Incap

8.91 EUR

-1.00 %

6,348 following
Corporate customer

ICP1V

NASDAQ Helsinki

Electrical Equipment

Industrials

-1.00 %
-5.41 %
-7.28 %
-9.27 %
+0.56 %
-7.48 %
-15.14 %
+19.76 %
-80.02 %

Incap operates in the industrial sector. The company supplies equipment and services for industrial players, where the range includes PCB assembly, system integration, box building integration, design validation, and inspection methods. The largest operations are found in the Nordic, Baltic and Asian regions. The company was originally established in 1985 and is headquartered in Helsinki.

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Market cap
262.38M EUR
Turnover
312.95K EUR
P/E (adj.) (26e)
11.49
EV/EBIT (adj.) (26e)
7.69
P/B (26e)
1.68
EV/S (26e)
0.86
Dividend yield-% (26e)
-
Coverage
Recommendation
Accumulate
Target price
12.00 EUR
Updated
2026-05-03
Disclaimer
Antti Viljakainen
Antti Viljakainen

Head of Research

Latest research

Latest analysis report

Released: 2026-05-04

Latest extensive report

Released: 2025-06-23

Revenue and EBIT-%

Revenue M

EBIT-% (adj.)

EPS and dividend

EPS (adj.)

Dividend %

Financial calendar
20/5
2026

General meeting '26

30/7
2026

Interim report Q2'26

29/10
2026

Interim report Q3'26

Risk
Business risk
Valuation risk
Low
High
ShowingAll content types
Third party research

Incap: Risks related to revenue volatility have not abated - Nordea

We expected positive organic revenue growth for Q1, but organic growth was flat. A weaker-than-expected EBITA margin also indicates an unfavourable sales mix in the quarter. Moreover, the integration of Lacon in February could have affected profitability...

Incap
Incap Q1'26: Plenty of catching up after Q1
Research by
Antti Viljakainen

Incap Q1'26: Plenty of catching up after Q1

Incap's Q1 figures we weak and clearly worse than expected, especially due to lower-than-anticipated revenue. However, the company reiterated its guidance, and comments on order book development were exceptionally positive.

Incap

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Third party research

Incap: Q1 to be coloured by impacts from Lacon - Nordea

Reported growth is set to be very strong for Q1, due to the acquisition of Lacon Group. However, organic growth should also pick up after three negative quarters. Germany has remained a challenging market, but there are some positive signals in the trade...

Incap
Third party research

Incap: Organic growth could return in 2026 - Nordea

Incap's Q4 net sales missed market consensus (LSEG Data & Analytics), but profitability was better than expected. Organic growth was not strong, and revenue growth was -7% y/y in 2025. However, organic growth in 2026 could exceed 10% if the US tariffs...

Incap
Forum discussions
Hello Everyone here at Incap forum! And thank you for your excellent questions during the Q1 Webcast! Please find below summary of the Q&A: Q: How much of the delayed Q1 revenue will be delivered in Q2, and how confident are you that the component availability is improving? A: We...
5/4/2026, 5:29 PM
by Antti Pynnönen
52
No more flame emojis! So much better! Thank you Incap
5/7/2026, 9:22 AM
by Belfastinbingviini
32
Exactly. The largest customer’s revenue actually grew last year. Not much, of course, but it grew nonetheless (whereas the entire company’s revenue declined). On a pro-forma revenue basis, the largest customer’s share is likely in the 30% range. Everyone can price any potential additional...
4/30/2026, 1:17 PM
by Antti Viljakainen
15
Viljakainen has completed the Incap update following the Q1 results. Incap’s Q1 was weak in terms of earnings and clearly below expectations, particularly due to revenue falling short. However, the company reiterated its guidance, and comments regarding the development of the order...
5/4/2026, 5:24 AM
by Sijoittaja-alokas
14
Having tracked incap over many years, this is one of the first times ever I’ve seen Pukk be so optimistic in the call. Incap has historically always been very conservative in what and how they speak about the future, not this time. Very interesting.
4/30/2026, 10:16 AM
by grandmaster
13
Sorry, I just can’t pass this by without being a bit of a smart aleck Did Otto say that? In my opinion, the major customer risk wasn’t “solved”—it materialized. Victron’s temporary inventory adjustment has been going on for almost three years now… I don’t think we’re quite back to...
4/30/2026, 11:12 AM
by INVST
9
Having now finished the Q&A portion as well, I am very happy with my recent additions of Incap. One extremely important caveat is Otto saying that they have fully fixed their customer dependency problem, and are at a very healthy share right now, whereas if you remember a few years...
4/30/2026, 10:38 AM
by grandmaster
9
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