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Incap: Quality, strength and mellowness

ICP1VExtensive research23.03.2022, 12.52
Joonas KorkiakoskiAnalyst
Discuss
Download report (PDF)

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.

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.

Read more on company page

Key Estimate Figures22.03.2022

202122e23e
Revenue169.8207.1231.9
growth-%59.4 %22.0 %12.0 %
EBIT (adj.)26.832.736.8
EBIT-% (adj.)15.8 %15.8 %15.9 %
EPS (adj.)0.740.901.00
Dividend0.160.180.20
Dividend %1.0 %2.2 %2.4 %
P/E (adj.)21.29.18.2
EV/EBITDA15.86.55.4

Forum discussions

Antti has written a new company report on Incap In August, Incap launched a share buyback program of a substantial size. From a capital allocation...
23 hours ago
by Sijoittaja-alokas
18
While I agree with you when it comes to the website. Seeing the Incap Rocks brand at some conferences, etc with the board members / execs having...
9/1/2026, 9:22 AM
by grandmaster
2
[quote="grandmaster, post:1633, topic:926"]
8/28/2026, 5:35 AM
by Mauri
20
Somewhat stealthily, this fellow has sneaked onto the board since I wasn’t at the annual general meeting. It turns out he partly owns the Norwegian...
8/27/2026, 4:17 PM
by El Hefe
17
This is not a drill, I repeat, not a drill! Incap has FINALLY got rid of its extremely ugly and unprofessional “Incap Rocks” branding, it would...
8/26/2026, 12:57 PM
by grandmaster
19
Someone mentioned that it would be nice if insiders also bought, and not just the company itself. Incap Corporation | Stock Exchange Release...
8/26/2026, 12:28 PM
by Perttu Hämäläinen
22
Let’s post this here as well, so here are Antti’s comments on the profit warning (posari) by Scanfil and Incap’s peer Kitron Norwegian contract...
8/25/2026, 9:27 AM
by Sijoittaja-alokas
7