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

As of Nov 6, 2026: fair value (intrinsic value) of CapMan Oyj B stock €0.97, price €1.61, that is 39.8% below the price, quality 44 out of 100. Rating: strongly overvalued. Calculated from audited financials with 9 of our 26 valuation models and 37 quality factors, updated daily.

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Financial Services FI · ISIN FI0009009377

CO CapMan Oyj B logo Broad data Nov 7, 2026

CapMan Oyj B

CAPMAN · HE
Very expensive, weak quality

Our calculation puts a fair price 40% below what the stock costs today.

Highly profitable · 20.1% net margin (TTM)
Broad data
Quality 44/100
Moderate debt
Moderate moat 49/100 · thin data
Fair value €0.9700 · Strongly overvalued
Weak Growth (revenue 3y −2.3 %/yr in EUR)
Negative free cash flow
7.4% dividend yield · Pays more than it earns
Trails peers (3/14)
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What runs behind every stock

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

Price vs Fair Value

€2.53 €1.50 Fair Value €0.9700 Aug 2021 Nov 2026

White line = price, green steps = our fair value per fiscal year. As of Nov 7, 2026.

How to read this chart

60‑month range €1.50 – €2.53 · fair‑value band €0.8500 – €1.21 · the €1.61 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. As of Nov 7, 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, 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.

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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 €1.61, while our model-based Fair Value estimate is €0.9700, 40% below the price, so the stock looks overvalued today.

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Valuation

Bull case: the Dividend Discount group reads highest at a median of €2.38 per share, and 4 of the 9 models we run sit above the €1.61 price.

Bear case: the Asset-Based group reads lowest at €0.5300, and 5 of the 9 models stay below the price. Data coverage for this calculation is high.

Scenario range: €0.8500 (bear) to €1.21 (bull), the price of €1.61 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 44/100 (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 €298M Small · P/E ratio 20.2 · P/S ratio 4.42 · EPS (TTM) €0.0800 · Dividend yield 7.4% · Net margin 20.1% · Return on equity 8.6% · Return on assets (EBIT) 9.9% (5-year average).

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 49 out of 100 (low confidence).

What moves the price

The share trades about 16% below its 52-week high and at its 52-week low, currently below its 200-day average.

For context, the median of 10 Financial Services peers we cover trades at −16% fair-value upside, at −40%, CAPMAN screens richer than that median.

Fair Value models

Bear €0.8500 Fair Value €0.9700 Bull €1.21
Price €1.61 · Downside -39.8%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. 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. Coverage ⓘCoverage = 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.
Best data coverage
Residual Income €0.8500 €0.8900 €0.9600 76
Owner Earnings €0.9800 €1.78 €3.01 74
Gordon GGM €1.31 €2.53 €3.70 67
All 9 models by family
DCF Models
Owner Earnings €0.9800 €1.78 €3.01 74
Earnings-Based
Graham-Dodd €0.5100 €2.08 €2.83 64
Lynch FV €0.5200 €0.7500 €0.9700 61
Dividend Discount
Gordon GGM €1.31 €2.53 €3.70 67
DDM Multi-Stage €1.31 €2.23 €2.68 67
Multiples
P/E Multiple €0.7300 €0.9700 €1.21 63
P/B Multiple €0.8200 €1.10 €1.37 55
Asset-Based
NCAV (Graham) €0.3900 €0.5300 €0.7800 54
Economic Profit
Residual Income €0.8500 €0.8900 €0.9600 76

Open the full fair value analysis →

Quality Score breakdown

Overall quality 44/100

It rates the business: profits, how they develop, real cash, balance sheet, investing and share count.

Profitability 39
How much profit the company makes from its sales and capital
Quality Growth 62
Are margins and returns getting better?
Cashflow 0
Do the profits arrive as real cash?
Financial strength 61
Debt, balance sheet and risk of trouble
Investment 70
Does it invest with discipline instead of growing at any price?
Low Volatility 93
How calm the share price moves, does not count
Price momentum 32
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 12
Distance to the 52-week high, does not count
New shares 35
Buys back shares or issues new ones?

Open the full quality analysis →

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.
+3.6%
Earnings growth per share plus dividend.
Earnings per share, growth per year−3.8%
Dividend (yield on the price)7.4%
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.−3.8% vs 0.7%, 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%
Pace: the 5-year rate starts in 2020 (pandemic)

CAPMAN screens overvalued: fair value 40% below the price. 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 · 587 stocks

Beats the industry median on 3/14 measures
Overall it trails its industry peers.
Valuation
Quality Score 44 · Bottom 25%
Fair Value upside −39.8% · Bottom 25%
Profitability
Return on equity (12 months) 8.6% · Above median
Return on assets 3.9% · Below median
Net margin (12 months) 20.1% · Below median
Operating margin (12 months) 5.6% · Bottom 25%
Growth and dividend
Revenue growth (quarter YoY) 7.5% · Below median
Dividend yield (12 months) 7.4% · Top 25%
Balance sheet
Debt / equity 0.56× · Highest 25%

Valuation Multiplesvs Asset Management median · lower = cheaper

P/E (12 months) 20.2× · Pricier than median
P/B 1.58× · Pricier than median
P/S (12 months) 4.42× · Pricier than median
EV/EBITDA 28.1× · 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 60
FUTURE (revenue growth)38 · sector 38
PAST (return on equity)34 · sector 29
HEALTH (low debt)72 · sector 96
DIVIDEND (yield)100 · sector 80

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 Compare
Exor N.V EXO €73.35 €139.37 +90% vs CAPMAN
Raymond James Financial, Inc RJF $162.81 $281.42 +73% vs CAPMAN
Apollo Global Management, Inc APO $116.75 $197.52 +69% vs CAPMAN
Ameriprise Financial, Inc AMP $501.49 $609.56 +22% vs CAPMAN
State Street Corporation STT $165.56 $139.37 −16% vs CAPMAN
Ares Management Corporation ARES $133.98 $99.35 −26% vs CAPMAN
Northern Trust Corporation NTRS $172.76 $123.42 −29% vs CAPMAN
Brookfield Asset Management Ltd BAM $52.95 $31.26 −41% vs CAPMAN
Blackstone Inc BX $119.50 $52.29 −56% vs CAPMAN
KKR & Co KKR $96.48 $27.32 −72% vs CAPMAN

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CapMan Oyj B: fair value per Fair Value Calculator

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 Nov 7, 2026, our model estimates a fair value of €0.9700 versus a price of €1.61, about 40% lower (overvalued).
What is the fair value of CAPMAN?
Our model-based fair value for CapMan Oyj B is €0.9700 (as of Nov 7, 2026), built from audited fundamentals. The current price: €1.61.
What is the quality score of CAPMAN?
CapMan Oyj B has a Quality Score of 44/100. 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 Nov 7, 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 40% lower versus a price of €1.61 (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 €67.4M (latest available figure, as of Nov 7, 2026).
Does CapMan Oyj B pay a dividend?
CapMan Oyj B currently shows a dividend yield of 7.44% relative to its recent price (as of Nov 7, 2026).
How much is the dividend of CapMan Oyj B (CAPMAN) and when is the ex-dividend date?
CapMan Oyj B pays a dividend of €0.12 per share a year, a dividend yield of 7.4%. The last ex-dividend date was Sep 9, 2026. A dividend has been paid every year since 2014. The payout ratio is 150% of earnings. Our assessment: Pays more than it earns. The company pays out more in dividends than it earns, and free cash flow clearly does not cover the dividend either. It may need to be cut unless profits recover.
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 Nov 7, 2026), against a price of €1.61. It is the blended result of 9 valuation models in 6 families (DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Economic Profit).
Is CapMan Oyj B stock overvalued or undervalued in 2026?
As of Nov 7, 2026, CAPMAN trades above its calculated fair value: price €1.61, fair value €0.9700, a gap of about −40% (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 (€1.61); the fair value is what the company's own numbers justify (€0.9700). For CapMan Oyj B the two are €0.6420 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 €298M (market capitalisation, as of Nov 7, 2026). Per share that is €1.61; 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 Nov 7, 2026, price €1.61). 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 20.2 (as of Nov 7, 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. Median P/E at fiscal year-end, 10 fiscal years (2016 to 2025), reported earnings: 21.4. Other multiples: PEG 0.1, P/B 1.6, P/S 4.4, EV/EBITDA 28.1.
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 Nov 7, 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 Nov 7, 2026): return on equity 8.6%, debt of 0.56 per unit of equity. They feed the Quality Score of 44/100, which measures business quality independently of the share price.
How far is CAPMAN from its 52-week high?
CapMan Oyj B trades at €1.61, about 16% below its 52-week high of €1.92 and at the low of €1.61 (as of Nov 6, 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 Asset Management Ltd, 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 Nov 7, 2026: price €1.61, calculated fair value €0.9700 (−40%), Quality Score 44/100, 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 6 families: DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Economic Profit. Every model gets the same audited fundamentals; the fair value of €0.9700 builds on their evidence-weighted average, 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 13.3% 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 Nov 6, 2026 was €1.61. Our model-based fair value is €0.9700, about 40% lower (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. Weak quality (44/100) and above fair value at the same time, the margin of safety is missing on both counts. 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 €298M. 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 4.42 (last twelve months). 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 €0.0800 (price ÷ EPS = P/E 20.2). 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 7.4% (payout 150%). 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 20.1% (last twelve months). 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 8.6% (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 5.6% (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 +7.5% 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 +601% 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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