In Inderes’s morning review on 2.11, the stock’s expected return is almost +18 % and the recommendation is “reduce”. I might not understand the logic or I don’t have that inside information.
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There was an error in the print version of the Morning Report! 
It has now been corrected in the PDF print version. The correct recommendation is Buy! You can see our latest recommendation on the company page here: CapMan - osake - Inderes
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Capman is doing quite well again after the latest positive news. The group of its largest owners is impressive; you can dare to be in the same boat as that crew, as long as the operational management keeps improving.
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Not much of a reaction to Q4. I bought a bit in the morning.
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Capman has been relatively well-protected from market turmoil, even though the investment portfolio (which is being sold) suffered. Frimodig also commented on the JAM acquisition in the interview.
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Yes, this is still going great.
Thanks for the tips.
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There hasn’t been much talk about Capman here on the forum. Do many of you have this in your portfolio?
If so, what do you see as its best aspects?
If you don’t have it, why not? What do you see as the risks in this company?
I myself have been adding quite aggressively recently, and it’s now the second largest position in my portfolio.
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In addition, would it be possible to change the title to the basic “Capman as an investment” or something similar? Ping @Verneri_Pulkkinen
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Khyl, I switched to Capman: a dividend company, as it has strongly profiled itself in that direction during Joke’s tenure.
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I have Capman in my portfolio; previously, I had Evli and Taaleri, from which I took losses and transferred most of the funds to increase my earlier Capman holdings.
To me, Capman seems to be progressing nicely, and I found it especially encouraging that their performance didn’t falter even though Q4 was so difficult for many. Another company I’ve owned a few times is EQ, which also had a pretty good performance.
It really seems that even a slightly more challenging stock market fluctuation doesn’t severely hinder Capman’s operations; who knows, it might even be beneficial as they offer real estate and infrastructure expertise.
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This story is also Capman and a bright spot in the portfolio.
I’m not selling immediately because the average price is reasonable and it pays out a handsome dividend in the spring…
I’m calm about this one, there are plenty of other problem children.
I might even buy a bit more of this, or rather, transfer some junk into this one.
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@Sauli_Vilen, could we get a new comprehensive report on Capman at some point?
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How do people here perceive Capman’s cyclicality? How great is the danger that when the shit hits the fan, Capman will also get splashed? Those long-term funds certainly ease this a bit, but it does make me wonder a little.
Edit: I did dare to buy a small slice for the portfolio, it doesn’t bother me that much.
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CapMan’s cyclicality has been answered here: Capmanin syklisyys - Inderes
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A new comprehensive report just published: Time to deliver - Inderes
I couldn’t comment earlier because I was in the middle of writing it 
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Here’s how it goes… so @Masse, a parishioner, Master Aston Livingstone, asks for strong bread, and head pastor/organist S.V. delivers info to thirsty souls.
Thanks!
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Why is it in American?
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It’s a business customer, so I’d assume the company ordered it in English?
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We have a few customers for whom extensive analyses are done in English. Contractual reasons and old client relationships.
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Yeah, that’s a pretty valid assumption. I read it from beginning to end and the only “wtf” moment came when Sauli threw in carried interests. I think that was a performance fee, when I quickly googled it.
I don’t really disagree with Sauli too much, even though this one is a bit more challenging for me to evaluate than a few other asset management firms.
P.S. I listened to the asset management podcast today and I’ve been in HIFK’s skybox in the last year and at one basketball game thanks to these institutions. 
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