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Research

Incap: Report significantly reduces risk around the stock

By Antti ViljakainenHead of Research
Incap
Download report (PDF)

The negative surprise element that we had flagged in our pre-comment on Incap's outlook materialized and we lowered our forecasts for the company quite significantly, especially for this year. On the other hand, the strong profitability in Q4, the solid cash flow in H2 and the comments on the quarterly turnaround, as well as the decline in the revenue share of the largest customer have, in our view, also removed a fair amount of risk from the stock.

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 Figures2024-02-23

202324e25e
Revenue221.6210.0241.5
growth-%-16.0 %-5.2 %15.0 %
EBIT (adj.)30.623.330.0
EBIT-% (adj.)13.8 %11.1 %12.4 %
EPS (adj.)0.750.560.76
Dividend0.000.000.00
Dividend %
P/E (adj.)10.417.612.9
EV/EBITDA6.79.37.1

Forum discussions

The Norwegian guy has snapped up some more shares for his portfolio again, 130,000 shares this time. Seems like a pretty smart guy based on ...
53 minutes ago
by Sateenkaarimursu
8
@Isa_Hudd and Antti discussed Incap. Inderes Incap: The Lacon acquisition - Inderes Time: 29.01.2026 klo 10.14 In December, Incap announced ...
1/29/2026, 8:44 AM
by Sijoittaja-alokas
6
Free trade is definitely positive for export companies like Incap, especially in the long run. In the short term, however, there may not necessarily...
1/27/2026, 11:41 AM
by Antti Viljakainen
23
Regarding Incap, it would be interesting to hear how the free trade agreement between India and the EU affects Incap. As I understand it, volumes...
1/27/2026, 6:22 AM
15
Inderes Incap: Taseen työ tukee osakkeen nousuvaraa - Inderes Näemme Lacon- yritysostossa strategista logiikkaa, mutta lähtötason korkeintaan...
1/7/2026, 5:44 AM
by Jamppa
21
Today, so far, 2.9 MEUR turnover (>300k shares). edit: As an interesting detail, a new name has appeared on the shareholder list: 4.12.2025:...
12/18/2025, 12:09 PM
by slipslop
16
Over 2 million euros worth of trade was done at Incap today. This is not unique, but it is rare. Edit. By the end of the day, the trade was ...
12/15/2025, 3:39 PM
by Belfastinbingviini
9
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