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
      researchContentUrl
    }
    ... 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
    }
  }
}


contract-manufacturer-kitron-raised-its-guidance-for-the-current-year-moderately

__typename

title

isPremium

lang

htmlBody

summary

companies

createdAt

publishers

authors

reactionGroups

pageUrl

translations

imgUrl

description

Head of Research

Antti Viljakainen

Scanfil is an international electronics contract manufacturer, specializing in industrial and B2B customers. Services include manufacturing of end products and components such as PCBs. Manufacturing services are the core of the company, supported by design, supply chain and modernization services. The company operates globally in Europe, America and Asia. Customers are primarily found in the process automation, energy efficiency, green efficiency and medical segments.

Is Scanfil about to earn a page in Finnish economic history? Its revenue is already approaching a billion. We made a video on the topic, discussing Scanfil and Incap. Historical returns have been at least among the elite of the Helsinki Stock Exchange (Hesuli).                   Inderes              Incap ja Scanfil: Pörssin paras sektori? - Inderes    Aika: 26.03.2026 klo 17.17 Elektroniikan sopimusvalmistajat ovat tuoneet satumaiset tuotot sijoittajille.

The contract manufacturing market is permanently complex. It is difficult to stand out and achieve excess returns. Scanfil is an exceptionally profitable contract manufacturer. A few of my own points regarding the industry’s challenges as an investment target below:  Chronic overcapacity in the sector. Low barriers to entry. Difficult to differentiate from competitors. Basic EMS (Electronic Manufacturing Services) offers so-called commodity products, which are bulk goods. Electronics assembly, sheet metal parts, cable assemblies, system integration, lifecycle services. Sometimes other things as well, such as machined mechanical parts, plastic injection molding, etc. There are dozens, if not hundreds, of these even in Europe. Often, the choice of a contract manufacturer is decided by something as mundane as a flight connection. When there is no specific technical reason to choose an EMS, the choice falls on the one that is easiest to reach (e.g., by air), making the support for the production there the cheapest. Price competition in the industry is so intense that such a secondary factor can be decisive.

@Pia_Maljanen and @Antti_Viljakainen discussed Scanfil in English   Scanfil’s revenue decreased by 1% in Q4. Head of Research Antti Viljakainen summarizes Q4, recent acquisitions, investments in China, and the new Aerospace and Defense center in Italy.                Topics: 00:00 Intro 00:16 Q4 in a nutshell 01:32 Geographical areas 03:34Market conditions 05:45 Shape of the company after acquisitions 07:25 Aerospace & Defense customer segment 09:25 Investment in China 11:55 Valuation & recommendation It’s worth subscribing to the Inderes Nordic channel:  https://www.youtube.com/@inderesnordic

Global investments and strong earnings growth, and the dividend growth streak continues. Additionally, new investments in the defense and drone sectors are appealing. Happy to hold this in a long-term portfolio with the current positive growth outlook   Scanfil’s net profit after taxes rose 40.2% to 12.9 million euros, and earnings per share rose to 0.20 euros, which is a 42.9% increase from the previous year.

Scanfil: Visibility for 2026 is looking good - Nordea Tämä on kolmannen osapuolen analyysi, eikä välttämättä vastaa Inderesin näkemystä tai arvoja The midpoint of the full-year guidance indicates revenue growth of 25% and an EBITA margin of 7.1% for 2026. Visibility for orders looks good and the near-term outlook seems promising. Organic sales efforts have been successful, while acquisitions have broadened the customer portfolio. Due to the good operational performance, the share price has already come up by 17% year-to-date. Our fair value range remains at EUR 10.4-12.7, based on an equal weighting of three valuation methods: DCF, EV/EBITDA and P/E. On our estimates, Scanfil’s EV/EBIT multiple for 2026E is now 4% below the peer group average. The dividend proposal was EUR 0.25 (LSEG Data & Analytics consensus: EUR 0.24).                  Inderes              Scanfil: Visibility for 2026 is looking good - Nordea - Inderes    The midpoint of the full-year guidance indicates revenue growth of 25% and an EBITA margin of 7.1% for 2026. Visibility for orders looks good and the near-term outlook seems promising. Organic...

Chief Analyst Antti has published a new company report on Scanfil regarding Q4  In our view, the overall picture of Scanfil’s Q4 report published on Friday was neutral, and we did not make material changes to our forecasts following the report. We are therefore reiterating our Reduce recommendation for Scanfil and, due to a still slightly decreased risk level, we are adjusting our target price to EUR 11.50 (prev. EUR 11.00). The company’s outlook is positive in both the short and long term, but in our opinion, the expected earnings growth is appropriately priced into the stock (2026e: adj. EV/EBITA 12x). Thus, the expected annual return from the current valuation level does not become quite attractive enough. Quoted from the report: We forecast Scanfil’s adjusted EPS to grow at a rate of approximately 15% by 2028, driven by acquisitions and organic growth enabled by a gradually recovering economic situation and project wins. The main risks to our forecasts relate to external demand factors such as the global economy. Internally, we believe the company is in fairly good shape (incl. customer satisfaction rising to record-high levels in the survey published in connection with the Q3 report), although in our view, the integration of acquisitions increases the risk level related to the company’s own operations a touch further during H1, even though in a geographically decentralized organizational model, the integration work fundamentally only concerns two out of four regions. Furthermore, the positive business development reported for 2025, especially by MB and also ADCO, has in our view lowered the risk levels related to the deals and their integrations to some extent during the winter.                   Inderes              Scanfil Q4'25: Potentiaali ja riskit ovat tasapainoisesti hinnassa - Inderes    Scanfilin julkistaman Q4-raportin kokonaiskuva oli mielestämme neutraali emmekä tehneet ennusteisiimme oleellisia muutoksia raportin jälkeen.

Here are Antti’s quick comments on Scanfil’s Q4  Scanfil published its Q4 report this morning. The end-of-year figures remained at the level of the comparison period and did not quite reach our forecasts. On the other hand, growth in new projects sold continued to be good. Scanfil is set to continue its streak of dividend increases with another slight hike, roughly in line with expectations. Scanfil, of course, reiterated the guidance it provided in advance at the beginning of January. Based on our preliminary assessment, the report does not create significant pressure for changes to our near-term forecasts for Scanfil.                   Inderes              Scanfil Q4'25 -pikakommentti: Raportti tuskin aiheuttaa suurempaa...    Scanfilin loppuvuoden numerot jäivät vertailulukujen tasolle eivätkä aivan yltäneet ennusteisiimme.

Scanfil

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.

Have I interpreted this correctly, but wasn’t Incap actually a beneficiary back when energy prices rose due to Russia’s invasion of Ukraine? A comprehensive report states the following about Incap’s largest customer (currently 30%): “The company’s products include inverters, chargers, batteries, solar panels, charge controllers, and accessories, among others.” Doesn’t the profitability and benefit of these products to the customer increase as energy prices rise? This demand was also reflected in Incap’s revenue at the time, which ultimately led to Victron’s overstocking and Incap’s profit warning when energy prices fell. Is this interpretation close to the truth?

Electronics contract manufacturing - is it the best sector on the Helsinki Stock Exchange? Lead Analyst @Antti_Viljakainen answers this question at the beginning of the video. Historical returns have at least been among the elite of the Helsinki Stock Exchange.                   Inderes              Incap ja Scanfil: Pörssin paras sektori? - Inderes    Aika: 26.03.2026 klo 17.17 Elektroniikan sopimusvalmistajat ovat tuoneet satumaiset tuotot sijoittajille.

Incap states it will be exhibiting for the first time in Germany. I particularly like the angle of “Incap Defence”

From personal experience, most deals, especially b2b deals at scale, get done without the branding or website playing any role in it. While it definitely contributes to potential new leads. I do think that maintaining a level of standard that is expected from the industry would definitely be good, especially for a publicly listed company that will have its existing and potential new investors looking at everything it has to offer. Especially since this is an investment forum, I couldn’t imagine myself seeing a new potential investor, say someone doing their research, stumble upon Incaps website and see it as a positive. And I am a big fan of standing out and doing things a bit differently, but in my personal opinion, I think the way Incaps public branding stands right now is not on the good side. Especially looking at peer groups’ branding.                   cicor              Cicor - Creating Together    The Cicor Group is a globally active provider of full-cycle electronic solutions from research and development to manufacturing and supply chain management. Cicor’s approximately 4,400 employees in 13 countries are serving leaders from the medical,...                                               Scanfil              50 Years of Manufacturing Excellence - Scanfil    Scanfil is a trusted manufacturing service partner. It serves Industrial, Energy & Cleantech and Medtech & Life Science customers globally.                                               Jabil.com              Jabil | Engineering, Supply Chain & Manufacturing Solutions | Jabil    Jabil is a trusted partner for the world's leading brands, offering engineering, supply chain, and manufacturing solutions.                             https://hanza.com/

I understand the point and have the same gut feeling. But considering that this image series doesn’t represent 100% of Incap’s image and it’s not a consumer sales company…  …is investing in an official LinkedIn default or a dynamic, agile, and distinctive yet professional image like Kamux important for business? How much does a company looking like it’s run by people hinder Incap’s ability to stand out in its size and industry?

I wish this thread would discuss everything but incap’s appearance, but as an incap owner myself, I see this as something that needs to be developed, so it’s good to talk about it. NOT LIKE THIS.

Seeing Incap grow over the years has been a nice journey, especially with this latest acquisition. But going on Lacon’s LinkedIn page to do some research about open positions today, and seeing that they’ve also embraced the “Incap Rocks” branding makes me wonder, when are they going to invest in new branding and a new website? Having a website with flames that look like they’ve been made in Windows Paint is hardly up to par with the expectations of the industry.

Incap

Kitron's earnings revision is also slightly positive news for Finnish contract manufacturers.

Translation: Original published in Finnish on 04/03/2025 at 07:49 am EEST
Last night, Norwegian contract manufacturer Kitron raised its guidance for this year. The company now expects 2025 revenue to be 640-710 MEUR (was 600-700 MEUR) and EBIT to be 47-65 MEUR (was 42-63 MEUR). Consequently, the midpoint of the revenue guidance range increased by 4% and the midpoint of the EBIT guidance by 7%. Kitron justified the moderate guidance increase, especially with the strong outlook for the defense and space sectors, as well as the stable outlook for other customer sectors. Kitron expects demand in other sectors to recover this year despite tariffs. Kitron&#x2019;s other customer segments are related to communications technology, electrification and industry.&#xa0;
<h2 class="MsoNormal">The earnings revision from the peer is also slightly positive news for Finnish contract manufacturers</h2>
We consider Kitron a fairly good peer to Scanfil, while Incap has been developing at a somewhat different pace than most of its peers already for a longer time. Although Scanfil&apos;s and Incap&apos;s weight in the defense sector is clearly lower than Kitron&apos;s share of some one-fifth of revenue, the companies&apos; portfolios are closer to each other in other customer sectors. Therefore, we feel Kitron&apos;s raised guidance and comments on the stabilization of demand and recovery expectations are a slightly positive signal, especially for Scanfil but also for Incap. In addition, we believe that the very strong growth outlook for the Western defense industry and the need to increase production also open growth opportunities for Scanfil and Incap.&#xa0;

Contract manufacturer Kitron raised its guidance for the current year moderately

The earnings revision from the peer is also slightly positive news for Finnish contract manufacturers

Stay up to date

Forum discussions