.74, while our model-based Fair Value estimate is €2.23, implying the stock looks roughly 21.8% undervalued today.

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Valuation

Bull case: the DCF Models group reads highest at a median of €3.09 per share, and 7 of the 17 models we run sit above the €1.74 price.

Bear case: the Asset-Based group reads lowest at €0.8600, and 10 of the 17 models stay below the price. Evidence for this calculation is high.

Scenario range: €0.9700 (bear) to €2.89 (bull), the price of €1.74 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.

Quality & growth

The Quality Score stands at 57/100 (solid quality), in the Energy sector.

Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.

CapMan Oyj reported revenue of €63.1M in FY2025 versus €52.8M in FY2021, a compound +4.5%/yr. Reported net income was €13.2M in FY2025, compounding −21.3%/yr from FY2021.

Key figures

Market cap €266M · P/E ratio 0.1 · P/S ratio 0.01 · EPS (TTM) €0.2500 · Dividend yield 6.9% · Net margin 20.9% · Return on equity 8.0% · Return on assets (EBIT) 10.4%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 42 out of 100 (low confidence).

What moves the price

The share trades about 9% below its 52-week high and 3% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Energy peers we cover trades at −20% fair-value upside, at 28%, 0E1L screens cheaper than that median.

Fair Value models

Bear €0.9700 Fair Value €2.23 Bull €2.89
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then (€0.0983 per share) are deliberately not added. Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds. Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Highest evidence
Residual Income €0.9500 €0.9800 €1.04 76
EPV €0.8700 €1.00 €1.09 74
Owner Earnings €1.50 €3.09 €5.85 72
All 17 models by family
DCF Models
Owner Earnings €1.50 €3.09 €5.85 72
Earnings-Based
Graham-Dodd €0.6100 €4.26 €5.97 63
Lynch FV €1.56 €2.23 €2.89 61
PEG = 1.0 €1.56 €2.23 €2.89 57
EPV €0.8700 €1.00 €1.09 74
Dividend Discount
Gordon GGM €1.30 €2.18 €2.83 68
DDM Multi-Stage €1.30 €2.07 €2.35 67
Multiples
P/E Multiple €0.9400 €1.26 €1.57 63
P/S Multiple €0.3900 €0.5200 €0.6400 58
P/B Multiple €1.14 €1.53 €1.91 55
EV/EBIT €1.04 €1.44 €1.83 66
EV/EBITDA €0.6600 €0.9300 €1.20 67
EV/Revenue €0.2200 €0.3700 €0.5300 52
Asset-Based
NCAV (Graham) €0.6400 €0.8600 €1.28 54
Economic Profit
Residual Income €0.9500 €0.9800 €1.04 76
ROIC Compounder €0.8700 €1.00 €1.09 72
Growth Earnings
Growth-Adj P/E €1.74 €2.49 €3.23 67

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Quality Score breakdown

Overall quality 57/100

Of which business quality 52 · Market factors (momentum, volatility) 54

Profitability 39
Margins and returns on capital today
Quality Growth 74
Are margins and returns improving?
Cashflow 0
Earnings quality: real cash, not paper profit
Fin. Strength 62
Balance sheet, leverage, solvency risk
Investment 70
Disciplined investing over empire-building
Low Volatility 96
Calm price path (market factor)
Momentum 41
Price trend over the last 3–12 months (market factor)
52W Momentum 29
Distance to the 52-week high (market factor)
Net Issuance 100
Share count: buybacks or dilution?

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Revenue & earnings trend

Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card. 40/100
Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Revenue growth 1 year
+9.4%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−2.3%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+7.9%
Start year 2020 (pandemic). Over 10 years: +5.4% a year
Revenue growth 23 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+5.1%
Profit margin (trend) ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.
29.2% (2020) → 36.8% (2025)

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Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

Oil & gas

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ConocoPhillips explores for, COP $127.06 $91.42 −28%
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CapMan Oyj · Fair Value
€2.23 +22%Fair Value
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Cite: Fair Value Calculator (2026). "CapMan Oyj Fair Value". https://www.fairvalue-calculator.com/stock/0E1L

Frequently asked questions

Is CapMan Oyj (0E1L) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of €2.23 versus a price of €1.74, about +28% upside (undervalued).
What is the fair value of 0E1L?
Our model-based fair value for CapMan Oyj is €2.23 (as of Sep 24, 2026), built from audited fundamentals. The current price: €1.74.
What is the quality score of 0E1L?
CapMan Oyj has a Quality Score of 57/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for CapMan Oyj (0E1L)?
Our model-based price target is the fair value of €2.23 (as of Sep 24, 2026) from 17 valuation models. Cautious scenario €0.9700, optimistic scenario €2.89. It is a calculation from audited fundamentals, not an analyst target.
What is the CapMan Oyj stock forecast for 2026?
Our models put fair value at €2.23, about +28% upside versus a price of €1.74 (undervalued). Cautious scenario €0.9700, optimistic scenario €2.89. The calculation is refreshed regularly with new filings.
What is the revenue of CapMan Oyj (0E1L)?
CapMan Oyj reported trailing-twelve-month revenue of about €66.3M (latest available figure, as of Sep 24, 2026).
Does CapMan Oyj pay a dividend?
CapMan Oyj currently shows a dividend yield of about 6.88% relative to its recent price (as of Sep 24, 2026).
What is the intrinsic value of CapMan Oyj (0E1L)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For CapMan Oyj it is €2.23 per share (as of Sep 24, 2026), against a price of €1.74. It is the blended result of 17 valuation models (cash flow, earnings, asset, dividend).
Is CapMan Oyj stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 0E1L trades below its calculated fair value: price €1.74, fair value €2.23, a gap of about +28% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of 0E1L?
No. The price is what the market pays today (€1.74); the fair value is what the company's own numbers justify (€2.23). For CapMan Oyj the two are €0.4860 per share apart. That gap is exactly why we show both numbers side by side.
How much is CapMan Oyj worth?
The market values CapMan Oyj at about €266M (market capitalisation, as of Sep 24, 2026). Per share that is €1.74; our models calculate a fair value of €2.23 per share.
What do the bullish and bearish scenarios say about 0E1L?
Our models span a range for CapMan Oyj: cautious scenario €0.9700, base €2.23, optimistic €2.89 per share (as of Sep 24, 2026, price €1.74). The range comes from different growth and margin assumptions, not from analyst opinions.
How far is 0E1L from its 52-week high?
CapMan Oyj trades at €1.74, about 9% below its 52-week high of €1.91 and 3% above the low of €1.69 (as of Oct 2, 2026). Distance from the high says nothing about value: that is what the fair value of €2.23 is for.
Which stocks are comparable to CapMan Oyj?
From the same area (Energy) we also value Saudi Arabian Oil Company, Exxon Mobil Corporation, Chevron Corporation, PetroChina Company, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is CapMan Oyj stock attractive at the current price?
The data as of Sep 24, 2026: price €1.74, calculated fair value €2.23 (+28%), Quality Score 57/100, from 17 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of 0E1L calculated?
We run CapMan Oyj through 17 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of €2.23, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.5 % above its aggregate fair value. CapMan Oyj currently trades 22 % below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of CapMan Oyj (0E1L)?
The closing price on Oct 2, 2026 was €1.74. Our model-based fair value is €2.23, about +28% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with CapMan Oyj right now?
The model range is unusually wide (€0.9700 to €2.89). The outcome hinges heavily on assumptions, so read the point estimate with caution. Solid quality (57/100) at a price below fair value, the discount is the argument here, not the business quality.
Where does the earnings growth of CapMan Oyj (0E1L) come from?
Earnings per share at CapMan Oyj grew −1.5 % a year from 2014 to 2025. Broken into its drivers: revenue per share +2.6 %, EBIT margin +7.6 %, tax rate +4.7 %, residual (interest, one-offs) −14.8 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.

Key figures of CapMan Oyj

How large is the market capitalisation of CapMan Oyj (0E1L)?
The market capitalisation of CapMan Oyj is €266M. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/E ratio of CapMan Oyj (0E1L)?
The price-to-earnings ratio of CapMan Oyj is 0.1 (as of Jul 24, 2026). Price to earnings: how many years of current profit you pay for the stock. A P/E of 10 means ten years of profit.
What is the P/S ratio of CapMan Oyj (0E1L)?
The price-to-sales ratio of CapMan Oyj is 0.01 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of CapMan Oyj (0E1L)?
Earnings per share at CapMan Oyj are €0.2500 (price ÷ EPS = P/E 0.1). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of CapMan Oyj (0E1L)?
The dividend yield of CapMan Oyj is 6.9% (payout 48.0%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of CapMan Oyj (0E1L)?
The net margin of CapMan Oyj is 20.9% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of CapMan Oyj (0E1L)?
The return on equity (ROE) of CapMan Oyj is 8.0% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of CapMan Oyj (0E1L)?
On an EBIT basis the return on assets of CapMan Oyj is 10.4% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of CapMan Oyj (0E1L)?
The operating margin of CapMan Oyj is 12.5% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at CapMan Oyj (0E1L)?
Revenue at CapMan Oyj is growing +25.2% versus a year earlier (3y avg −2.3%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at CapMan Oyj (0E1L)?
Earnings per share at CapMan Oyj are growing −18.6% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does CapMan Oyj (0E1L) generate?
The free cash flow of CapMan Oyj is −€7.2M (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does CapMan Oyj (0E1L) carry?
The net debt of CapMan Oyj is €45.2M (fiscal year 2025). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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