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Incap: Winning streak behind, pressure test ahead

ICP1VExtensive research2023-06-15 08:18
Inderes
Discuss
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Incap that has grown exponentially in recent years faces an acid test toward the end of the year, as the volume of the customer that dominates its revenue decreases. We consider the situation to be temporary and expect Incap's strengths, in particular high cost efficiency, to keep the company on a growth path in the longer term. Despite the share’s highish risk level, both in the short and long term, we find Incap's valuation to be low (2024e: P/E 13x, EV/EBIT 7x), so looking beyond the challenges of this year the share’s risk adjusted expected return is sufficient in our opinion.

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 Figures2023-06-14

202223e24e
Revenue263.8236.3265.2
growth-%55.4 %-10.4 %12.2 %
EBIT (adj.)40.031.237.5
EBIT-% (adj.)15.2 %13.2 %14.1 %
EPS (adj.)0.980.790.97
Dividend0.000.150.20
Dividend %1.8 %2.4 %
P/E (adj.)17.510.78.7
EV/EBITDA12.06.24.8

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...
12 hours ago
by Sijoittaja-alokas
8
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
20
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
15
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
24
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
21
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
3
[quote="grandmaster, post:1633, topic:926"]
8/28/2026, 5:35 AM
by Mauri
21