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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.
Organic revenue growth accelerated to 18% in Q3, which was a positive surprise. Relative profitability was also above market consensus. Moreover, strong order intake continued, supporting expectations for Q4. We conclude from this that Incap could be...
Incapin Q3-tall overgik vores estimater klart operationelt. Der vil være modstridende tendenser i selskabets forretningsområder i Indien næste år, men vi foretog ikke væsentlige ændringer i estimaterne efter regnskabsmeddelelsen. Vi sænkede dog det afkastkrav, som vi hævede i sommers, da de gode nyheder efter vores opfattelse indtil videre har opvejet de dårlige. Vi hæver Incaps kursmål til 11,00 euro (tidl. 9,50 €) og gentager vores akkumuler-anbefaling. Hvis resultatvendingen, der startede i sommer, fortsætter, er aktien efter vores opfattelse fortsat ganske attraktivt prissat.
Reported revenue growth of 56% was strong due to Lacon acquisition. But organic growth was also strong and adj. EBITA above consensus (LSEG) for Q3. In addition, order intake indicates a strong Q4 2026. However, Incap's largest customer is diversifying...
Skærpet konkurrence i Indien og opkøbet af Lacon har i vores estimater tynget Incaps margin til 9,6 %, selvom omsætningen er taget et stort spring i forbindelse med opkøbet.
We expect almost 40% y/y growth in Q3 net sales. However, adjusted EBITA growth could be only 23% y/y. Incap's EBITA growth has not been as good as its revenue growth, which is why the company downgraded its full-year EBITA guidance as early as July ...
