CapMan Oyj (CAPMAN.HE) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+99.5%

€3.46

vs €1.73 price

Levered DCF

€0.76

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

2.44

Grey zone

Rating

B-

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	25.6×	4.38×	269.41×	10.84×	13.82×	0.7×	25.71×	28×
P/B	1.81×	1.49×	3.21×	3.05×	3.78×	3.21×	2.82×	1.87×
P/S	5.38×	5.15×	7.36×	6.32×	9.02×	8.41×	7.33×	6.7×
EV / EBITDA	14.64×	16.21×	100.77×	8.26×	10.76×	27.62×	14.35×	18.86×
Gross margin	95.2%	42.2%	46.3%	58.3%	51.6%	56.2%	58.1%	51.9%
Operating margin	36.8%	28.9%	-2.4%	78.6%	84.6%	28.7%	39.6%	35.5%
Net margin	20.9%	119.0%	2.7%	58.7%	65.0%	12.0%	28.5%	23.9%
Current ratio	88.69×	3.99×	2.24×	3.96×	4.31×	5.46×	2.55×	3.33×
Debt / equity	0.56×	0.52×	0.83×	0.66×	0.66×	0.74×	0.42×	0.5×
Interest coverage	3.8×	2.83×	-0.26×	11.42×	11.21×	3.68×	7.41×	4.3×
Dividend yield	8.1%	7.4%	8.0%	5.9%	4.7%	6.0%	5.3%	7.1%
Payout ratio	208.5%	32.1%	2168.9%	63.3%	64.8%	425.0%	135.8%	199.4%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	7.0%	34.5%	1.2%	28.3%	27.3%	4.6%	11.0%	6.7%
Return on invested capital	6.4%	4.0%	-0.4%	18.2%	17.5%	4.1%	9.1%	5.9%
Return on assets	3.9%	20.0%	0.6%	14.6%	14.3%	2.4%	6.4%	3.9%
Free cash flow yield	-2.4%	1.1%	3.3%	1.3%	2.3%	-3.4%	-0.3%	-2.1%
Earnings yield	3.9%	23.1%	0.4%	9.3%	7.2%	1.4%	3.9%	3.6%
Enterprise value	€384.7M	€311.3M	€417.9M	€466.3M	€495.7M	€388.9M	€370.3M	€230.8M
Net debt / EBITDA	1.72×	0.75×	13.22×	0.7×	0.43×	1.95×	0.44×	0.42×
Cash conversion cycle (days)	-2,736	159	122	97	88	1,541	60	109