contentSlug

type

ContentSlug_ContentQuery

slug

ContentPageContentQuery

content

trendingContent

query ContentSlug_ContentQuery(
  $contentSlug: String!
  $type: [ContentType!]
) {
  ...ContentPageContentQuery_13QmVO
}

fragment CompanyDetails_Content on Content {
  __isContent: __typename
  companies {
    name
    description
    pageUrl
    id
  }
}

fragment ContentBasicInfo on Content {
  __isContent: __typename
  id
  type
  title
  lang
  companies {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  tags {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  ...PublishingDetails
  ...Reactions
}

fragment ContentMetadata on Content {
  __isContent: __typename
  type
  title
  lang
  pageUrl
  alternatePageUrls: translations {
    __typename
    pageUrl
    lang
  }
  imgUrl
  description
  ... on Video {
    liveTime
    videoUrl
  }
  ... on Webcast {
    liveTime
    videoUrl
  }
}

fragment ContentPageContentQuery_13QmVO on Query {
  content(slug: $contentSlug, type: $type) {
    __typename
    id
    type
    title
    isPremium
    lang
    htmlBody
    summary
    companies {
      forum {
        latestPosts {
          ...ForumPosts
        }
      }
      name
      id
      viewerIsFollowing
      pageUrl
      defaultInstrument {
        isin
        id
        marketOpen
        marketClose
        marketplace {
          region
        }
        returns {
          total
        }
      }
    }
    tags {
      viewerIsFollowing
      id
      name
      pageUrl
    }
    createdAt
    ... on Video {
      liveTime
    }
    ... on Webcast {
      liveTime
    }
    slug
    ... on CompanyReport {
      reportUrl
    }
    ... on ThirdPartyCompanyReport {
      reportUrl
    }
    ... on StockExchangeRelease {
      reportUrl
    }
    ...ContentBasicInfo
    ...ContentMetadata
    ...PriceAndRecommendation_Content
    ...CompanyDetails_Content
    ...ReportLink_Content
    ...KeyFigures_Content
  }
  ...TrendingContent_1jQ2Cn
}

fragment ForumPosts on ForumPost {
  text
  likesCount
  url
  author
  postedAt
  authorImgUrl
}

fragment KeyFigures_Content on Content {
  __isContent: __typename
  companies {
    defaultInstrument {
      estimateData {
        modelType
        reportingCurrency
      }
      snapshot {
        transaction {
          date
          actualized {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
          }
          estimates {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
          }
        }
      }
      id
    }
    id
  }
}

fragment PriceAndRecommendation_Content on Content {
  __isContent: __typename
  createdAt
  companies {
    name
    pageUrl
    defaultInstrument {
      priceData {
        tradeCurrency
      }
      snapshot {
        priceData {
          date
          lastPrice
          tradeCurrency
        }
        transaction {
          date
          recommendation
          targetPrice
        }
        prevTransaction {
          recommendation
        }
      }
      id
    }
    id
  }
}

fragment PublishingDetails on Content {
  __isContent: __typename
  createdAt
  publishers {
    name
    imgUrl
  }
  authors {
    __typename
    id
    name
    slug
    imgUrl
    jobTitle
  }
  ... on Video {
    liveTime
  }
  ... on Webcast {
    liveTime
  }
}

fragment Reactions on Content {
  __isContent: __typename
  id
  reactionGroups {
    reactionType
    reactionsCount
    viewerReacted
  }
}

fragment ReportLink_Content on Content {
  __isContent: __typename
  type
  isPremium
  ... on CompanyReport {
    reportUrl
  }
  ... on ThirdPartyCompanyReport {
    reportUrl
  }
  ... on StockExchangeRelease {
    reportUrl
  }
}

fragment TrendingContent_1jQ2Cn on Query {
  trendingContent(type: ARTICLE) {
    __typename
    id
    title
    lang
    pageUrl
    createdAt
    type
    imgUrl
    companies {
      squareLogoUrl
      name
      id
    }
    authors {
      __typename
      imgUrl
      id
    }
    publishers {
      imgUrl
    }
  }
}


__typename

title

isPremium

lang

htmlBody

summary

companies

createdAt

publishers

authors

reactionGroups

pageUrl

translations

imgUrl

description

Analyst

Juha Kinnunen

Atte Riikola

Rauli Juva

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.

Free trade is definitely positive for export companies like Incap, especially in the long run. In the short term, however, there may not necessarily be direct effects that are radically visible in the figures, unless the trade agreement acts as a specific trigger for a customer to shift production to India. Europe is the largest market for Incap’s Indian factory (i.e., the lion’s share of VE deliveries), and there is capacity to take on more customers. Comments from the India factory visit, where this topic was touched upon, can be found here.

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 at the Indian factories are already high, but there is still plenty of capacity for expansion. @Antti_Viljakainen, it would be great to hear your comments on this.

Inderes              Incap: Taseen työ tukee osakkeen nousuvaraa - Inderes    Näemme Lacon- yritysostossa strategista logiikkaa, mutta lähtötason korkeintaan neutraalin arvostuksen myötä kaupan arvonluonti perustuu mielestämme etenkin Laconin kannattavaan kasvattamiseen osana Incapiä ja yhtiöiden välisten kaupallisten...

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: Ivar Løge AS, 75 000     Ivar is apparently a Norwegian investor. An interesting headline came up in a Google search: “Investor Ivar Løge har hatt enorm avkastning på børs…”, i.e., “Investor Ivar Løge has had enormous returns on the stock market”

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 about 3.5 million euros.

Without taking a strong stance on whether Note’s or Incap’s view on the multidimensional question is more correct, I cannot, however, believe that the reflections of the German automotive industry’s problems on the EMS sector would remain only within Germany’s borders. Goods, however, move mostly freely in mainland Europe, and the automotive industry’s supply chains are complex and multidimensional, so surely this should be more widely visible in Europe. So far, Nordic EMS companies have achieved relatively healthy profitability in Europe, whereas challenges have likely been more on the side of volume growth than margins (i.e., prices). The automotive industry is largely high volume / low mix production, where different players are strong compared to Nordic contract manufacturers focused on high mix / low volume (of course, this is just a general rule and, to my understanding, Incap also supplies products to the automotive industry, at least from Slovakia). The transition also doesn’t happen overnight, but as the demand problems of the big players persist, overcapacity naturally tends to spill over, in one way or another, to other tables as well.

@Verneri_Pulkkinen, do you have any educated guesses as to how much the automotive industry currently has a monetary production deficit compared to some good previous years, and how the magnitude of this production deficit relates to new defense, infrastructure, etc. investments? I noticed that Lacon seems to be not only in the defense sector but also heavily in public infrastructure, such as rail transport. If we assume, in a basic model, that large investments are made in infrastructure and defense that replace or even surpass the lost automotive industry production, then Lacon is, at least based on its references, quite reasonably positioned. Of course, Lacon’s revenue has decreased, so that also tells us something. However, if it had increased, how much higher would the price tag have been? I consider this a good purchase in the sense that an opening in Germany has been desired for years. I don’t remember how many years it has been since it was mentioned that the key targets for establishing our own facility are the USA and Germany. Now both have been taken care of, and the geographical coverage is exceptionally well diversified. I have also started to lean towards the view that NOTE’s Lind-Widestam is an optimistic speedster. When things are going well (usually with his own company), he exults that this is just the beginning and things will only get better soon (lately they haven’t). And when things are going badly somewhere in the EMS sector, then… well… the beginning of the end. In the stock market, excellent returns are often made when one knows how to buy something valuable whose price is not high because others don’t consider it valuable. I don’t know anything about buying companies, but could the same logic apply there? Lacon’s price is not cheap, but it’s not really expensive either. If it provides significant exposure to Germany’s and other Central European’s expanding infrastructure and defense investments, now might be a good time to make such a deal.

Incap

Automatisk översättning: Ursprungligen publicerad på finska 2025-11-13 08:02 GMT. Ge feedback här.Vi allokerade idag ungefär 2 procentenheter av Modellportföljens kassa till Incap, vilket ökade...

Automatisk &#xf6;vers&#xe4;ttning: Ursprungligen publicerad p&#xe5; finska 2025-11-13 08:02 GMT. Ge feedback <a href="https://forms.office.com/e/Q3HWRqeAY2">h&#xe4;r</a>.Vi allokerade idag ungef&#xe4;r 2 procentenheter av Modellportf&#xf6;ljens kassa till Incap, vilket &#xf6;kade aktiens vikt i portf&#xf6;ljen till drygt 7 %. Vi &#xf6;ppnade en position i Incap f&#xf6;r ungef&#xe4;r ett &#xe5;r sedan, varefter handelskriget och motvinden fr&#xe5;n valutor har bromsat f&#xf6;retagets kortsiktiga utveckling j&#xe4;mf&#xf6;rt med v&#xe5;ra f&#xf6;rv&#xe4;ntningar d&#xe5;. Vi tror fortfarande att f&#xf6;retaget kommer att uppn&#xe5; en god vinsttillv&#xe4;xt under de kommande &#xe5;ren, vilket tillsammans med den l&#xe5;ga v&#xe4;rderingen erbjuder en attraktiv f&#xf6;rv&#xe4;ntad avkastning. F&#xf6;retagets starka balansr&#xe4;kning m&#xf6;jligg&#xf6;r ocks&#xe5; v&#xe4;rdeskapande p&#xe5; f&#xf6;rv&#xe4;rvsfronten, d&#xe4;r f&#xf6;retaget redan har historiska bevis. Efter aff&#xe4;ren &#xe4;r Modellportf&#xf6;ljens kassavikt knappt 17 %, och d&#xe4;rmed finns det fortfarande goda m&#xf6;jligheter till nya r&#xf6;relser.

	2024	25e	26e
Revenue	230.1	215.0	236.5
growth-%	3.8 %	-6.5 %	10.0 %
EBIT (adj.)	30.1	24.7	29.2
EBIT-% (adj.)	13.1 %	11.5 %	12.3 %
EPS (adj.)	0.79	0.47	0.74
Dividend	0.00	0.00	0.00
Dividend %
P/E (adj.)	12.9	21.5	13.6
EV/EBITDA	7.5	7.9	6.6

Modellportföljen: Vi köpte mer Incap

Key Estimate Figures2025-10-27

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