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Research

Incap: Lines are warm

By Joonas KorkiakoskiAnalyst
Incap
Download report (PDF)

Incap published its Q1 report yesterday. The first quarter of the year was not bad in any way, even though relative profitability was somewhat below our expectations. The company’s basic performance is high and we justifiably consider the long-term value creation conditions to be excellent. The price of the high-quality company has dropped, but the annual return/risk ratio is not yet sufficient.

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.

Read more on company page

Key Estimate Figures2022-04-28

202122e23e
Revenue169.8223.5245.8
growth-%59.4 %31.6 %10.0 %
EBIT (adj.)26.832.837.6
EBIT-% (adj.)15.8 %14.7 %15.3 %
EPS (adj.)0.740.901.02
Dividend0.160.180.20
Dividend %1.0 %1.9 %2.1 %
P/E (adj.)21.210.79.4
EV/EBITDA15.87.96.5

Forum discussions

Have I interpreted this correctly, but wasn’t Incap actually a beneficiary back when energy prices rose due to Russia’s invasion of Ukraine?...
3/27/2026, 8:24 AM
by Karhu Hylje
18
Electronics contract manufacturing - is it the best sector on the Helsinki Stock Exchange? Lead Analyst @Antti_Viljakainen answers this question...
3/26/2026, 3:19 PM
by Iikka Numminen
12
Incap states it will be exhibiting for the first time in Germany. I particularly like the angle of “Incap Defence”
3/26/2026, 12:20 PM
by S_Nyyssonen
24
From personal experience, most deals, especially b2b deals at scale, get done without the branding or website playing any role in it. While ...
3/24/2026, 7:40 AM
by grandmaster
9
I understand the point and have the same gut feeling. But considering that this image series doesn’t represent 100% of Incap’s image and it’...
3/24/2026, 7:34 AM
by Wallet Buffet, Omahanonennuste
9
I wish this thread would discuss everything but incap’s appearance, but as an incap owner myself, I see this as something that needs to be developed...
3/24/2026, 7:11 AM
by Belfastinbingviini
9
Seeing Incap grow over the years has been a nice journey, especially with this latest acquisition. But going on Lacon’s LinkedIn page to do ...
3/24/2026, 5:20 AM
by grandmaster
9
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