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Incap

9.94 EUR

-3.87 %

6,346 following
Corporate customer

ICP1V

NASDAQ Helsinki

Electrical Equipment

Industrials

Overview
Financials & Estimates
Dividend
Investor consensus
Compare
-3.87 %
+3.43 %
+1.22 %
-0.60 %
-0.30 %
-9.22 %
-46.67 %
+111.49 %
-77.71 %

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.

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Market cap
292.71M EUR
Turnover
756.03K EUR
P/E (adj.) (26e)
11.84
EV/EBIT (adj.) (26e)
7.86
P/B (26e)
1.86
EV/S (26e)
0.9
Dividend yield-% (26e)
-
Coverage
Recommendation
Buy
Target price
13.00 EUR
Updated
27.02.2026
Disclaimer
Antti Viljakainen
Antti Viljakainen

Head of Research

Latest research

Latest analysis report

Released: 27.02.2026

Latest extensive report

Released: 23.06.2025

Revenue and EBIT-%

Revenue M

EBIT-% (adj.)

EPS and dividend

EPS (adj.)

Dividend %

Financial calendar
30.4
2026

Interim report Q1'26

20.5
2026

General meeting '26

30.7
2026

Interim report Q2'26

Risk
Business risk
Valuation risk
Low
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Research
Webcasts
Press releases
3rd party
ShowingAll content types
Press release3/2/2026, 8:00 AM

Incap US receives ISO 14001 and ISO 45001 certifications

Incap
Regulatory press release2/27/2026, 7:00 AM

Ralf Hasler appointed as member of Incap Group’s Management Team

Incap
Third party research2/27/2026, 6:25 AM

Incap: Organic growth could return in 2026 - Nordea

Incap's Q4 net sales missed market consensus (LSEG Data & Analytics), but profitability was better than expected. Organic growth was not strong, and revenue growth was -7% y/y in 2025. However, organic growth in 2026 could exceed 10% if the US tariffs...

Incap

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Incap Q4'25: Situation developing favorably
Research2/27/2026, 8:05 AM by
Antti Viljakainen

Incap Q4'25: Situation developing favorably

Incap's Q4 report was positive overall due to strong profitability and cash flow.

Incap
Third party research2/26/2026, 8:30 AM

Incap Q4 adj. EBIT above consensus, full year 2026 net sales guided clearly higher - Nordea

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...

Incap
Regulatory press release2/26/2026, 7:30 AM

Incap Corporation: Incap Group’s financial statements release for January–December 2025 (unaudited)

Incap
Incap Q4'25 preview: Lacon-handlen løfter tallene til et nyt niveau i år
Analyst Comment2/24/2026, 5:50 AM by
Antti Viljakainen

Incap Q4'25 preview: Lacon-handlen løfter tallene til et nyt niveau i år

Vi forventer, at Incaps Q4-tal er faldet ret markant fra en stærk sammenligningsperiode, da den svage økonomiske situation i Europa, usikkerheden omkring USA's handelspolitik og valutakurserne har bremset selskabet.  

Incap
Press release2/20/2026, 9:00 AM

Incap Corporation’s acquisition of Lacon Group has been completed

Incap
Third party research2/20/2026, 6:23 AM

Incap: Reducing volatility is key - Nordea

Recent years have been quite volatile for Incap. Quarterly revenue growth fluctuated between +40% and -30% during 2024-25. The most recent headwinds were related to US tariffs imposed on India. Growth was -16% y/y in Q3 2025, but revenue growth could...

Incap
Press release2/16/2026, 7:00 AM

Incap Corporation: Incap Group’s financial statements release for January–December 2025 and webcast on 26 February 2026

Incap
Incap: The Lacon acquisition11:34
Video1/29/2026, 8:14 AM by
Antti Viljakainen, Isa Hudd

Incap: The Lacon acquisition

In December, Incap announced it would acquire the shares of the German company Lacon.

Incap
Incap: Balance sheet put to work to increase upside potential
Research1/7/2026, 8:16 AM by
Antti Viljakainen

Incap: Balance sheet put to work to increase upside potential

While we see strategic logic in the Lacon acquisition, we believe the deal's value creation is primarily based on profitably growing Lacon as part of Incap and realizing commercial synergies between the companies, given a neutral valuation at best at the outset.

Incap
Press release12/19/2025, 11:00 AM

Incap Estonia invests in new flying probe system to advance production performance

Incap
Regulatory press release12/11/2025, 7:15 AM

Incap Corporation: Incap’s schedule for financial reporting in the year 2026

Incap
Third party research12/5/2025, 9:01 AM

Incap: We expect ~40% y/y revenue growth in 2026 - Nordea

Incap has agreed to acquire Lacon for an equity value of EUR 50m. Lacon has customers in the railway, medical and defence sectors. The acquisition could take revenue growth close to 40% in 2026, but the company expects the transaction to have only a ...

Incap
Press release12/4/2025, 10:30 AM

Incap Corporation acquires Lacon Group, strengthening its position in the fast-growing defense sector and expanding offering to design and development services

Incap
Third party research12/4/2025, 9:19 AM

Incap acquires Lacon for EUR 50m - Nordea

Incap acquires Lacon which has production sites in Germany and in Romania. Lacon has customers in defence, railway and medical technology sectors which could be hard to get on organic basis. Acquisition price is EUR 50m indicating EV/EBIT of ~12x in ...

Incap
Regulatory press release12/4/2025, 7:00 AM

Inside information: Incap acquires Lacon Group, strengthening its position in the fast-growing defense sector and expanding offering to design and development services

Incap
Interview with the executive responsible for Incap’s operations in India26:50
Video11/21/2025, 1:17 PM by
Antti Viljakainen

Interview with the executive responsible for Incap’s operations in India

We visited Incap’s factories in Tumkur, India and examined the operations and production of the three factory units. Antti Viljakainen interviews Murthy Munipalli, Director of Operations India and Sales APAC.

Incap
Press release11/21/2025, 8:00 AM

INCAP INDIA WINS THE STPI IT EXPORTS AWARD

Incap
Forum discussions
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...
2/27/2026, 2:09 PM
by Antti Pynnönen
42
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...
2/26/2026, 8:16 AM
by Antti Viljakainen
34
Great result! I was anxiously waiting to see what would come out, but we got a solid result with a good outlook. Now I can press the coffee maker’s power button without a worry.
2/26/2026, 7:39 AM
by Belfastinbingviini
23
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...
2/26/2026, 12:10 PM
by Verneri Pulkkinen
20
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...
2/27/2026, 5:58 AM
by Sijoittaja-alokas
18
For those who prefer to listen in Swedish, there is also an interview with Otto Pukk in Swedish, from today:
2/26/2026, 12:41 PM
by Isa Hudd
18
Incap’s market value at a €10.00 share price is ~ €304 million. Company assets 31.12.2025 Inventories €52,101,000 Trade and other receivables €27,651,000 Cash and cash equivalents €80,755,000 Company liabilities 31.12.2025 Loans from financial institutions €19,593,000 Trade and other...
2/26/2026, 8:03 AM
by S_Nyyssonen
6
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