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Incap

6,68EUR 0%
5 667 investerare följer bolaget.

Incap är verksamt inom den industriella sektorn. Bolaget levererar utrustning och tillhörande service för industriella aktörer, där utbudet inkluderar PCB montering, systemintegreringar, boxbyggnadsintegration, designvalidering, samt inspektionsmetoder. Störst verksamhet återfinns inom Norden, Baltikum och Asien. Bolaget etablerades ursprungligen 1985 och har sitt huvudkontor i Helsingfors.

P/E (23e)
9,26
EV/EBIT (adj.) (23e)
6,54
P/B (23e)
1,84
Direktavkastnings- % (23e)
-
Riktkurs
8.00 EUR
Rekommendation
Öka
Uppdaterad
25.10.2023
NASDAQ Helsinki
ICP1V
Dagens lägsta / högsta pris
6,59 / 6,74 EUR
Börsvärde
196,64 mn EUR
Omsättning
111,31 tn EUR
Volym
17 tn
Risk och rekommendation
HögRiskLåg
SäljRekommendationKöp

Senaste analyserna

Incap: Into the eye of the storm
2023-10-26
Incap: Another blow hurts but won’t knock out
2023-10-09
Incap: Defense seems robust
2023-07-31

Extensive report

Inderes' extensive report is an investor's handbook on customer companies covered by our research.
The latest extensive report was released
Read the report

Analyst

Antti Viljakainen
Antti Viljakainen
Head of Research

Senast publicerade videor

Incap vs Scanfil: To buy or not to buy?
2023-11-03
From Finland with 💙!
2023-11-03
Incap Q3’23: Beroende av största kunden minskade
2023-10-25

Största ägare
Källa: Millistream Market Data AB

ÄgareKapitalRöster
Erkki Etola and controlled entities22,7 %22,7 %
Nordea Life Assurance Finland Ltd.6,4 %6,4 %
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Insider Transactions

InsiderDateTotal value
Päivi Irmeli Jokinen2022-04-2719 260EUR
Kaisa Kokkonen2020-11-2728 050EUR
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Forum uppdateringar

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Här är en ny analys av företaget. Kan det vara så att aktien snart blir riktigt billig… Inderes — Connecting Investors and Companies Incap: Another blow hurts but won’t knock out The second profit warning of the year and especially its scale was an ice-cold shower, although the risks were certainly known. We included a much more cautious scenario in our forecasts due to the prolonged inventory problems of the company’s...
börsen84
för 2 månader sedan💙 1
Utmärkt Tommi och Antti. Inderes — Connecting Investors and Companies Nordic contract manufacturers have maintained their efficiency over years of... We have examined longer-term ROIC, components of return levels and underlying explanatory factors of Incap, Scanfil and four other Nordic electronics industry contract manufacturers. Overall, the companies’ return on capital has been at an excellent...
börsen84
för 3 månader sedan💙 1
This is an excellent piece - worth reading! Inderes — Connecting Investors and Companies Nordic contract manufacturers have experienced years of growth We examined the revenue growth and acquisitions of six Nordic contract manufacturers over the past 4.5 years. Since 2018, the companies’ revenue growth has been at a fierce level (combined revenue grew by some 19% p.a.). Part of the growth is...
börsen84
för 3 månader sedan💙 1
Här är en färsk och utmärkt nyhet om Incap. We reiterate our EUR 12.00 target price and Accumulate recommendation for Incap. We made no changes to Incap’s near-term earnings estimates after the Q2 report. The inventory adjustment related to the largest customer depresses the company’s result to a clear downward trend at least in H2, but we do not consider the problem structural. Incap’s long-term strengths, i.e. excellent cost competitiveness and a light organization, have not disappeared and the company managed to carry out a promising acquisition in the US in July. We believe that Incap offers a good expected return for brave and patient investors at the current valuation level (2023e: EV/EBIT 9x). Inderes — Connecting Investors and Companies Incap: Defense seems robust We made no changes to Incap’s near-term earnings estimates after the Q2 report. The inventory adjustment related to the largest customer depresses the company's result to a clear downward trend at least in H2, but we do not consider the problem...
börsen84
för 5 månader sedan💙 1
Incap reported their Q2 result today. Incap’s largest customer announced that it would have to temporarily reduce its orders due to overstocking. Company’s focus has been on new customer acquisition, increasing sales to existing ones and opening up new opportunities through an acquisition in the USA. Incap’s CEO Otto Pukk interviewed by analyst Antti Viljakainen.
börsen84
för 5 månader sedan💙 1
Detta borde intressera investerare som är intresserade av kontraktsproducenter. Inderes — Connecting Investors and Companies Consolidation progresses on European EMS market, Hanza acquires Orbit One Hanza, Incap's and Scanfil's Swedish competitor in the European EMS market, announced on Friday that it had acquired Swedish contract manufacturer Orbit One. The purchase price (approximately 7x EV/EBIT) is in line with the industry’s moderate...
börsen84
för 3 timmar sedan
Contract manufacturing industry has improved profitability in recent years. Even though margins are not so wide, industry is not very capital intense which means it’s possible to generate good ROIC even with thin margins. Inderes Head of Research Antti Viljakainen comments contract manufacturers. Content: 00:00 Intro 00:12 Three things to look for in contract manufacturers 01:49 Summary
börsen84
för 2 månader sedan

Resultaträkning

20192020202120222023e2024e2025e2026e
Omsättning71,0106,5169,8263,8216,7236,1259,7285,6
tillväxt-%20,5 %49,9 %59,4 %55,4 %−17,9 %9,0 %10,0 %10,0 %
EBITDA11,515,929,342,831,434,237,241,0
EBIT (adj.)10,114,626,840,028,328,831,835,6
EBIT10,112,626,039,026,528,331,335,1
Vinst före skatt9,711,525,736,725,627,130,434,7
Nettoresultat6,39,221,127,619,620,623,126,3
EPS0,290,370,740,980,720,710,800,91
tillväxt-%7,3 %30,5 %97,9 %31,5 %−26,0 %−1,8 %12,7 %13,7 %
Utdelning0,000,000,000,000,000,000,000,00
Utdelningskvot

Lönsamhet och avkastning på kapital

20192020202120222023e2024e2025e2026e
EBITDA-%16,1 %15,0 %17,2 %16,2 %14,5 %14,5 %14,3 %14,4 %
EBIT-%14,2 %13,8 %15,8 %15,2 %13,1 %12,2 %12,2 %12,5 %
EBIT-%14,2 %11,8 %15,3 %14,8 %12,2 %12,0 %12,0 %12,3 %
ROE33,3 %30,6 %41,5 %36,7 %20,2 %17,6 %16,6 %16,1 %
ROI40,5 %33,0 %42,4 %42,7 %22,5 %21,0 %20,2 %19,8 %

Värdering

20192020202120222023e2024e2025e2026e
Pris per aktie (EUR)2,903,6915,7017,106,686,686,686,68
Aktier21,929,129,229,329,429,429,429,4
Börsvärde63,3107,4459,2500,3196,6196,4196,4196,4
Rörelsevärde62,8113,3461,2513,9185,4164,3144,3123,2
EV/S0,91,12,71,90,90,70,60,4
EV/EBITDA5,57,115,812,05,94,83,93,0
EV/EBIT (adj.)6,27,717,212,86,55,74,53,5
EV/EBIT6,29,017,813,27,05,84,63,5
P/E (just.)10,19,821,217,59,39,48,47,3
P/E10,111,621,818,110,09,58,57,5
P/B2,92,87,35,71,81,51,31,1
P/S0,91,02,71,90,90,80,80,7
Direktavkastning
Soliditet60,0 %50,4 %51,9 %51,9 %57,9 %61,6 %63,8 %65,9 %
Skuldsättning−2,2 %15,3 %3,2 %15,6 %−10,5 %−25,2 %−34,6 %−41,4 %

Kvartalsuppgifter

Q4/222022Q1/23Q2/23Q3/23Q4/23e2023eQ1/24eQ2/24e
Omsättning78,7263,872,756,450,037,5216,7
EBITDA13,742,812,48,67,13,331,4
EBIT12,739,011,37,55,72,026,5
Vinst före skatt12,236,710,97,45,71,625,6
Nettoresultat8,727,68,45,74,41,219,6
VisarAlla typer av innehåll
Publisher
Aktieanalys
av Antti Viljakainen

Incap: Into the eye of the storm

Incap

Incap's Q3 report was mixed, as against a much better-than-expected Q3, guidance indicates a very poor Q4 and the significant uncertainties surrounding the near-term sales to the largest customer are largely unchanged.

Publisher
Aktieanalys
av Antti Viljakainen

Incap: Another blow hurts but won’t knock out

Incap

The second profit warning of the year and especially its scale was an ice-cold shower, although the risks were certainly known. We included a much more cautious scenario in our forecasts due to the prolonged inventory problems of the company’s largest customer.

Publisher
Analytikerkommentar

Nordic contract manufacturers have experienced years of growth

ScanfilIncapNoteInission

We examined the revenue growth and acquisitions of six Nordic contract manufacturers over the past 4.5 years. Since 2018, the companies’ revenue growth has been at a fierce level (combined revenue grew by some 19% p.a.). Part of the growth is explained by the numerous acquisitions made by the companies, but organic revenue growth has also been strong (total organic revenue has increased by over 10% p.a.).

Publisher
Aktieanalys
av Antti Viljakainen

Incap: Defense seems robust

Incap

We made no changes to Incap’s near-term earnings estimates after the Q2 report. The inventory adjustment related to the largest customer depresses the company's result to a clear downward trend at least in H2, but we do not consider the problem structural.

Publisher
Video
av Antti Viljakainen

Incap Q2'23: Fight is still on

Incap

Incap reported their Q2 result today. Incap's largest customer announced that it would have to temporarily reduce its orders due to overstocking. Company's focus has been on new customer acquisition, increasing sales to existing ones and opening up new opportunities through an acquisition in the USA.