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 growth was above our Q2 forecast, but the company has recently faced some profitability issues. Part of the declining EBITA margin can be explained by the Lacon acquisition. At the same time, competition in India has also intensified. In addition...
Incaps Q2-resultat var operationelt i tråd med de estimater, der blev nedjusteret efter sidste uges nedjustering. Regnskabsmeddelelsen gav heller ingen indikationer på, at det marginpres, som selskabet nævnte i nedjusteringen, ville være en forbigående faktor, da den grundlæggende årsag sandsynligvis er øget konkurrence i Indien. Vi har ikke foretaget revisioner af selskabets operationelle estimater for hele estimatperioden, som vi nedjusterede efter nedjusteringen, efter Q2 regnskabet. Vi gentager vores kursmål på 9,00 EUR og Akkumulér-anbefaling for Incap, da aktiens værdiansættelse er presset lavt (2026e: EV/S 0,7x, EV/EBIT 8x).
Profitability (adj. EBITA margin) was weaker than we forecasted for Q2. An unfavourable sales mix weighed on Q2 profitability. Component availability was also problem in Q2, which could have raised input costs. But organic growth was slightly above our...
We downgrade our full-year 2026 EBIT forecast by 10% due to the profit warning issued on 24 July. The company expects revenue of EUR 270-290m in 2026, while the new adjusted EBITA guidance is EUR 26-29m. The share price dropped 14% on the day of the ...
Vi sænker vores kursmål for Incap til 9,00 EUR (tidligere 12,00 EUR) på grund af betydelige negative ændringer i estimaterne og et højere afkastkrav efter selskabets nedjustering fredag. Vi gentager dog vores Akkumulér-anbefaling på aktien, da aktiens værdiansættelse er blevet meget lav på trods af nedjusteringerne af estimaterne. Incap offentliggør sit Q2 regnskab torsdag den 30. juli.
Incap confirmed its FY2026 net sales growth guidance but downgraded its EBITA guidance. The company expects revenue of EUR 270–290m in 2026 (consensus: EUR 282m), while the new adjusted EBITA guidance is EUR 26–29m. We calculate that the midpoint of ...
Incap delivers cable harnesses and electromechanical assemblies for the Leopard tank under a three-year contract. The EUR 11m order from KNDS represents 1.2% increase in annual net sales. Incap also expects the order volumes to be extended for additional...
We visited Incap's factory in Karlsfeld, Germany, and got a look at the operations and production at the plant. Antti Viljakainen interviews Afrem Alfia, Managing Director of Operations at Incap's German factory.
