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Incap
11.29 EUR -7.53%5,736 investors are following this company
Incap operates in the industrial sector. The company supplies equipment and associated services for industrial companies, where the range includes PCB assembly, system integrations, box building integration, design validation, and inspection methods. The largest operations are in the Nordic countries, the Baltics, and Asia. The company was originally established in 1985 and is headquartered in Helsinki.
P/E (24e)
14.67
EV/EBIT (adj.) (24e)
10.06
P/B (24e)
2.58
Dividend yield-% (24e)
-
Target price
13.50 EUR
Recommendation
Accumulate
Updated
23.6.2024
NASDAQ Helsinki
ICP1V
Daily low / high price
11.29 / 12.68
EUR
Market cap
332.35M EUR
Turnover
1.6M EUR
Volume
137K
Business risk
Valuation risk
Current
Previous
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Extensive report
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Antti Viljakainen
Head of Research
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Financial calendar
Interim report
2024-10-25
Major OwnersSource: Millistream Market Data AB
Owner | Capital | Votes |
---|---|---|
Erkki Etola and controlled entities | 22.6 % | 22.6 % |
Nordea Life Assurance Finland Ltd. | 6.4 % | 6.4 % |
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Insider Transactions
Insider | Date | Total value |
---|---|---|
Jr. David Spehar | 2024-03-21 | 4,910EUR |
Jr David Spehar | 2024-02-23 | 9,320EUR |
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Income statement
2020 | 2021 | 2022 | 2023 | 2024e | 2025e | 2026e | 2027e | |
---|---|---|---|---|---|---|---|---|
Revenue | 106.5 | 169.8 | 263.8 | 221.6 | 235.9 | 271.3 | 298.4 | 328.3 |
growth-% | 49.9 % | 59.4 % | 55.4 % | -16.0 % | 6.4 % | 15.0 % | 10.0 % | 10.0 % |
EBITDA | 15.9 | 29.3 | 42.8 | 32.8 | 35.1 | 39.9 | 44.1 | 48.5 |
EBIT (adj.) | 14.6 | 26.8 | 40.0 | 30.6 | 30.5 | 35.2 | 39.2 | 43.5 |
EBIT | 12.6 | 26.0 | 39.0 | 28.2 | 29.7 | 34.4 | 38.4 | 42.7 |
Profit before taxes | 11.5 | 25.7 | 36.7 | 26.4 | 29.3 | 34.1 | 38.4 | 43.2 |
Net income | 9.2 | 21.1 | 27.6 | 19.8 | 22.2 | 25.9 | 29.2 | 32.8 |
EPS (adj.) | 0.37 | 0.74 | 0.98 | 0.75 | 0.77 | 0.90 | 1.01 | 1.14 |
growth-% | 30.5 % | 97.9 % | 31.5 % | -23.4 % | 3.1 % | 17.4 % | 12.1 % | 12.3 % |
Dividend | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.22 |
Dividend ratio | 20.0 % |
Profitability and return on capital
2020 | 2021 | 2022 | 2023 | 2024e | 2025e | 2026e | 2027e | |
---|---|---|---|---|---|---|---|---|
EBITDA-% | 15.0 % | 17.2 % | 16.2 % | 14.8 % | 14.9 % | 14.7 % | 14.8 % | 14.8 % |
EBIT-% (adj.) | 13.8 % | 15.8 % | 15.2 % | 13.8 % | 12.9 % | 13.0 % | 13.1 % | 13.3 % |
EBIT-% | 11.8 % | 15.3 % | 14.8 % | 12.7 % | 12.6 % | 12.7 % | 12.9 % | 13.0 % |
ROE | 30.6 % | 41.5 % | 36.7 % | 20.4 % | 18.8 % | 18.3 % | 17.2 % | 16.4 % |
ROI | 33.0 % | 42.4 % | 42.7 % | 22.7 % | 21.0 % | 21.8 % | 20.8 % | 20.0 % |
Valuation
2020 | 2021 | 2022 | 2023 | 2024e | 2025e | 2026e | 2027e | |
---|---|---|---|---|---|---|---|---|
Share price (EUR) | 3.69 | 15.70 | 17.10 | 7.75 | 11.29 | 11.29 | 11.29 | 11.29 |
Shares | 29.1 | 29.2 | 29.3 | 29.4 | 29.4 | 29.4 | 29.4 | 29.4 |
Market cap | 107.4 | 459.2 | 500.3 | 228.1 | 332.0 | 332.0 | 332.0 | 332.0 |
Enterprise value | 113.3 | 461.2 | 513.9 | 219.7 | 307.3 | 290.1 | 266.9 | 239.8 |
EV/S | 1.1 | 2.7 | 1.9 | 1.0 | 1.3 | 1.1 | 0.9 | 0.7 |
EV/EBITDA | 7.1 | 15.8 | 12.0 | 6.7 | 8.7 | 7.3 | 6.1 | 4.9 |
EV/EBIT (adj.) | 7.7 | 17.2 | 12.8 | 7.2 | 10.1 | 8.2 | 6.8 | 5.5 |
EV/EBIT | 9.0 | 17.8 | 13.2 | 7.8 | 10.3 | 8.4 | 7.0 | 5.6 |
P/E (adj.) | 9.8 | 21.2 | 17.5 | 10.4 | 14.7 | 12.5 | 11.1 | 9.9 |
P/E | 11.6 | 21.8 | 18.1 | 11.5 | 15.0 | 12.8 | 11.4 | 10.1 |
P/B | 2.8 | 7.3 | 5.7 | 2.1 | 2.6 | 2.1 | 1.8 | 1.5 |
P/S | 1.0 | 2.7 | 1.9 | 1.0 | 1.4 | 1.2 | 1.1 | 1.0 |
Dividend yield | 2.0 % | |||||||
Equity ratio | 50.4 % | 51.9 % | 53.6 % | 60.6 % | 65.4 % | 67.3 % | 69.6 % | 71.6 % |
Gearing ratio | 15.3 % | 3.2 % | 15.6 % | -7.9 % | -19.2 % | -27.1 % | -35.4 % | -42.5 % |
Quarter data
Q2/23 | Q3/23 | Q4/23 | 2023 | Q1/24 | Q2/24e | Q3/24e | Q4/24e | 2024e | |
---|---|---|---|---|---|---|---|---|---|
Revenue | 56.4 | 50.0 | 42.4 | 221.6 | 51.4 | 57.5 | 61.0 | 66.0 | 235.9 |
EBITDA | 8.6 | 6.9 | 5.0 | 32.8 | 7.3 | 8.5 | 9.3 | 10.0 | 35.1 |
EBIT | 7.5 | 5.7 | 3.7 | 28.2 | 6.0 | 7.1 | 8.0 | 8.7 | 29.7 |
Profit before taxes | 7.4 | 5.7 | 2.4 | 26.4 | 6.3 | 6.8 | 7.7 | 8.5 | 29.3 |
Net income | 5.7 | 4.4 | 1.4 | 19.8 | 4.9 | 5.1 | 5.7 | 6.3 | 22.2 |
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![Incap Q2’24: Verksamheten fortskred enligt plan](https://www.inderes.se/cdn-cgi/image/format=auto,width=640,height=358,quality=90,fit=cover/https://content.inderes.se/assets/a017d76d-ec0e-441c-b46d-642adf828430.png)
![Incap Q2 Interim Report 2024](https://www.inderes.se/cdn-cgi/image/format=auto,width=640,height=358,quality=90,fit=cover/https://content.inderes.se/assets/eefb8d0b-fb23-41e0-a9ef-c760ee3f98ff.png)
Incap Q2 Interim Report 2024
Incap Group’s half-year report for January–June 2024 (unaudited)
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Correction release: Decisions of the Annual General Meeting and the Board of Directors' organisational meeting
Incap Corporation: Incap Group’s half-year report for January–June 2024 and webcast on 26 July 2024
Correction release: Inside information, positive profit warning: Incap’s revenue and EBIT higher than anticipated in 2024
Inside information, positive profit warning: Incap’s revenue and EBIT higher than anticipated in 2014
INCAP CORPORATION: INCAP UK INVESTS IN STATE-OF-ART SMT LINE UPGRADES
Incap extensive report: Pressure test passed, growth path lies ahead
Incap Corporation: Incap has paid an additional earn-out of USD 3.0 million to the sellers of Pennatronics Inc.
Incap Corporation: Resolutions of Annual General Meeting and the constitutive meeting of the Board of Directors
Report clearly brightened the horizon
![Incap Q1’24: Tillväxt i sikte](https://www.inderes.se/cdn-cgi/image/format=auto,width=640,height=358,quality=90,fit=cover/https://content.inderes.se/assets/4018f5f7-eb5b-4210-8b58-6c3e81fe59a6.png)
Incap Q1’24: Tillväxt i sikte
![Incap, Webcast, Q1, 2024](https://www.inderes.se/cdn-cgi/image/format=auto,width=640,height=358,quality=90,fit=cover/https://content.inderes.se/assets/cf1e8dda-a88a-4552-90b7-b74aa64b2e22.png)