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CapMan Oyj B (CAPMAN) fair value: what the stock is really worth

As of Sep 24, 2026: fair value of CapMan Oyj B €0.97, price €1.75, upside -44.6%, quality 48 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? No
  2. Good quality? No
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Financial Services · FI · ISIN FI0009009377

CO Broad data Sep 23, 2026

CapMan Oyj B

CAPMAN · HE

Weakest SetupStrongly overvalued and low quality.

!Fair value €0.9700 · Strongly overvalued (−45%)
!Quality 48/100
!Weak Growth (revenue 5y +8.0 %/yr)
✓Solidly profitable · 18.7% net margin (TTM)
!Moderate debt · negative free cash flow
·6.85% dividend yield
!Trails peers (4/14)
!Moderate moat 50/100
!Insider activity 48/100
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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

€2.54 €1.50 Fair Value €0.9700 Jun 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 23, 2026.

How to read this chart

60‑month range €1.50 – €2.54 · fair‑value band €0.8500 – €1.21 · the €1.75 price screens above the €0.9700 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 1 fiscal year is left out: there the valuation rested on only a fraction of the usual models. Dashed = 300-day average. As of Sep 23, 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 B (CAPMAN) currently trades at €1.75, while our model-based Fair Value estimate is €0.9700, implying the stock looks roughly 80.6% overvalued today.

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Valuation

Bull case: the DCF Models group reads highest at a median of €2.99 per share, and 5 of the 9 models we run sit above the €1.75 price.

Bear case: the Asset-Based group reads lowest at €0.7100, and 4 of the 9 models stay below the price. Evidence for this calculation is high.

Scenario range: €0.8500 (bear) to €1.21 (bull), the price of €1.75 sits above 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 48/100 (below-average quality), in the Financial Services sector.

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

CapMan Oyj B 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 €311M · P/E ratio 25.0 · P/S ratio 5.23 · EPS (TTM) €0.0700 · Dividend yield 6.8% · Net margin 20.9% · Return on equity 8.0% · Return on assets (EBIT) 9.9%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 48 out of 100 (low confidence).

What moves the price

The share trades about 9% below its 52-week high and 4% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Financial Services peers we cover trades at −4% fair-value upside, at −45%, CAPMAN screens richer than that median.

Fair Value models

Bear €0.8500 Fair Value €0.9700 Bull €1.21
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. 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. 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 €0.8200 €0.8600 €0.8600 76
Owner Earnings €1.32 €2.99 €6.11 71
Gordon GGM €1.21 €2.18 €3.00 68
All 9 models by family
DCF Models
Owner Earnings €1.32 €2.99 €6.11 71
Earnings-Based
Graham-Dodd €0.5100 €3.53 €4.96 63
Lynch FV €1.35 €1.93 €2.51 61
Dividend Discount
Gordon GGM €1.21 €2.18 €3.00 68
DDM Multi-Stage €1.21 €1.99 €2.32 67
Multiples
P/E Multiple €0.7300 €0.9700 €1.21 63
P/B Multiple €0.9500 €1.27 €1.58 55
Asset-Based
NCAV (Graham) €0.5300 €0.7100 €1.06 54
Economic Profit
Residual Income €0.8200 €0.8600 €0.8600 76

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Quality Score breakdown

Overall quality 48/100

Of which business quality 44 · Market factors (momentum, volatility) 54

Profitability 39
Margins and returns on capital today
Quality Growth 62
Are margins and returns improving?
Cashflow 0
Earnings quality: real cash, not paper profit
Fin. Strength 61
Balance sheet, leverage, solvency risk
Investment 70
Disciplined investing over empire-building
Low Volatility 94
Calm price path (market factor)
Momentum 40
Price trend over the last 3–12 months (market factor)
52W Momentum 32
Distance to the 52-week high (market factor)
Net Issuance 54
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.
+8.0%
Start year 2020 (pandemic). Over 10 years: +7.1% a year
Revenue growth 25 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.
+2.5%
What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
+3.0%
Earnings growth per share plus dividend.
Earnings per share, growth per year−3.8%
Dividend (yield on the price)6.8%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.−4% vs 1%, slowing
Profit margin 2020 to 2025 ⓘ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% → 37%
Start year 2020 (pandemic)

CAPMAN screens 81% overvalued. Compare with Blackstone Inc →

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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Asset Management · 658 stocks

Beats the industry median on 4/14 measures
Overall it trails its industry peers.
Valuation
Quality Score 47 · Below median
Fair Value upside −45% · Bottom 25%
Profitability
Return on equity (TTM) 8% · Above median
Return on assets 2% · Below median
Net margin (TTM) 19% · Below median
Operating margin (TTM) 12% · Below median
Growth and dividend
Revenue growth 25% · Above median
Dividend yield (TTM) 6.8% · Above median
Balance sheet
Debt / equity 0.56× · Highest 25%

Valuation Multiplesvs Asset Management median · lower = cheaper

P/E (TTM) 25.0× · Priciest 25%
P/B 1.88× · Priciest 25%
P/S (TTM) 5.34× · Pricier than median
EV/EBITDA 33.7× · Priciest 25%
PEG 0.14× · Cheapest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)0 · sector 54
FUTURE (revenue growth)100 · sector 21
PAST (return on equity)32 · sector 22
HEALTH (low debt)72 · sector 95
DIVIDEND (yield)100 · sector 81

VALUE 0: the price sits above our fair-value range.

Context: sector, industry, market

Values & ESG

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

None of the checked exposures detected

Similar stocks

10 more Asset Management stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value
Blackstone Inc BX $124.01 $52.88 −57%
Brookfield Corporation BN $37.85 $13.75 −64%
KKR & Co KKR $97.21 $29.25 −70%
Apollo Global Management, Inc APO $124.36 $229.64 +85%
State Street Corporation STT $179.95 $138.33 −23%
Ameriprise Financial, Inc AMP $502.79 $579.51 +15%
Ares Management Corporation ARES $124.72 $119.25 −4%
Northern Trust Corporation NTRS $173.40 $122.02 −30%
Raymond James Financial, Inc RJF $158.23 $312.27 +97%
T. Rowe Price Group TROW $104.57 $209.14 +100%

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CapMan Oyj B · Fair Value
€0.9700 −81%Fair Value
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Cite: Fair Value Calculator (2026). "CapMan Oyj B Fair Value". https://www.fairvalue-calculator.com/stock/CAPMAN

Frequently asked questions

Is CapMan Oyj B (CAPMAN) overvalued or undervalued?
As of Sep 23, 2026, our model estimates a fair value of €0.9700 versus a price of €1.75, about −45% upside (overvalued).
What is the fair value of CAPMAN?
Our model-based fair value for CapMan Oyj B is €0.9700 (as of Sep 23, 2026), built from audited fundamentals. The current price: €1.75.
What is the quality score of CAPMAN?
CapMan Oyj B has a Quality Score of 48/100. 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 B (CAPMAN)?
Our model-based price target is the fair value of €0.9700 (as of Sep 23, 2026) from 9 valuation models. Cautious scenario €0.8500, optimistic scenario €1.21. It is a calculation from audited fundamentals, not an analyst target.
What is the CapMan Oyj B stock forecast for 2026?
Our models put fair value at €0.9700, about −45% upside versus a price of €1.75 (overvalued). Cautious scenario €0.8500, optimistic scenario €1.21. The calculation is refreshed regularly with new filings.
What is the revenue of CapMan Oyj B (CAPMAN)?
CapMan Oyj B reported trailing-twelve-month revenue of about €66.3M (latest available figure, as of Sep 23, 2026).
Does CapMan Oyj B pay a dividend?
CapMan Oyj B currently shows a dividend yield of about 6.85% relative to its recent price (as of Sep 23, 2026).
What is the intrinsic value of CapMan Oyj B (CAPMAN)?
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 B it is €0.9700 per share (as of Sep 23, 2026), against a price of €1.75. It is the blended result of 9 valuation models (cash flow, earnings, asset, dividend).
Is CapMan Oyj B stock overvalued or undervalued in 2026?
As of Sep 23, 2026, CAPMAN trades above its calculated fair value: price €1.75, fair value €0.9700, a gap of about −45% (overvalued). 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 CAPMAN?
No. The price is what the market pays today (€1.75); the fair value is what the company's own numbers justify (€0.9700). For CapMan Oyj B the two are €0.7820 per share apart. That gap is exactly why we show both numbers side by side.
How much is CapMan Oyj B worth?
The market values CapMan Oyj B at about €311M (market capitalisation, as of Sep 23, 2026). Per share that is €1.75; our models calculate a fair value of €0.9700 per share.
What do the bullish and bearish scenarios say about CAPMAN?
Our models span a range for CapMan Oyj B: cautious scenario €0.8500, base €0.9700, optimistic €1.21 per share (as of Sep 23, 2026, price €1.75). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of CAPMAN?
CapMan Oyj B trades at a price-to-earnings ratio of 25.0 (as of Sep 23, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of €0.9700 is built from several models across several years. Other multiples: PEG 0.1, P/B 1.9, P/S 5.3, EV/EBITDA 33.7.
What is the PEG ratio of CAPMAN?
The PEG ratio of CapMan Oyj B is 0.14 (P/E divided by earnings growth, as of Sep 23, 2026). That is below 1, so growth is priced more cheaply than the earnings multiple alone suggests.
How solid is the balance sheet of CapMan Oyj B (CAPMAN)?
Balance-sheet figures for CapMan Oyj B (as of Sep 23, 2026): return on equity 8.0%, debt of 0.56 per unit of equity. They feed the Quality Score of 48/100, which measures business quality independently of the share price.
How far is CAPMAN from its 52-week high?
CapMan Oyj B trades at €1.75, about 9% below its 52-week high of €1.92 and 4% above the low of €1.68 (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of €0.9700 is for.
Which stocks are comparable to CapMan Oyj B?
From the same area (Financial Services) we also value Blackstone Inc, Brookfield Corporation, KKR & Co, Apollo Global Management, Inc, 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 B stock attractive at the current price?
The data as of Sep 23, 2026: price €1.75, calculated fair value €0.9700 (−45%), Quality Score 48/100, from 9 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 CAPMAN calculated?
We run CapMan Oyj B through 9 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 €0.9700, 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 13.0 % above its aggregate fair value. CapMan Oyj B itself currently trades above fair value. 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 B (CAPMAN)?
The closing price on Sep 24, 2026 was €1.75. Our model-based fair value is €0.9700, about −45% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with CapMan Oyj B right now?
The price sits above even our optimistic bull case (€1.21). The favourable scenario is already priced in. Solid but not exceptional quality (48/100) and above fair value, neither a clear bargain nor a standout compounder. For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
Where does the earnings growth of CapMan Oyj B (CAPMAN) come from?
Earnings per share at CapMan Oyj B grew +9.8 % a year from 2014 to 2025. Broken into its drivers: revenue per share −0.8 %, EBIT margin −0.6 %, tax rate +0.1 %, residual (interest, one-offs) +11.2 %. 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 B

How large is the market capitalisation of CapMan Oyj B (CAPMAN)?
The market capitalisation of CapMan Oyj B is €311M. 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/S ratio of CapMan Oyj B (CAPMAN)?
The price-to-sales ratio of CapMan Oyj B is 5.23 (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 B (CAPMAN)?
Earnings per share at CapMan Oyj B are €0.0700 (price ÷ EPS = P/E 25.0). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of CapMan Oyj B (CAPMAN)?
The dividend yield of CapMan Oyj B is 6.8% (payout 171%). 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 B (CAPMAN)?
The net margin of CapMan Oyj B 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 B (CAPMAN)?
The return on equity (ROE) of CapMan Oyj B 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 B (CAPMAN)?
On an EBIT basis the return on assets of CapMan Oyj B is 9.9% (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 B (CAPMAN)?
The operating margin of CapMan Oyj B 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 B (CAPMAN)?
Revenue at CapMan Oyj B 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 B (CAPMAN)?
Earnings per share at CapMan Oyj B 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 B (CAPMAN) generate?
The free cash flow of CapMan Oyj B is −€8.2M (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 B (CAPMAN) carry?
The net debt of CapMan Oyj B 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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