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Incap: Peppy progress

ICP1VResearch2022-02-25 07:57
Joonas KorkiakoskiAnalyst
Discuss
Download report (PDF)

Incap published its Q4 report yesterday. The last quarter was excellent just like the entire year. The company's current performance is admirable and longer-term value creation conditions are excellent to say the least both organically and inorganically.

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 Figures2022-02-25

202122e23e
Revenue169.8207.1231.9
growth-%59.4 %22.0 %12.0 %
EBIT (adj.)26.832.736.8
EBIT-% (adj.)15.8 %15.8 %15.9 %
EPS (adj.)0.740.881.00
Dividend0.160.180.20
Dividend %1.0 %2.4 %2.7 %
P/E (adj.)21.28.47.5
EV/EBITDA15.85.74.7

Forum discussions

Here is Antti’s preview ahead of Incap’s earnings release this Thursday We are cutting our target price for Incap to €9.00 (previously €12.00...
3 hours ago
by Sijoittaja-alokas
8
Here are the comments on Incap from Make, known from the Alokas haastattelee (Rookie Interviews) thread, following their negative profit warning...
21 hours ago
by Sijoittaja-alokas
12
Inderes Incap: Incap downgraded its FY 2026 EBITA guidance to EUR 26-29m - Nordea -... Incap confirmed its FY2026 net sales growth guidance ...
7/24/2026, 11:19 AM
by Ituhippinen
14
Revenue is not the problem today; a comparable EBITA of €26–29 million is, if that is the current level. The market cap is approximately €224...
7/24/2026, 9:29 AM
by Thiebault
45
So this profit warning depends on 2 factors; Are the customers with Incap hoarding materials due to the ongoing PCB shortage and therefor want...
7/24/2026, 9:10 AM
by Thomas Kismul
11
“Is it the case that these components have had to be sourced at a higher price now due to availability challenges? In other words, are components...
7/24/2026, 8:42 AM
by Belfastinbingviini
13
This does feel surprising compared to the discussions in April, although the revenue guidance remained (significantly higher). For a deeper ...
7/24/2026, 8:34 AM
14