Incap: Good outlook with risks priced in a balanced manner

ICP1VResearch2023-02-23 10:39

Inderes

We made only minor changes to our earnings estimates following the company's Q4 report. In our view, the Incap share is still not unreasonably expensive given the overall positive outlook for the company.

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.

Key Estimate Figures2023-02-22

	2022	23e	24e
Revenue	263.8	311.0	341.7
growth-%	55.4 %	17.9 %	9.9 %
EBIT (adj.)	40.0	46.7	51.1
EBIT-% (adj.)	15.2 %	15.0 %	14.9 %
EPS (adj.)	0.98	1.17	1.32
Dividend	0.00	0.15	0.20
Dividend %		1.8 %	2.4 %
P/E (adj.)	17.5	7.2	6.4
EV/EBITDA	12.0	4.5	3.6

Forum discussions

Here are Antti’s and Tuukka’s preview comments as Incap reports its Q3 results on Thursday We expect the company’s revenue to have grown strongly...

23 hours ago

by Sijoittaja-alokas

I commented on Kitron’s Q3 results in the Scanfil thread. Much of the same applies to Incap as well:

10/22/2026, 6:45 AM

by Tuukka Lundell

Incap Group’s business review for January–September 2026 will be published on Thursday, 29 October 2026 at approximately 9:00 a.m. Finnish time...

10/19/2026, 9:35 AM

by Pauliina Tennilä

Inderes Incap Romania laajentaa kaapelikokoonpanon kapasiteettiaan sähköbussihanketta... Incap Oyj | Lehdistötiedote | 30.09.2026 klo 10:00:...

9/30/2026, 7:58 AM

by Af Ämbar

Antti has written a new company report on Incap In August, Incap launched a share buyback program of a substantial size. From a capital allocation...

9/14/2026, 5:05 AM

by Sijoittaja-alokas

While I agree with you when it comes to the website. Seeing the Incap Rocks brand at some conferences, etc with the board members / execs having...

9/1/2026, 9:22 AM

by grandmaster

[quote="grandmaster, post:1633, topic:926"]

8/28/2026, 5:35 AM

by Mauri

Incap: Good outlook with risks priced in a balanced manner

ICP1VResearch2023-02-23 10:39

Inderes

Discuss

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Key Estimate Figures2023-02-22

	2022	23e	24e
Revenue	263.8	311.0	341.7
growth-%	55.4 %	17.9 %	9.9 %
EBIT (adj.)	40.0	46.7	51.1
EBIT-% (adj.)	15.2 %	15.0 %	14.9 %
EPS (adj.)	0.98	1.17	1.32
Dividend	0.00	0.15	0.20
Dividend %		1.8 %	2.4 %
P/E (adj.)	17.5	7.2	6.4
EV/EBITDA	12.0	4.5	3.6