CapMan Oyj Valuation

Q: What is the Fair Price of AP6 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

AP6 (€1.76) is trading below our estimate of [[fair value]] (€4.22)

Is AP6 undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

2/6

Valuation Score 2/6

Below Fair Value
Significantly Below Fair Value
Price-To-Earnings vs Peers
Price-To-Earnings vs Industry
Price-To-Earnings vs Fair Ratio
Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of AP6 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: AP6 (€1.76) is trading below our estimate of fair value (€4.22)

Significantly Below Fair Value: AP6 is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for AP6?

Other financial metrics that can be useful for relative valuation.

The above table shows the n/a ratio for AP6. This is calculated by dividing AP6's market cap by their current preferred multiple.
What is AP6's n/a Ratio?
n/a	0x
n/a	n/a
Market Cap	€324.35m

AP6 key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue	6x
Enterprise Value/EBITDA	27.1x
PEG Ratio	-51x

Price to Earnings Ratio vs Peers

How does AP6's PE Ratio compare to its peers?

The above table shows the PE ratio for AP6 vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	Forward PE	Estimated Growth	Market Cap
Peer Average	12.6x
O4B OVB Holding	15.2x	2.4%	€276.5m
AR4 AURELIUS Equity Opportunities SE KGaA	3.9x	n/a	€391.7m
QB7 Quirin Privatbank	20.7x	n/a	€167.6m
MLP MLP	10.7x	6.9%	€652.5m
AP6 CapMan Oyj	115.2x	-2.3%	€324.3m

Price-To-Earnings vs Peers: AP6 is expensive based on its Price-To-Earnings Ratio (115.2x) compared to the peer average (12.6x).

Price to Earnings Ratio vs Industry

How does AP6's PE Ratio compare vs other companies in the DE Capital Markets Industry?

0 Companies	Price / Earnings	Estimated Growth	Market Cap
Industry Avg.	n/a	8.9%
	n/a	n/a	n/a

Fetching data

0 Companies	Price / Earnings	Estimated Growth	Market Cap
Industry Avg.	n/a	8.9%
	n/a	n/a	n/a

No more companies

Price-To-Earnings vs Industry: AP6 is expensive based on its Price-To-Earnings Ratio (115.2x) compared to the German Capital Markets industry average (21.1x).

Price to Earnings Ratio vs Fair Ratio

What is AP6's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

AP6 PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	115.2x
Fair PE Ratio	9.8x

Price-To-Earnings vs Fair Ratio: AP6 is expensive based on its Price-To-Earnings Ratio (115.2x) compared to the estimated Fair Price-To-Earnings Ratio (9.8x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst AP6 forecast and predictions for the stock price in 12 month’s time.
Date	Share Price	Average 1Y Price Target	Dispersion	High	Low	1Y Actual price	Analysts
Current	€1.76	€2.15 +22.2%	2.3%	€2.20	€2.10	n/a	2
Oct ’25	€1.77	€2.20 +24.3%	4.5%	€2.30	€2.10	n/a	2
Sep ’25	€1.73	€2.20 +27.3%	4.5%	€2.30	€2.10	n/a	2
Aug ’25	€1.81	€2.27 +25.2%	4.2%	€2.40	€2.20	n/a	3
Jul ’25	€1.80	€2.30 +27.9%	4.3%	€2.40	€2.20	n/a	2
Jun ’25	€1.84	€2.30 +25.0%	4.3%	€2.40	€2.20	n/a	2
Feb ’25	€2.17	€2.58 +19.3%	6.4%	€2.80	€2.40	n/a	3
Jan ’25	€2.19	€2.58 +18.0%	6.4%	€2.80	€2.40	n/a	3
Dec ’24	€2.05	€2.60 +27.1%	7.7%	€2.80	€2.40	n/a	2
Nov ’24	€1.90	€2.60 +36.8%	7.7%	€2.80	€2.40	€1.76	2
Oct ’24	€2.35	€2.85 +21.3%	5.3%	€3.00	€2.70	€1.77	2
Sep ’24	€2.52	€2.85 +13.1%	5.3%	€3.00	€2.70	€1.73	2
Aug ’24	€2.51	€2.95 +17.5%	1.7%	€3.00	€2.90	€1.81	2
Jul ’24	€2.55	€2.95 +15.9%	1.7%	€3.00	€2.90	€1.80	2
Jun ’24	€2.47	€2.95 +19.7%	1.7%	€3.00	€2.90	€1.84	2
May ’24	€2.55	€3.13 +22.9%	5.4%	€3.30	€2.90	€1.99	3
Apr ’24	€2.68	€3.15 +17.5%	1.6%	€3.20	€3.10	€1.84	2
Mar ’24	€2.98	€3.15 +5.9%	1.6%	€3.20	€3.10	€1.90	2
Feb ’24	€2.79	€3.05 +9.3%	1.6%	€3.10	€3.00	€2.17	2
Jan ’24	€2.65	€3.05 +15.1%	1.6%	€3.10	€3.00	€2.19	2
Dec ’23	€2.61	€3.05 +16.9%	1.6%	€3.10	€3.00	€2.05	2
Nov ’23	€2.47	€3.05 +23.5%	1.6%	€3.10	€3.00	€1.90	2

Analyst Forecast: Target price is less than 20% higher than the current share price.