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Incap: We are in full swing

ICP1VResearch2021-10-28 07:19
Joonas KorkiakoskiAnalyst
Discuss
Download report (PDF)

Incap published its Q3 report yesterday. The strong H1 was followed by clearly stronger performance than expected. The company's performance is admirably strong and finding operational softness is very difficult. However, the price of the undeniable high-quality company has increased and the 12-month return/risk ratio is no longer what it used to be.

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 Figures2021-10-28

202021e22e
Revenue106.5168.7205.8
growth-%49.9 %58.4 %22.0 %
EBIT (adj.)14.625.932.0
EBIT-% (adj.)13.8 %15.4 %15.5 %
EPS (adj.)0.370.710.87
Dividend0.000.160.18
Dividend %2.2 %2.5 %
P/E (adj.)9.810.48.5
EV/EBITDA7.17.55.8

Forum discussions

That is a truly cynical piece of writing. One can, if they choose, see Incap as stagnating or slowly withering away. I think these risks were...
14 hours ago
by Belfastinbingviini
13
Almanakka has been writing about Incap as well Incap has become known as the most profitable contract manufacturer in the Nordics. Last year...
14 hours ago
by Sijoittaja-alokas
12
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...
yesterday
by Sijoittaja-alokas
12
Here are the comments on Incap from Make, known from the Alokas haastattelee (Rookie Interviews) thread, following their negative profit warning...
yesterday
by Sijoittaja-alokas
13
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
15
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