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
            nav
            navPerShare
            opexOfNav
            quarterlySharePrice
          }
          estimates {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
            nav
            navPerShare
            opexOfNav
            quarterlySharePrice
          }
        }
      }
      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
    }
  }
}


incap-q4-adj-ebit-above-consensus-full-year-2026-net-sales-guided-clearly-higher-nordea

__typename

title

isPremium

lang

htmlBody

summary

companies

createdAt

publishers

authors

reactionGroups

pageUrl

translations

imgUrl

description

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.

Hello Everyone here at Incap forum! Thank you very much for the interest in Incap, excellent questions during the Q4 Webcast and the general activity here! Please find below summary of the Q&A: Q: Incap has a good situation with regards to its balance sheet, so why are you taking a loan to pay for the Lacon acquisition? A: We are now focusing very much on the integration of Lacon, but still, our growth is a story we are expecting to continue. Once we have successfully integrated Lacon, we expect to continue with the M&A track, and for that, we need firepower. This should be seen in the longer term and in a bigger picture. We see this also from the perspective of risk management, and we want to be able to act on opportunities as they arise. For example, we have to be ready for immediate actions if our clients’ business would keep developing to a positive direction and our production volumes would rapidly go up. We must then be able to finance networking capital increases quickly. We saw in 2022, when India increased volumes with 100 million, that in these types of cases, the cash is needed immediately. It is preferable to remain flexible. If there are opportunities for inorganic growth through major acquisitions, again, time is money. The companies who can react fast and have solid financials in place are a credible buyer to the seller and other counterparties. In addition, there’s going to be loan amortisations coming up. We prefer to have some buffers rather than keeping it too lean. Q: Are you able to give some colour on the organic growth part of the guidance and what is the foreign exchange rate impact in this clearly higher guidance? A: With the announcement of the acquisition, we shared Lacon’s numbers showing their past performance, but we haven’t shared that detail in our outlook. We don’t speculate with the exchange rates. It is reflected in the latest development, and steering we gave is based on the current exchange rates. Q: How does your order book look for the coming three to six months? A: We are not reporting our order book separately, but we’re expecting growth both through the Lacon acquisition and generally. Our forecast is based on our actual order book and also on the firm forecasts of our customers. Q: You have said that your defence exposure will be growing with the acquisition of Lacon. How much of your net sales will come from the defence sector? A: Even with the acquisition of Lacon, our defence exposure is still not very big. We are not dominated by defence, and we think it’s very important to keep the business balanced. There is a big race currently on defence sector but it’s also important to think about the times after that. We expect our defence share to increase during this year and next year as many of our major defence customers are expecting to grow with different programs. Percentage is not that big currently, but it is expected to grow. We are still under 10% on the group level even if we include some expected defence customer growth for this year and Incap unit-level development programs. Q: Could you elaborate on the expected revenue for 2026 and if there’s anything to comment on the different markets and their impact on your demand? A: We are not reporting by sector, but we have mentioned defence before and current growth around data centres. There is some growth in other sectors as well but that is more on a company level. In general, we are quite positive with our expectations for this year, and we expect growth organically and inorganically. Overall, we think we will have positive development in many sectors. Q: You mentioned that there have been some personnel reductions in Slovakia. What was the reason behind those reductions? A: We discussed that also in the beginning of the year and mentioned that there were postponements of some customer projects. We are always balancing and trying to fit our capacity according to what is the demand for the moment. A part of being an EMS company is to increase and decrease capacity when needed, and in Slovakia we took down the capacity to match the demand. We do that in all units, and it can be increases or decreases. Q: Could you give an overview of the growth in India? A: India is developing very nicely. Inderes made some videos when they were visiting us in India, and we gave some examples of the projects that we have ongoing there with positive development. We have new big customer accounts in India that we are developing and ramping up as well as balancing out our largest customer that has its manufacturing in India as well. I wouldn’t say that our third factory is full yet, but there is a lot of activity.

Antti Viljakainen has written a new company report on Incap regarding Q4  The overall picture of Incap’s Q4 report was positive thanks to strong profitability and cash flow. Guidance for the current year also met our expectations, and we did not make significant forecast changes following the report. We reiterate our Buy recommendation for Incap and revise our target price for the company to EUR 13.00 (prev. EUR 12.00) due to a moderate decrease in the risk level. This year, earnings growth starting through both inorganic and organic drivers, combined with a reasonable valuation, still offers what we consider a very attractive expected return for the stock in both the short and long term. Quoted from the report: Incap’s balance sheet structure has already changed clearly, as the EUR 50 million (EV excluding contingent consideration) Lacon acquisition was completed around mid-February. However, Incap’s balance sheet remains very strong even after the completion of the acquisition, as according to our calculations, the company will be slightly on the net cash side or roughly net debt-free at the end of Q1, depending somewhat on the amount of working capital tied up in the early part of the year. Therefore, the company’s financial position remains strong, but as expected, Incap is saving its funds for organic and inorganic growth and does not intend to pay a dividend next spring either. For a growth company, we believe the decision is well-justified.                   Inderes              Incap Q4'25: Asetelmat ovat kehittymässä suotuisasti - Inderes    Incapin Q4-raportin kokonaiskuva oli myönteinen vahvan kannattavuuden ja kassavirran ansiosta. Myös kuluvan vuoden ohjeistus vastasi odotuksiamme emmekä tehneet raportin jälkeen oleellisia ennustemuutoksia. Toistamme Incapin osta-suosituksemme ja...

For those who prefer to listen in Swedish, there is also an interview with Otto Pukk in Swedish, from today:

Otto’s interview!                   Inderes              Incap Q4’25: Napakka lopetus vuodelle  - Inderes    Aika: 26.02.2026 klo 14.09 Otto Pukk kommentoi                             00:00 Lacon 03:50 Customers 06:29 Design services 08:50 Lacon outlook 12:30 Customer structure 14:25 EU India trade deal 17:00 US India 18:30 New clients 19:34 Euro economy 20:45 Guidance

How does Incap create guidance, as their visibility is only 3-6 months? Do they just extrapolate that visibility?

It’s quite sensible to keep a cash buffer in the EMS business. Especially because the core business is capital-intensive and it’s also a form of risk management –> Reasons include potential additional costs/integration related to an acquisition, for example. Normal hedging

Admittedly, operational profitability was excellent in Q4, especially since adjusted EBIT apparently still includes EUR 0.6 million in inventory write-downs . Profitability does, of course, fluctuate somewhat on a quarterly basis along with the mix, so one shouldn’t necessarily draw any broader conclusion from this other than that the company remains in top form. Cash flow for Q4 was also pleasingly strong, and the balance sheet is indeed very robust, even taking into account the already completed Lacon acquisition. To top it off, the most important part of the report—the guidance—matched expectations in its wording, so the starting point for the current year is looking quite promising.

Incap

Profitability (adj. EBIT margin) was better than market consensus (LSEG) expected in Q4. Good margin indicates favourable production mix for Q4. Net sales declined in Q4 as well as in 2025 on...

Profitability (adj. EBIT margin) was better than market consensus (LSEG) expected in Q4. Good margin indicates favourable production mix for Q4. Net sales declined in Q4 as well as in 2025 on y/y basis. The most recent headwinds in H2 2025 were related to US tariffs imposed on India. However, acquisition of Lacon could bring revenue growth above 30% in 2026 we believe. Incap guides clearly higher net sales in 2026 but the company could specify its full year guidance later on this year. Overall, in our view, it makes sense for Incap to acquire new customers in order to broaden its customer portfolio and smooth out operational volatility. Dividend proposal is zero (consensus EUR 0).