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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...
Incap's Q3 figures clearly exceeded our forecasts in operational terms. While there will be some crosscurrents in the company's operations in India next year, we made no material changes to our estimates following the report. However, we slightly lowered our required return, which we had increased in the summer, as we feel that the good news outweighs the bad for now. We raise Incap's target price to EUR 11.00 (was EUR 9.50) and maintain our Accumulate recommendation. As the earnings turnaround that began in the summer continues, we believe the share remains reasonably attractively priced.
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...
Intensified competition in India and the acquisition of Lacon have pushed Incap's margin down to 9.6 percent in our forecast, even though revenue has surged as a result of the acquisition.
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 ...
