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
    }
    ... 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
          }
          estimates {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
          }
        }
      }
      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
    }
  }
}


__typename

title

isPremium

lang

htmlBody

summary

companies

createdAt

publishers

authors

reactionGroups

pageUrl

translations

imgUrl

description

Analyst

Joonas Korkiakoski

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.

Nordea published a quick comment:                   Inderes              Incap acquires Lacon for EUR 50m - Nordea - Inderes    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....                             30% revenue growth for a company of Incap’s size.  ”Acquisition price is EUR 50m indicating EV/EBIT of ~12x in 2025E we calculate (Incap EV/EBIT 2025E 8.6x, Sector median EV/EBIT 12x 2026E)” Nordea’s analyst has highlighted the same things I was wondering about myself, that Lacon’s growth looks negative and significantly weakens Incap’s profitability.

Also interesting is the strategic opening towards design and development services. The deal is also of a good size on Incap’s scale, meaning customer risk genuinely decreases with it (though it doesn’t completely disappear). It’s a bit difficult to quickly estimate the price, as there seems to be a rather significant difference between German GAAP and IFRS, at least at the level of adjusted EBITDA, for some reason. However, we will try to get wiser about this during the day.

Interesting to see the stock price reaction, when the press release heavily emphasizes that services are now being produced for the defense industry.

The purchase price is indeed quite high compared to the realized figures. Hopefully, it is explained by a strong order book and good visibility.

Inderes              Sisäpiiritieto: Incap vahvistaa asemaansa nopeasti kasvavalla puolustusalalla...    Incap Oyj | Sisäpiiritieto | 04.12.2025 klo 09:00:00 EETIncap Oyj on 3.12.2025 allekirjoittanut sopimuksen, jolla se hankkii 100 prosentin omistusosuuden Lacon Groupista. Lacon Group on pitk...                             Incap on a shopping spree. The 50-55M€ price tag feels a bit high for a net profit of about 2.5M€. P/E 20-22? The purchase price is at least 50.0 million euros. The agreement also includes a potential additional purchase price of up to 5.0 million euros. Lacon Group’s unaudited pro forma revenue (IFRS) for January–October 2025 was 57.2 million euros, and the adjusted operating profit (EBITDA) was 6.7 million euros, or 11.8% of revenue. Lacon Group’s key figures according to German GAAP (audited)     1,000 euros 1–12/2024 1–12/2023     Revenue 77 574 80 768   Operating profit (EBITDA) 7 815 7 853   Operating profit, % of revenue 10.1 9.7   Depreciation \-3 052 \-3 161   Operating profit (EBIT) 4 763 4 692   Net profit 2 135 2 564    Edit: Let’s hope for those famous synergies in addition to good future growth.

Early this year, I added a contract manufacturer to my portfolio, and Incap was selected between Incap and Scanfil. Now I compared a bit what has happened in the companies during this year. The first observation from a quick browse was that Scanfil has published many partnerships and acquisitions during the

Quite a pleasant and bullish India CEO  A couple of multi-billion dollar US companies are becoming customers. One’s products are already in production, and prototypes are being made for the other. If everything goes according to plan, a factory expansion would be on his wishlist

Incap

Over the past few years, Incap's performance has been fierce, despite the external challenges it has faced. The operational performance of the company that has undoubtedly demonstrated its quality...

<p>Over the past few years, Incap's performance has been fierce, despite the external challenges it has faced. The operational performance of the company that has undoubtedly demonstrated its quality is excellent and the longer-term ability to create value is good. However, the company's price has risen and we do not believe that the return/risk ratio for the next year is good enough. </p> 

	2021	22e	23e
Revenue	169.8	207.1	231.9
growth-%	59.4 %	22.0 %	12.0 %
EBIT (adj.)	26.8	32.7	36.8
EBIT-% (adj.)	15.8 %	15.8 %	15.9 %
EPS (adj.)	0.74	0.90	1.00
Dividend	0.16	0.18	0.20
Dividend %	1.0 %	1.8 %	2.0 %
P/E (adj.)	21.2	11.1	10.0
EV/EBITDA	15.8	7.9	6.7

Incap: Quality, strength and mellowness

Key Estimate Figures22.03.2022

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