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
  createdAt
  ... on Video {
    liveTime
  }
  ... on Webcast {
    liveTime
  }
  companies {
    viewerIsFollowing
    id
    name
    pageUrl
    forum {
      threadUrl
    }
    defaultInstrument {
      symbol
      id
    }
  }
  ...PublishingDetails
  ...Reactions
}

fragment ContentMetadata on Content {
  __isContent: __typename
  type
  title
  lang
  pageUrl
  alternatePageUrls: translations {
    __typename
    pageUrl
    lang
  }
  imgUrl
  description
  createdAt
  changedAt
  isPremium
  authors {
    __typename
    name
    pageUrl
    id
  }
  companies {
    name
    pageUrl
    id
  }
  tags {
    name
    id
  }
  ... on Video {
    liveTime
    videoUrl
    videoEmbedUrl(location: "inderes")
  }
  ... on Webcast {
    liveTime
    videoUrl
    videoEmbedUrl(location: "inderes")
  }
}

fragment ContentPageContentQuery_13QmVO on Query {
  content(slug: $contentSlug, type: $type) {
    __typename
    id
    type
    title
    isPremium
    lang
    htmlBody
    summary
    companies {
      forum {
        threadUrl
        latestPosts {
          ...ForumPosts
        }
      }
      name
      id
      viewerIsFollowing
      pageUrl
      defaultInstrument {
        isin
        id
        symbol
        marketOpen
        marketClose
        marketplace {
          region
        }
        returns {
          total
        }
      }
    }
    tags {
      viewerIsFollowing
      id
      name
      pageUrl
    }
    createdAt
    ... on Video {
      liveTime
    }
    ... on Webcast {
      liveTime
    }
    slug
    ... on CompanyReport {
      reportUrl
      researchContentUrl
      researchContent {
        title
        lang
        pdfUrl
        relatedContent {
          __typename
          ...PublishingDetails
          ...Reactions
          id
        }
        content {
          title
          lang
          htmlBody
          publishedAt
          createdAt
          changedAt
          isOutdated
          isPremium
        }
      }
    }
    ... 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
  publishers {
    name
    imgUrl
  }
  authors {
    __typename
    id
    name
    slug
    imgUrl
    jobTitle
  }
}

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
    }
  }
}


incap-ebita-margin-below-our-expectation-in-q2-fy-guidance-unchanged-nordea

__typename

title

isPremium

lang

htmlBody

summary

companies

createdAt

publishers

authors

reactionGroups

pageUrl

translations

imgUrl

description

changedAt

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.

No changes from Nordea either following the report: fair value range EUR 10.6-12.9, DCF based on what is supported by the peer group comparison.

Inderes              Incap Q2'26: Kannattavuutta kutistaa Intian kilpailutilanne - Inderes    Incapin Q2 oli operatiivisesti viime viikon tulosvaroituksen jälkeen pudonneiden ennusteiden mukainen. Raportti ei myöskään antanut indikaatioita, että yhtiön tulosvaroituksessa mainitsema marginaalipaine olisi ohimenevä tekijä, sillä sen juurisyy on...                             Antti’s thoughts on the Q2 results . “Incap’s Q2 was operationally in line with the forecasts that were lowered following last week’s profit warning. The report also did not provide any indications that the margin pressure mentioned by the company in its profit warning is a transient factor, as its root cause is likely the intensified competition in India. We did not make any changes to the company’s operational forecasts for the entire forecast horizon, which we had already lowered following the profit warning, after the Q2 report. We reiterate our target price of EUR 9.00 and our ‘accumulate’ (lisää) recommendation for Incap, as the stock’s valuation has been beaten down to a low level (2026e: EV/S 0.7x, EV/EBIT 8x).”

I have quite strict criteria for these “servants” (contract manufacturers) regarding the valuation at which I am willing to buy them myself. In essence, they are: -P/S well below 1  -EV/S below 1  -P/E preferably ~10, definitely not 15 or higher  -EBIT margin maximum 10%, preferably well below that Some might wonder about the last point, but there is a clear logic behind it. In the long run, these contract manufacturers haven’t produced margins of over 10% to date, and Incap doesn’t seem to be doing so either. A couple of years ago, I received quite a lot of flak in this thread for this view, and I haven’t written in this thread since. Looking at the situation today, I think it has become quite attractive. The company’s margin level has “normalized,” and at the same time, the premium in the stock’s pricing compared to peers has vanished. Together, these have caused the stock price to fall by 30% over the year, and the performance over the last 2 years is in the same ballpark. Yes, and finally, let it be noted that I bought the stock at over seven [euros] in this morning’s hustle. They will likely be for sale at a price clearly below ten euros as well.

The quarterly report eased my concerns a bit, although the tightening situation in India is slightly worrying. In the big picture, it is important to take into account that integrating Laconi takes time, and Pennatronics was only acquired shortly before this. The company’s goal of geographical expansion and a more diversified client base are positive things, and these goals have now been achieved. The company’s share price could also turn around quite quickly if it were to announce a change in dividend policy or start buying back its own shares at the upcoming CMD.

@Otto_Pukk was in Antti’s interview regarding the Q2 results    (00:00) Opening  (00:17) Profit warning  (02:02) Availability of raw materials  (05:45) Increased competition in India  (08:20) Margin pressures  (09:45) Competitive advantages  (13:35) Long-term margin potential  (15:30) Key highlights of Q2  (16:50) Demand  (19:07) Lacon  (20:28) Guidance

It didn’t fit into the Q&A section or wasn’t addressed in the answers regarding how the tightened competitive situation in India was handled, so I’m passing the ball to @Antti_Viljakainen, in case you happen to be interviewing the CEO. Has the intensified competition in India been more visible among new customers—i.e., as challenges to organic growth—or has the competition tightened regarding existing customers, some of whom have a longer history with Incap? Or both? Secondly, it would be interesting to hear if Otto sees Incap having any moat in the Indian competitive landscape, or is price the deciding factor, explaining the margin pressure?

Well Good Morning. The sauce is always in the details, and its easy to be staring at the wrong number. Revenue of 74.2 MEUR is basically an all-time high. Organic growth back to +4.1%, and +20% sequentially from Q1. That is not a company in trouble. But the real story is this: top 4 customer concentration went from 61.4% to 43.2% in one year. Customers generating over 1 MEUR went from 17 to 25. The single biggest red flag on Incap, the thing that nuked this stock in 2023- I remember that day so well- is now substantially plugged. Add defense exposure with production on top. The risk profile of this company is fundamentally better than it was 12 months ago. Yes, margins took a hit. 8.8% instead of the crazy 11-12% we got used to. But nobody scales from a one-customer, one-country margin machine; if it were to stay this way, it would be a failure, the sauce here is that they have and know how to operate for those high margins, so once the evolution has happened they have the baggage to start fine tuning operations in order to grow those margins again, rare skillset. Mix dilution, integration, accruals. This is what building a bigger company looks like. The old margin was a feature of concentration risk. You cannot keep both while scaling. Quite attractive after this report for me.

Incap

Profitability (adj. EBITA margin) was weaker than we forecasted for Q2. An unfavourable sales mix weighed on Q2 profitability. Component availability was also problem in Q2, which could have...

Profitability (adj. EBITA margin) was weaker than we forecasted for Q2. An unfavourable sales mix weighed on Q2 profitability. Component availability was also problem in Q2, which could have raised input costs. But organic growth was slightly above our expectation in Q2. Reported revenue growth was strong due to Lacon acquisition. Full year guidance is repeated and Incap expects H2 to be stronger than H1 2026. Integration of Lacon has surely affected to the profitability but competition in India is also intensifying. Orders from the defence sector are growing strongly but still relatively small part of net sales in a group level.

Incap: EBITA margin below our expectation in Q2 - FY guidance unchanged - Nordea

Incap: EBITA margin below our expectation in Q2 - FY guidance unchanged - Nordea